$2 Million in Retirement Savings in Every State: Having $2 million saved up sounds like a dream come true, especially when you think about how many Americans struggle to cover even a $1,000 emergency. But still, $2 million might not be enough to last you through your entire retirement. This is true even if you add Social Security benefits, which average $1,877 per month per person. How long your money lasts depend a lot on where you live.
A recent study by GOBankingRates looked at every U.S. state to figure out how far $2 million in retirement savings, plus $1,877 a month from Social Security, would go. The study ranked the states to show where your money would stretch the longest. The results are surprising and show that location plays a huge role in how comfortable your retirement could be.
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For example, in some states, the cost of living is so high that $2 million might not last as long as you’d hope. On the other hand, there are states where your savings could go much further, allowing you to enjoy a longer and more secure retirement. The study highlights how important it is to plan carefully and consider where you want to live when you retire.
Social Security benefits help, but they might not be enough on their own. The average benefit of $1,877 per month can make a difference, but it is not a guarantee that your savings will last. This is why understanding the cost of living in different states is so important. It can help you make smarter decisions about how to manage your money and where to settle down after you stop working.
$2 Million in Retirement Savings Plus Social Security in Every State
50. Hawaii
- Total cost of living annually: $102,648
- Total cost of living, after Social Security benefits, for one person, annually: $80,125
- Years until you deplete $2 million in savings, without Social Security benefits: 19.48
- Years until you deplete $2 million in savings, after Social Security benefits: 24.96
49. California
- Total cost of living annually: $83,929
- Total cost of living, after Social Security benefits, for one person, annually: $61,406
- Years until you deplete $2 million in savings, without Social Security benefits: 23.83
- Years until you deplete $2 million in savings, after Social Security benefits: 32.57
48. Massachusetts
- Total cost of living annually: $74,209
- Total cost of living, after Social Security benefits, for one person, annually: $51,686
- Years until you deplete $2 million in savings, without Social Security benefits: 26.95
- Years until you deplete $2 million in savings, after Social Security benefits: 38.70
47. Washington
- Total cost of living annually: $68,152
- Total cost of living, after Social Security benefits, for one person, annually: $45,629
- Years until you deplete $2 million in savings, without Social Security benefits: 29.35
- Years until you deplete $2 million in savings, after Social Security benefits: 43.83
46. New Jersey
- Total cost of living annually: $63,839
- Total cost of living, after Social Security benefits, for one person, annually: $41,315
- Years until you deplete $2 million in savings, without Social Security benefits: 31.33
- Years until you deplete $2 million in savings, after Social Security benefits: 48.41
45. Colorado
- Total cost of living annually: $62,282
- Total cost of living, after Social Security benefits, for one person, annually: $39,759
- Years until you deplete $2 million in savings, without Social Security benefits: 32.11
- Years until you deplete $2 million in savings, after Social Security benefits: 50.30
44. New Hampshire
- Total cost of living annually: $60,575
- Total cost of living, after Social Security benefits, for one person, annually: $38,052
- Years until you deplete $2 million in savings, without Social Security benefits: 33.02
- Years until you deplete $2 million in savings, after Social Security benefits: 52.56
43. Utah
- Total cost of living annually: $60,321
- Total cost of living, after Social Security benefits, for one person, annually: $37,797
- Years until you deplete $2 million in savings, without Social Security benefits: 33.16
- Years until you deplete $2 million in savings, after Social Security benefits: 52.91
42. Oregon
- Total cost of living annually: $59,869
- Total cost of living, after Social Security benefits, for one person, annually: $37,346
- Years until you deplete $2 million in savings, without Social Security benefits: 33.41
- Years until you deplete $2 million in savings, after Social Security benefits: 53.55
41. Rhode Island
- Total cost of living annually: $59,443
- Total cost of living, after Social Security benefits, for one person, annually: $36,920
- Years until you deplete $2 million in savings, without Social Security benefits: 33.65
- Years until you deplete $2 million in savings, after Social Security benefits: 54.17
40. Alaska
- Total cost of living annually: $58,376
- Total cost of living, after Social Security benefits, for one person, annually: $35,853
- Years until you deplete $2 million in savings, without Social Security benefits: 34.26
- Years until you deplete $2 million in savings, after Social Security benefits: 55.78
39. New York
- Total cost of living annually: $57,094
- Total cost of living, after Social Security benefits, for one person, annually: $34,570
- Years until you deplete $2 million in savings, without Social Security benefits: 35.03
- Years until you deplete $2 million in savings, after Social Security benefits: 57.85
38. Connecticut
- Total cost of living annually: $56,636
- Total cost of living, after Social Security benefits, for one person, annually: $34,113
- Years until you deplete $2 million in savings, without Social Security benefits: 35.31
- Years until you deplete $2 million in savings, after Social Security benefits: 58.63
37. Nevada
- Total cost of living annually: $54,856
