Retirement Breakdown – How Far $750K and Social Security Will Stretch Across the US

How Far $750K and Social Security Will Stretch Across the US – Excluding state diversity in retirement planning makes it difficult to estimate the value of your retired savings’ lifetime endurance across the United States. The analysis by GOBankingRates determined retirement financial stability across American states with $750,000 in savings combined with Social Security benefits. The study divided the results into four regions: Northeast, South, Midwest and West. The following part examines the variations between these regions.

Northeast

The Northeast region, known for its high cost of living, is the most expensive region to retire in. Here, states like Massachusetts and New York eat up your savings quickly. In this region, $750,000 lasts an average of 17.21 years.

Massachusetts: Funds last 12.29 years (the lowest in the region).
New York: Funds last 15.38 years.
Pennsylvania: Funds last 22.82 years (the only state in the region where your savings can last more than two decades).

If you’re considering retiring in the Northeast, you’ll need a strong financial plan for high expenses, especially housing and health care.

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The South

The South region is relatively affordable for retirement, with $750,000 lasting an average of 23.43 years. There’s a lot of variation in state costs within the region.

Maryland: Funds last 16.75 years (the most expensive in the region).
West Virginia: Funds last 28.8 years (the longest in the US).

West Virginia is the most affordable state, not just in the South but in the country. Florida is also a popular retirement destination, offering a good balance of lifestyle and affordability.

Midwest

The Midwest region has the most affordability for retirement. $750,000 lasts an average of 24.27 years — the longest of all regions.

Missouri: Funds last 26.08 years (the cheapest in the region).
Wisconsin: Funds last 22.28 years (the most expensive in the region).

The Midwest region’s low housing costs and reasonable health care expenses make it ideal for retirees who want to grow their savings without compromising on quality.

West

The West region, known for its natural beauty and high cost of living, is an expensive region for retirement. $750,000 lasts an average of 18.76 years. There is a lot of variation in state costs within the region.

Hawaii: Funds last 8.8 years (the shortest in the country).
California: Funds last 12.21 years.
New Mexico: Funds last 23.66 years (cheapest in the region).

While funds run out faster in states like Hawaii and California, states like New Mexico offer affordable lifestyles. Still, retirees need to strike a balance between amenities and cost.

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Conclusion

Choosing a retirement location depends on your financial situation as well as the lifestyle you want to pursue. If you want to maximize your savings, the Midwest and South are the best choices. But if natural beauty or living close to family is a priority, regions like the West or Northeast may be attractive, despite the higher price tag.