Most American adults think they require approximately $1.46 million to have a comfortable retirement.
according to a 2024
Northwestern Mutual
survey
—and a
The map indicates where the pot would have the greatest longevity.
The map relies on information from a recent research paper by
GOBankingRates
This provides a state-by-state guide to the top spots for retirement, though the ideal savings target of $1.5 million far exceeds what most Americans manage to set aside.
Why It Matters
The population in the U.S. is getting notably older at an accelerated pace. It’s projected that by 2040, the count of Americans who are 65 years old and up will surpass twice their current number from the year 2000, totaling around 80 million people. Meanwhile, individuals aged 85 and over could see almost a fourfold increase within this same timeframe when measured against 2000 levels.
As the nation prepares for what some call the “silver tsunami,” driven primarily by the Baby Boomers, the U.S. retirement framework faces significant pressure. The Social Security trust funds are projected to run out of money as early as 2035.
The advantage of increased longevity is accompanied by significant doubt about the sustainability of Social Security, the risk of rising inflation, and the possibility of economic disruptions that might jeopardize the financial stability of Americans.
Based on a 2024 study conducted by the National Council on Aging (NCOA), eighty percent of Americans who are 65 years old and above faced financial difficulties or were vulnerable to economic instability during their retirement.
What To Know
GOBankingRates determined the duration for which a retiree might be able to sustain themselves with a retirement savings account of $1.5 million along with their monthly Social Security income.
In Hawaii, Massachusetts, California, New York, and Alaska, the $1.5 million would be depleted most quickly; whereas in West Virginia, Kansas, Mississippi, Oklahoma, and Alabama, it could potentially last for over 50 years.
Here is the duration that the total amount would support a retiree in each state, listed from longest to shortest, based on the yearly expenses post-Social Security.
1. West Virginia
- The yearly expense for maintaining a lifestyle post-Social Security benefits totals $27,803.
- In how many years $1.5 million will last: 54
2. Kansas
- Yearly expenses following Social Security benefits amount to $28,945.
- How long will $1.5 million last: 52 years
3. Mississippi
- Yearly expense for maintaining lifestyle post Social Security: $29,426
- For how long will $1.5 million last: 51 years
4. Oklahoma
- Yearly expenses following Social Security benefits amount to $29,666.
- For how long will $1.5 million last: 51 years
5. Alabama
- Yearly expenses following Social Security benefits amount to $30,207.
- For how long can $1.5 million along with Social Security sustain you: 50 years
6. Missouri
- Yearly expenses following Social Security benefits amount to $30,327.
- For how long will $1.5 million last: 50 years
7. Arkansas
- Yearly expense for maintaining lifestyle post Social Security: $30,327
- How long $1.5 million will last: 49_years
8. Tennessee
- Yearly expense for maintaining lifestyle post Social Security: $30,928
- How long will $1.5 million last: 49
9. Iowa
- Yearly expense for maintaining lifestyle post Social Security: $31,168
- How long will $1.5 million last: 48 years
10. Indiana
- Yearly expenses post Social Security amount to $31,709.
- How long $1.5 million will last: 47_years_
11. Georgia
- Yearly expenses post Social Security amount to $31,829.
- How long will $1.5 million last: 47years
12. North Dakota
- Yearly expense for living post Social Security: $32,190
- How long will $1.5 million last: 47 years
13. Michigan
- Yearly expenses following Social Security benefits amount to $32,310.
- How long will $1.5 million last: 46_years
14. South Dakota
- Yearly expense for living post Social Security: $32,310
- In how many years $1.5 million will last: 46
15. Texas
- Yearly expenses post Social Security amount to $32,490.
- How long will $1.5 million last: 46
16. Nebraska
- Yearly expense for maintaining lifestyle post Social Security: $32,610
- How long will $1.5 million last: 46
17. Kentucky
- Yearly expense for living post Social Security: $32,670
- In how many years $1.5 million will last: 46
18. New Mexico
- Yearly expense for maintaining lifestyle post Social Security: $32,670
- How long will $1.5 million last: 46years
19. Louisiana
- Yearly expense for maintaining living standards post Social Security: $33,031
- How long will $1.5 million last: 45_years
20. Montana
- Yearly expenses post Social Security amount to $33,331.
- How long will $1.5 million last: 45 years?
21. Ohio
- Yearly expenses post Social Security amount to $33,872.
