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Mint
6 days ago
- Business
- Mint
Lost in complexity: What is India's real unemployment rate?
News reports often claim that India is experiencing jobless growth, validated by images and videos of thousands of youth queuing for a handful of jobs. These reports seen on TV screens or shared on social media seem drastically different when one looks at India's official headline unemployment rate—3.2% in 2023-24 and 5.6% in June 2025—leading to some level of disbelief in the statistics. This is something that played out last month when a Reuters report, based on a poll of 50 independent economists, claimed that India's official statistics was 'inaccurate". The government was quick to issue a rebuttal, reiterating the robustness of the Periodic Labour Force Survey (PLFS), which currently captures the labour market dynamics in the country. While there are enough instances—burying the first PLFS report until the 2019 elections were concluded and junking of the Consumer Expenditure Survey—that may lead independent observers to question the statistical system in the country, the latest claims don't hold water, labour market and statistical experts Mint spoke to said. At the heart of the debate lie two intertwined questions: Is India's official unemployment data inaccurate, and does the country have a significant joblessness problem? The answer to the first is a definitive no, and the answer to the second is a definitive yes. The devil is in the details From the statistical standpoint, PLFS checks all the boxes as per the international standards in capturing the labour market as best as possible. Moreover, there has been an earnest effort to make unemployment data available with lesser time lag. The latest move to release monthly data from April this year takes a step further in capturing the job market dynamics frequently. When it comes to joblessness problem, the real story lies beyond the headline figures. As against the all-India average annual figure of 3.2% in 2023-24, which may appear low, the unemployment rate for graduates is as high as 13% and for the youth (aged 15-29 years): 10.2%. Such details are not available for the latest addition: monthly reports. But they do reveal high unemployment rates in urban areas, especially among women. 'One number cannot describe a country of 1.4 billion," says P.C. Mohanan, former acting chairman of the National Statistical Commission. 'You have to break it down to understand what is really going on". Amit Basole, a professor at Azim Premji University, concurs. 'If you look at educated youth in urban areas, that's where joblessness is a real crisis," said Basole. While the experts said the unemployment report captures the high level of unemployment among where it exists—among educated, young, and urban population—there is a chance of a high level of underemployment that the survey, or for that matter any other survey, isn't designed to capture holistically. Unemployment is quite simply defined as people who are not working and are also looking for a job. This is then captured using two reference periods: preceding 365 days under the usual status and preceding seven days under the current weekly status. This is where underemployment slips through the cracks. 'If you ask a casual labour whether he or she has been working anytime during the last 365 days, the answer is always yes. But this does not mean these people are working to their full capacity," said Pronab Sen, former chief statistician of India. To understand this dynamic, Sen said, unemployment rate under the current weekly status offers a better picture. Policy blindspot For different people—and by different measures—unemployment rate varies in the country. While the unemployment numbers have come down in the past few years by most measures, it can majorly be attributed to the rise in self-employment after the covid-19 pandemic and does not translate into a real improvement. 'If the kind of employment that has risen is not the desirable kind, self-employment, unpaid family work, then that doesn't reflect a very healthy economy," Basole said. When it comes to creation of good-quality jobs for educated youth, the numbers speak for themselves. While there is little doubt over the robustness of the PLFS reports that provides abundant data to understand the complex labour market in India, this does not mean there is no room for improvement. Mohanan said the sample size of the survey needs a discussion, and it should be increased, keeping in mind the rise in India's population to get more robust estimates, especially for small groups. Currently, PLFS surveys about a 100,000 household, which is somewhat the same as the last employment and unemployment survey, but smaller than the sample sizes used in the 1960s and 1970s. 'One lakh looks alright for national estimates, but if you are looking at smaller segments of population like youth or the educated, it becomes slightly inadequate," Mohanan added.
