Planning for retirement can feel like a big challenge, especially when trying to figure out how far your savings and Social Security payments will take you. The cost of living varies a lot depending on which state you live in, so things like rent, groceries, utilities, and healthcare can affect your retirement budget.
If you have $250,000 in savings and are receiving the average Social Security check of $1,907 per month (according to the Social Security Administration’s 2024 estimate), how long can you live comfortably? That depends on where you live.
For example, in Hawaii, $250,000 plus Social Security would only last about two and a half years, making it one of the most expensive places to retire. Other costly states include Alaska, California, Massachusetts, and New York, where your money might stretch to just over three and a half years.
On the other hand, retiring in states like West Virginia, Alabama, and Kansas could give you more value for your money. In these states, your savings and Social Security could last up to five years, giving you more time to enjoy retirement.
Of course, everyone’s retirement plan is different. Your lifestyle and personal goals will play a big role in how long your money lasts. Some retirees may prefer a frugal lifestyle, making $250,000 last up to eight years. Others might want to travel, buy their dream home, or enjoy other luxuries, which could reduce the length of time that money will support them.
GOBankingRates analyzed the average expenses in every state to see how far $250,000 in savings plus Social Security can go. This comparison offers a helpful guide for retirees planning their future.
Where you live matters when it comes to making the most of your retirement savings. With careful planning and an understanding of local costs, you can make informed choices about where to spend your golden years.
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Eliot Pierce is a dedicated writer for ChiefsFocus.com, covering local crime and finance news. With a keen eye for detail and a passion for storytelling, Eliot aims to provide his readers with clear and insightful analysis, helping them navigate the complexities of their financial lives while staying informed about important local events. His commitment to delivering accurate and engaging content makes him a valuable resource for the community.