- Total cost of living, after Social Security benefits, for one person, annually: $32,332
- Years until you deplete $2 million in savings, without Social Security benefits: 36.46
- Years until you deplete $2 million in savings, after Social Security benefits: 61.86
36. Idaho
- Total cost of living annually: $54,812
- Total cost of living, after Social Security benefits, for one person, annually: $32,289
- Years until you deplete $2 million in savings, without Social Security benefits: 36.49
- Years until you deplete $2 million in savings, after Social Security benefits: 61.94
35. Montana
- Total cost of living annually: $54,174
- Total cost of living, after Social Security benefits, for one person, annually: $31,651
- Years until you deplete $2 million in savings, without Social Security benefits: 36.92
- Years until you deplete $2 million in savings, after Social Security benefits: 63.19
34. Maryland
- Total cost of living annually: $53,824
- Total cost of living, after Social Security benefits, for one person, annually: $31,301
- Years until you deplete $2 million in savings, without Social Security benefits: 37.16
- Years until you deplete $2 million in savings, after Social Security benefits: 63.90
33. Arizona
- Total cost of living annually: $53,739
- Total cost of living, after Social Security benefits, for one person, annually: $31,215
- Years until you deplete $2 million in savings, without Social Security benefits: 37.22
- Years until you deplete $2 million in savings, after Social Security benefits: 64.07
32. Maine
- Total cost of living annually: $52,717
- Total cost of living, after Social Security benefits, for one person, annually: $30,194
- Years until you deplete $2 million in savings, without Social Security benefits: 37.94
- Years until you deplete $2 million in savings, after Social Security benefits: 66.24
31. Vermont
- Total cost of living annually: $52,545
- Total cost of living, after Social Security benefits, for one person, annually: $30,022
- Years until you deplete $2 million in savings, without Social Security benefits: 38.06
- Years until you deplete $2 million in savings, after Social Security benefits: 66.62
30. Florida
- Total cost of living annually: $51,885
- Total cost of living, after Social Security benefits, for one person, annually: $29,362
- Years until you deplete $2 million in savings, without Social Security benefits: 38.55
- Years until you deplete $2 million in savings, after Social Security benefits: 68.12
29. Virginia
- Total cost of living annually: $51,440
- Total cost of living, after Social Security benefits, for one person, annually: $28,916
- Years until you deplete $2 million in savings, without Social Security benefits: 38.88
- Years until you deplete $2 million in savings, after Social Security benefits: 69.16
28. Delaware
- Total cost of living annually: $50,442
- Total cost of living, after Social Security benefits, for one person, annually: $27,919
- Years until you deplete $2 million in savings, without Social Security benefits: 39.65
- Years until you deplete $2 million in savings, after Social Security benefits: 71.64
27. Wyoming
- Total cost of living annually: $47,359
- Total cost of living, after Social Security benefits, for one person, annually: $24,836
- Years until you deplete $2 million in savings, without Social Security benefits: 42.23
- Years until you deplete $2 million in savings, after Social Security benefits: 80.53
26. Minnesota
- Total cost of living annually: $47,178
- Total cost of living, after Social Security benefits, for one person, annually: $24,654
- Years until you deplete $2 million in savings, without Social Security benefits: 42.39
- Years until you deplete $2 million in savings, after Social Security benefits: 81.12
25. North Carolina
- Total cost of living annually: $45,952
- Total cost of living, after Social Security benefits, for one person, annually: $23,429
- Years until you deplete $2 million in savings, without Social Security benefits: 43.52
- Years until you deplete $2 million in savings, after Social Security benefits: 85.36
24. Georgia
- Total cost of living annually: $45,730
- Total cost of living, after Social Security benefits, for one person, annually: $23,206
- Years until you deplete $2 million in savings, without Social Security benefits: 43.74
- Years until you deplete $2 million in savings, after Social Security benefits: 86.18
23. Wisconsin
- Total cost of living annually: $44,672
- Total cost of living, after Social Security benefits, for one person, annually: $22,148
- Years until you deplete $2 million in savings, without Social Security benefits: 44.77
- Years until you deplete $2 million in savings, after Social Security benefits: 90.30
22. Texas
- Total cost of living annually: $43,678
- Total cost of living, after Social Security benefits, for one person, annually: $21,155
- Years until you deplete $2 million in savings, without Social Security benefits: 45.79
- Years until you deplete $2 million in savings, after Social Security benefits: 94.54
21. South Dakota
- Total cost of living annually: $43,597
- Total cost of living, after Social Security benefits, for one person, annually: $21,074
- Years until you deplete $2 million in savings, without Social Security benefits: 45.87
- Years until you deplete $2 million in savings, after Social Security benefits: 94.91
20. New Mexico
- Total cost of living annually: $43,499
- Total cost of living, after Social Security benefits, for one person, annually: $20,976
- Years until you deplete $2 million in savings, without Social Security benefits: 45.98
- Years until you deplete $2 million in savings, after Social Security benefits: 95.35
19. South Carolina
- Total cost of living annually: $43,119
- Total cost of living, after Social Security benefits, for one person, annually: $20,595
- Years until you deplete $2 million in savings, without Social Security benefits: 46.38
