How Far $1 Million Gets You in Retirement, by U.S State and Alabama's Rank

How long does $1 million + social security last per state

Becoming a millionaire has long been a dream for people worldwide. In most cases, the million-dollar mark is seen as a symbol of financial success and prosperity. However, with the rising costs of housing, healthcare, and food, is $1 million really enough to stop working? In a beach community there is also the consideration of insurance for severe weather incidents.

This graphic below illustrates how long $1 million, combined with Social Security benefits, would last in each U.S. state, according to data from GOBankingRates. The analysis includes groceries, healthcare, housing, utilities, transportation, and miscellaneous expenses.

Methodology

National average expenditure costs for retirees come from the Bureau of Labor Statistics Consumer Expenditure Survey. Home values as of November 2024 were sourced from the Zillow Home Value Index, with mortgage costs calculated using a 10% down payment and the latest 30-year fixed mortgage rate from Federal Reserve data. Social Security benefits were sourced from the Social Security Administration’s November 2024 snapshot.

Most Expensive Annual Cost of Living States After Benefits:

Hawaii 80K

California 61K

Massachusetts 52K

Washington 46K

New Jersey 41K

Colorado 40K

New Hampshire 38K

ALABAMA as a statewide average is estimated at 15k. That makes Alabama the 7th best state for making your money stretch.

This information was originally posted on Visual Capitalist and is available for download on their Veronoi app.

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