Retirement Breakdown: Stretching $750K and Social Security Across the United States

Planning for retirement can feel overwhelming, especially when you’re trying to figure out how far your savings will stretch in different parts of the country. A recent study by GOBankingRates analyzed how long $750,000, combined with Social Security, could sustain retirement in each U.S. state. To simplify the results, the study broke down the findings into four regions: Northeast, South, Midwest, and West. Let’s look into how these regions stack up.

Northeast

This is the costliest region for retiring. States like Massachusetts and New York do mop off retirement funds rather fast, meaning that the average period that $750,000 lasts here is only 17.21 years.

Massachusetts: Funds last 12.29 years (shortest in the region).
New York: Funds last 15.38 years.

Pennsylvania: Funds last 22.82 years (the only state in this region where savings stand to last past two decades).
If you’re considering retiring in the Northeast, you’ll need a robust financial plan to accommodate the higher expenses, particularly in housing and healthcare.

South

The South offers a much more affordable retirement, with an average of 23.43 years of sustainability for $750,000. It’s a region of extremes, with states varying significantly in costs.

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

West Virginia shines as the least expensive state outside of the South, and one of the nation’s least expensive states. Another retirement hotbed, Florida, also boasts an excellent balance of lifestyle and price.

Midwest

The Midwest is the leader in affordability. There, $750,000 lasts 24.27 years — the longest of any region.

Missouri: Money lasts 26.08 years. It is the least expensive state in the region.
Wisconsin: Money lasts 22.28 years (costliest in the area).

The region has cheaper housing costs and affordable health care, thus becoming a popular place for retired individuals who need to stretch their dollars without giving up on lifestyle.

West

West is considered to be a picturesque region, yet it also falls under one of the most expensive places for a retired person. $750,000 here would last for only 18.76 years. This varies across the states of this region.

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

Whereas states such as Hawaii and California run through their funds really fast, others like New Mexico have a much cheaper lifestyle. Nevertheless, retirees ought to weigh the cost against the trade-offs in trying to access various facilities within the West.

Planning where to retire is just as much about the lifestyle you are looking for and your financial situation. If it’s about being able to stretch your savings further, the best options will probably be found in the Midwest or South. Scenic beauty, proximity to family, or the desire for amenities might outweigh price for West and Northeast locations.