Yahoo
29-06-2025
- Business
- Yahoo
The Living Wage a Family of Four Needs in All 50 States
If you're raising a family of four in 2025, you'll need a six-figure income in 26 states. That's more than half of America where you'll need to earn $100,000 or more annually to budget for and comfortably raise a family. Check Out: Here's the Minimum Salary Required To Be Considered Upper-Middle Class in 2025 Learn More: 7 Luxury SUVs That Will Become Affordable in 2025 GOBankingRates surveyed annual living expenses for a family of four across the United States using data from the 2023 Consumer Expenditure Survey and for a married couple with children from the Bureau of Labor Statistics. 'Living wage' is defined as the income required to cover 50% necessities, 30% discretionary spending and 20% for savings. Using the 50-30-20 budget rule, the study doubled the total annual expenditure on necessities to determine the 'living wage' for a family of four in each state. Ranked in order from states from the lowest to highest earnings, here's how much living wage is necessary for families of four. Living wage for a family of four: $82,338 Annual cost of housing: $13,454 Annual cost of groceries: $5,731 Annual cost of healthcare: $7,465 Living wage for a family of four: $87,564 Annual cost of housing: $15,846 Annual cost of groceries: $6,750 Annual cost of healthcare: $7,373 Living wage for a family of four: $87,607 Annual cost of housing: $15,670 Annual cost of groceries: $6,675 Annual cost of healthcare: $6,949 Living wage for a family of four: $87,944 Annual cost of housing: $15,517 Annual cost of groceries: $6,610 Annual cost of healthcare: $7,141 Living wage for a family of four: $88,312 Annual cost of housing: $16,504 Annual cost of groceries: $7,030 Annual cost of healthcare: $6,617 Living wage for a family of four: $90,659 Annual cost of housing: $16,394 Annual cost of groceries: $6,984 Annual cost of healthcare: $7,658 Living wage for a family of four: $91,667 Annual cost of housing: $16,548 Annual cost of groceries: $7,049 Annual cost of healthcare: $7,458 Living wage for a family of four: $91,669 Annual cost of housing: $17,250 Annual cost of groceries: $7,348 Annual cost of healthcare: $7,064 Living wage for a family of four: $92,179 Annual cost of housing: $18,172 Annual cost of groceries: $7,741 Annual cost of healthcare: $6,756 Living wage for a family of four: $93,349 Annual cost of housing: $17,075 Annual cost of groceries: $7,274 Annual cost of healthcare: $7,820 Living wage for a family of four: $93,544 Annual cost of housing: $16,965 Annual cost of groceries: $7,227 Annual cost of healthcare: $7,535 Living wage for a family of four: $93,807 Annual cost of housing: $17,228 Annual cost of groceries: $7,339 Annual cost of healthcare: $6,987 Living wage for a family of four: $94,102 Annual cost of housing: $17,448 Annual cost of groceries: $7,432 Annual cost of healthcare: $7,820 Living wage for a family of four: $94,682 Annual cost of housing: $17,382 Annual cost of groceries: $7,404 Annual cost of healthcare: $7,550 Living wage for a family of four: $94,752 Annual cost of housing: $17,514 Annual cost of groceries: $7,461 Annual cost of healthcare: $8,152 Living wage for a family of four: $95,480 Annual cost of housing: $18,523 Annual cost of groceries: $7,891 Annual cost of healthcare: $7,342 Living wage for a family of four: $95,763 Annual cost of housing: $17,843 Annual cost of groceries: $7,601 Annual cost of healthcare: $7,319 Living wage for a family of four: $96,130 Annual cost of housing: $18,633 Annual cost of groceries: $7,937 Annual cost of healthcare: $8,105 Living wage for a family of four: $96,640 Annual cost of housing: $17,623 Annual cost of groceries: $7,507 Annual cost of healthcare: $8,090 Living wage for a family of four: $96,870 Annual cost of housing: $18,567 Annual cost of groceries: $7,909 Annual cost of healthcare: $7,450 Living wage for a family of four: $98,082 Annual cost of housing: $18,962 Annual cost of groceries: $8,078 Annual cost of healthcare: $7,203 Living wage for a family of four: $98,427 Annual cost of housing: $18,326 Annual cost of groceries: $7,806 Annual cost of healthcare: $7,072 Living wage for a family of four: $98,585 Annual cost of housing: $18,040 Annual cost of groceries: $7,685 Annual cost of healthcare: $7,110 Living wage for a family of four: $99,453 Annual cost of housing: $19,226 Annual cost of