How Far $1 Million Gets You in Retirement, by U.S State and Alabama's Rank
News Staff • March 6, 2025
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.
Recent Posts
