If Social Security Runs Out, How Long Will $2 Million Last on the East Coast?
Just how long would $2 million in savings last on the East Coast if Social Security runs out?
The time horizon, according to a new GOBankingRates study, is largely ideal for retirees planning to retire later in life, such as around age 67 or older. On the low end, retirees would only get up to 22 years out of these funds, while the high end does not afford more than 36 years in this next chapter.
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Take a look at how much this savings lasts for retirees on the East Coast.
Annual expenditures: $67,117
Years $2 million will last: 29.8
National average: 33.3 years
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Annual expenditures: $60,207
Years $2 million will last: 33.2
National average: 33.3 years
That's Interesting:
Annual expenditures: $61,529
Years $2 million will last: 32.5
National average: 33.3 years
Annual expenditures: $54,980
Years $2 million will last: 36.4
National average: 33.3 years
Annual expenditures: $68,199
Years $2 million will last: 29.3
National average: 33.3 years
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Annual expenditures: $59,426
Years $2 million will last: 33.7
National average: 33.3 years
Annual expenditures: $88,268
Years $2 million will last: 22.7
National average: 33.3 years
Annual expenditures: $66,997
Years $2 million will last: 29.9
National average: 33.3 years
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Annual expenditures: $68,980
Years $2 million will last: 29
National average: 33.3 years
Annual expenditures: $74,147
Years $2 million will last: 27
National average: 33.3 years
Annual expenditures: $58,645
Years $2 million will last: 34.1
National average: 33.3 years
For You:
Annual expenditures: $67,538
Years $2 million will last: 29.6
National average: 33.3 years
Annual expenditures: $57,203
Years $2 million will last: 35
National average: 33.3 years
Annual expenditures: $60,387
Years $2 million will last: 33.1
National average: 33.3 years
Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics' 2023 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state's overall cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state's average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025.
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This article originally appeared on GOBankingRates.com: If Social Security Runs Out, How Long Will $2 Million Last on the East Coast?
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