groceries: $8,190 Annual cost of healthcare: $7,488 Living wage for a family of four: $100,000 Annual cost of housing: $19,686 Annual cost of groceries: $8,386 Annual cost of healthcare: $7,805 Living wage for a family of four: $100,332 Annual cost of housing: $18,479 Annual cost of groceries: $7,872 Annual cost of healthcare: $7,758 Living wage for a family of four: $100,750 Annual cost of housing: $19,774 Annual cost of groceries: $8,423 Annual cost of healthcare: $7,751 Living wage for a family of four: $104,582 Annual cost of housing: $20,981 Annual cost of groceries: $8,938 Annual cost of healthcare: $8,044 Living wage for a family of four: $107,042 Annual cost of housing: $21,179 Annual cost of groceries: $9,022 Annual cost of healthcare: $7,828 Living wage for a family of four: $107,324 Annual cost of housing: $21,618 Annual cost of groceries: $9,209 Annual cost of healthcare: $8,128 Living wage for a family of four: $107,412 Annual cost of housing: $21,749 Annual cost of groceries: $9,265 Annual cost of healthcare: $7,820 Living wage for a family of four: $111,303 Annual cost of housing: $22,781 Annual cost of groceries: $9,704 Annual cost of healthcare: $8,198 Living wage for a family of four: $112,401 Annual cost of housing: $23,637 Annual cost of groceries: $10,069 Annual cost of healthcare: $7,350 Living wage for a family of four: $112,828 Annual cost of housing: $23,615 Annual cost of groceries: $10,060 Annual cost of healthcare: $7,982 Living wage for a family of four: $112,965 Annual cost of housing: $23,439 Annual cost of groceries: $9,985 Annual cost of healthcare: $6,486 Living wage for a family of four: $123,298 Annual cost of housing: $25,107 Annual cost of groceries: $10,695 Annual cost of healthcare: $8,260 Living wage for a family of four: $123,863 Annual cost of housing: $25,502 Annual cost of groceries: $10,864 Annual cost of healthcare: $8,506 Living wage for a family of four: $126,753 Annual cost of housing: $25,722 Annual cost of groceries: $10,957 Annual cost of healthcare: $8,661 Living wage for a family of four: $128,484 Annual cost of housing: $28,465 Annual cost of groceries: $12,126 Annual cost of healthcare: $6,925 Living wage for a family of four: $131,024 Annual cost of housing: $27,807 Annual cost of groceries: $11,845 Annual cost of healthcare: $8,97 Living wage for a family of four: $131,102 Annual cost of housing: $29,848 Annual cost of groceries: $12,715 Annual cost of healthcare: $6,918 Living wage for a family of four: $131,824 Annual cost of housing: $28,904 Annual cost of groceries: $12,313 Annual cost of healthcare: $8,637 Living wage for a family of four: $131,996 Annual cost of housing: $29,211 Annual cost of groceries: $12,444 Annual cost of healthcare: $8,738 Living wage for a family of four: $134,990 Annual cost of housing: $30,331 Annual cost of groceries: $12,920 Annual cost of healthcare: $8,229 Living wage for a family of four: $135,943 Annual cost of housing: $29,804 Annual cost of groceries: $12,696 Annual cost of healthcare: $8,707 Living wage for a family of four: $136,990 Annual cost of housing: $25,854 Annual cost of groceries: $11,013 Annual cost of healthcare: $11,290 Living wage for a family of four: $155,738 Annual cost of housing: $37,354 Annual cost of groceries: $15,912 Annual cost of healthcare: $8,607 Living wage for a family of four: $188,269 Annual cost of housing: $45,891 Annual cost of groceries: $19,549 Annual cost of healthcare: $8,213 Living wage for a family of four: $199,671 Annual cost of housing: $49,600 Annual cost of groceries: $21,129 Annual cost of healthcare: $10,033 Living wage for a family of four: $258,918 Annual cost of housing: $66,412 Annual cost of groceries: $28,290 Annual cost of healthcare: $9,540 This article originally appeared on The Living Wage a Family of Four Needs in All 50 States Sign in to access your portfolio
Yahoo
21-06-2025
- Business
- Yahoo
The Living Wage a Family of Four Needs in All 50 States