- How long will $1.5 million last: 44years
22. Pennsylvania
- Yearly expenses post Social Security amount to $33,872.
- How long can $1.5 million last: 44
23. South Carolina
- Yearly expense for maintaining lifestyle post Social Security: $34,052
- How long will $1.5 million last: 44
24. Minnesota
- Yearly expense for maintaining lifestyle post Social Security: $34,113
- In how many years $1.5 million will last: 44
25. Wyoming
- Yearly expenses post Social Security amount to $34,173.
- In how many years $1.5 million will last: 44
26. Illinois
- Yearly expenses post Social Security amount to $34,233.
- In how many years $1.5 million will last: 44
27. North Carolina
- Yearly expenses post Social Security amount to $35,495.
- In how many years $1.5 million will last: 42
28. Maryland
- Yearly expenses post Social Security amount to $36,276.
- In how many years $1.5 million will last: 41
29. Wisconsin
- Yearly expense for maintaining lifestyle post Social Security: $36,516
- In how many years $1.5 million will last: 41
30. Nevada
- Yearly expenses following Social Security benefits amount to $36,997.
- How long will $1.5 million last: 41 years
31. Delaware
- Yearly expenses post Social Security amount to $37,057.
- How many years $1.5 million will last: 40
32. Virginia
- Annual cost of living after Social Security: $37,237
- How long will $1.5 million last: 40 years?
33. Idaho
- Yearly expense for maintaining lifestyle post Social Security: $38,138
- How long will $1.5 million last: 39
34. Florida
- Yearly expense for maintaining living standards post Social Security: $38,379
- How long can $1.5 million last: 39_years
35. Colorado
- The yearly expense for maintaining a lifestyle post-Social Security benefits amounts to $38,559.
- How long can $1.5 million last: 39
36. Utah
- Yearly expense for living post Social Security: $42,645
- How long can $1.5 million last: 35
37. Oregon
- Yearly expenses following Social Security benefits amount to $42,945.
- For how long will $1.5 million last: 35years
38. New Hampshire
- Yearly expenses post Social Security amount to $43,847.
- For how long can $1.5 million last: 34 years
39. Connecticut
- Yearly expense for living post Social Security: $43,967
- For how long will $1.5 million last: 34_years
40. Rhode Island
- Yearly expense for maintaining lifestyle post Social Security: $44,387
- For how long can $1.5 million last: 34years
41. Arizona
- Yearly expenses post Social Security amount to $44,628.
- For how long can $1.5 million last: 34 years
42. Maine
- Yearly expenses following Social Security benefits amount to $45,048.
- How long will $1.5 million last: 33
43. Washington
- Yearly expense for living post Social Security: $45,108
- For how long can $1.5 million last: 33
44. Vermont
- Yearly expenses following Social Security benefits amount to $45,409.
- How long will $1.5 million last: 33
45. New Jersey
- Yearly expenses following Social Security benefits amount to $45,829.
- For how long can $1.5 million last: 33
46. Alaska
- Yearly expenses post Social Security amount to $50,997.
- How long will $1.5 million last: 29
47. New York
- Yearly expense for maintaining lifestyle post Social Security: $50,997
- How long will $1.5 million last: 29years
48. California
- Yearly expenses post Social Security amount to $63,795.
- How long will $1.5 million last: 24_years
49. Massachusetts
- Yearly expenses post Social Security amount to $65,117.
- How long will $1.5 million last: 23 years
50. Hawaii
- Yearly expense for living post Social Security: $87,770
- For how long will $1.5 million last: 17 years
The information was gathered utilizing the nationwide mean yearly spending habits of individuals aged 65 and above, as detailed in the Bureau of Labor Statistics’ Consumer Expenditure Survey from 2023, along with the annual Social Security earnings derived from the SSA’s data released in January 2025.
What’s Next
Many Americans put away significantly less than the $1.5 million deemed sufficient by GoBankingRates for their retirement savings.
According to a 2024 report from the Transamerica Center for Retirement Studies, as of late 2023, workers had accumulated approximately $64,000 in their combined household retirement funds. The data revealed that Baby Boomers led in savings with $194,000, followed by Generation X with $93,000, Millennials with $50,000, and Generation Z with $40,000.
The researchers noted with concern that 32 percent of Generation X and 26 percent of Baby Boomers had accumulated less than $50,000 in their retirement funds as they neared retirement age.
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