- Years until you deplete $2 million in savings, after Social Security benefits: 97.11
18. Tennessee
- Total cost of living annually: $42,990
- Total cost of living, after Social Security benefits, for one person, annually: $20,466
- Years until you deplete $2 million in savings, without Social Security benefits: 46.52
- Years until you deplete $2 million in savings, after Social Security benefits: 97.72
17. Illinois
- Total cost of living annually: $42,461
- Total cost of living, after Social Security benefits, for one person, annually: $19,937
- Years until you deplete $2 million in savings, without Social Security benefits: 47.10
- Years until you deplete $2 million in savings, after Social Security benefits: 100.31
16. North Dakota
- Total cost of living annually: $41,530
- Total cost of living, after Social Security benefits, for one person, annually: $19,006
- Years until you deplete $2 million in savings, without Social Security benefits: 48.16
- Years until you deplete $2 million in savings, after Social Security benefits: 105.23
15. Pennsylvania
- Total cost of living annually: $41,497
- Total cost of living, after Social Security benefits, for one person, annually: $18,974
- Years until you deplete $2 million in savings, without Social Security benefits: 48.20
- Years until you deplete $2 million in savings, after Social Security benefits: 105.41
14. Nebraska
- Total cost of living annually: $40,696
- Total cost of living, after Social Security benefits, for one person, annually: $18,172
- Years until you deplete $2 million in savings, without Social Security benefits: 49.15
- Years until you deplete $2 million in savings, after Social Security benefits: 110.06
13. Indiana
- Total cost of living annually: $39,349
- Total cost of living, after Social Security benefits, for one person, annually: $16,826
- Years until you deplete $2 million in savings, without Social Security benefits: 50.83
- Years until you deplete $2 million in savings, after Social Security benefits: 118.86
12. Michigan
- Total cost of living annually: $39,085
- Total cost of living, after Social Security benefits, for one person, annually: $16,561
- Years until you deplete $2 million in savings, without Social Security benefits: 51.17
- Years until you deplete $2 million in savings, after Social Security benefits: 120.76
11. Missouri
- Total cost of living annually: $38,927
- Total cost of living, after Social Security benefits, for one person, annually: $16,403
- Years until you deplete $2 million in savings, without Social Security benefits: 51.38
- Years until you deplete $2 million in savings, after Social Security benefits: 121.93
10. Ohio
- Total cost of living annually: $38,622
- Total cost of living, after Social Security benefits, for one person, annually: $16,099
- Years until you deplete $2 million in savings, without Social Security benefits: 51.78
- Years until you deplete $2 million in savings, after Social Security benefits: 124.23
9. Kansas
- Total cost of living annually: $37,839
- Total cost of living, after Social Security benefits, for one person, annually: $15,315
- Years until you deplete $2 million in savings, without Social Security benefits: 52.86
- Years until you deplete $2 million in savings, after Social Security benefits: 130.59
8. Iowa
- Total cost of living annually: $37,682
- Total cost of living, after Social Security benefits, for one person, annually: $15,158
- Years until you deplete $2 million in savings, without Social Security benefits: 53.08
- Years until you deplete $2 million in savings, after Social Security benefits: 131.94
7. Alabama
- Total cost of living annually: $37,398
- Total cost of living, after Social Security benefits, for one person, annually: $14,874
- Years until you deplete $2 million in savings, without Social Security benefits: 53.48
- Years until you deplete $2 million in savings, after Social Security benefits: 134.46
6. Kentucky
- Total cost of living annually: $36,980
- Total cost of living, after Social Security benefits, for one person, annually: $14,456
- Years until you deplete $2 million in savings, without Social Security benefits: 54.08
- Years until you deplete $2 million in savings, after Social Security benefits: 138.35
5. Oklahoma
- Total cost of living annually: $36,571
- Total cost of living, after Social Security benefits, for one person, annually: $14,048
- Years until you deplete $2 million in savings, without Social Security benefits: 54.69
- Years until you deplete $2 million in savings, after Social Security benefits: 142.37
4. Louisiana
- Total cost of living annually: $35,588
- Total cost of living, after Social Security benefits, for one person, annually: $13,065
- Years until you deplete $2 million in savings, without Social Security benefits: 56.20
- Years until you deplete $2 million in savings, after Social Security benefits: 153.08
3. Arkansas
- Total cost of living annually: $35,523
- Total cost of living, after Social Security benefits, for one person, annually: $13,000
- Years until you deplete $2 million in savings, without Social Security benefits: 56.30
- Years until you deplete $2 million in savings, after Social Security benefits: 153.85
2. Mississippi
- Total cost of living annually: $33,996
- Total cost of living, after Social Security benefits, for one person, annually: $11,473
- Years until you deplete $2 million in savings, without Social Security benefits: 58.83
- Years until you deplete $2 million in savings, after Social Security benefits: 174.33
1. West Virginia
- Total cost of living annually: $33,786
- Total cost of living, after Social Security benefits, for one person, annually: $11,263
- Years until you deplete $2 million in savings, without Social Security benefits: 59.20
- Years until you deplete $2 million in savings, after Social Security benefits: 177.57