If you're raising a family of four in 2025, you'll need a six-figure income in 26 states. That's more than half of America where you'll need to earn $100,000 or more annually to budget for and comfortably raise a family. Check Out: Learn More: GOBankingRates surveyed annual living expenses for a family of four across the United States using data from the 2023 Consumer Expenditure Survey and for a married couple with children from the Bureau of Labor Statistics. 'Living wage' is defined as the income required to cover 50% necessities, 30% discretionary spending and 20% for savings. Using the 50-30-20 budget rule, the study doubled the total annual expenditure on necessities to determine the 'living wage' for a family of four in each state. Ranked in order from states from the lowest to highest earnings, here's how much living wage is necessary for families of four. Living wage for a family of four: $82,338 Annual cost of housing: $13,454 Annual cost of groceries: $5,731 Annual cost of healthcare: $7,465 Also See: Discover More: Living wage for a family of four: $87,564 Annual cost of housing: $15,846 Annual cost of groceries: $6,750 Annual cost of healthcare: $7,373 Explore More: Living wage for a family of four: $87,607 Annual cost of housing: $15,670 Annual cost of groceries: $6,675 Annual cost of healthcare: $6,949 Living wage for a family of four: $87,944 Annual cost of housing: $15,517 Annual cost of groceries: $6,610 Annual cost of healthcare: $7,141 Living wage for a family of four: $88,312 Annual cost of housing: $16,504 Annual cost of groceries: $7,030 Annual cost of healthcare: $6,617 Living wage for a family of four: $90,659 Annual cost of housing: $16,394 Annual cost of groceries: $6,984 Annual cost of healthcare: $7,658 Living wage for a family of four: $91,667 Annual cost of housing: $16,548 Annual cost of groceries: $7,049 Annual cost of healthcare: $7,458 Find Out: Living wage for a family of four: $91,669 Annual cost of housing: $17,250 Annual cost of groceries: $7,348 Annual cost of healthcare: $7,064 Living wage for a family of four: $92,179 Annual cost of housing: $18,172 Annual cost of groceries: $7,741 Annual cost of healthcare: $6,756 Living wage for a family of four: $93,349 Annual cost of housing: $17,075 Annual cost of groceries: $7,274 Annual cost of healthcare: $7,820 Living wage for a family of four: $93,544 Annual cost of housing: $16,965 Annual cost of groceries: $7,227 Annual cost of healthcare: $7,535 Living wage for a family of four: $93,807 Annual cost of housing: $17,228 Annual cost of groceries: $7,339 Annual cost of healthcare: $6,987 See More: Living wage for a family of four: $94,102 Annual cost of housing: $17,448 Annual cost of groceries: $7,432 Annual cost of healthcare: $7,820 Living wage for a family of four: $94,682 Annual cost of housing: $17,382 Annual cost of groceries: $7,404 Annual cost of healthcare: $7,550 Living wage for a family of four: $94,752 Annual cost of housing: $17,514 Annual cost of groceries: $7,461 Annual cost of healthcare: $8,152 Living wage for a family of four: $95,480 Annual cost of housing: $18,523 Annual cost of groceries: $7,891 Annual cost of healthcare: $7,342 Living wage for a family of four: $95,763 Annual cost of housing: $17,843 Annual cost of groceries: $7,601 Annual cost of healthcare: $7,319 Read More: Living wage for a family of four: $96,130 Annual cost of housing: $18,633 Annual cost of groceries: $7,937 Annual cost of healthcare: $8,105 Living wage for a family of four: $96,640 Annual cost of housing: $17,623 Annual cost of groceries: $7,507 Annual cost of healthcare: $8,090 Living wage for a family of four: $96,870 Annual cost of housing: $18,567 Annual cost of groceries: $7,909 Annual cost of healthcare: $7,450 Living wage for a family of four: $98,082 Annual cost of housing: $18,962 Annual cost of groceries: $8,078 Annual cost of healthcare: $7,203 Living wage for a family of four: $98,427 Annual cost of housing: $18,326 Annual cost of groceries: $7,806 Annual cost of healthcare: $7,072 Read Next: Living wage for a family of four: $98,585 Annual cost of housing: $18,040 Annual cost of groceries: $7,685 Annual cost of healthcare: $7,110 Living wage for a family of four: $99,453 Annual cost of housing: $19,226 Annual cost of groceries: $8,190 Annual cost of healthcare: $7,488 Living wage for a family of four: $100,000 Annual cost of housing: $19,686 Annual cost of groceries: $8,386 Annual cost of healthcare: $7,805 Living wage for a family of four: $100,332 Annual cost of housing: $18,479 Annual cost of groceries: $7,872 Annual cost of healthcare: $7,758 Living wage for a family of four: $100,750 Annual cost of housing: $19,774 Annual cost of groceries: $8,423 Annual cost of healthcare: $7,751 Find More: Living wage for a family of four: $104,582 Annual cost of housing: $20,981 Annual cost of groceries: $8,938 Annual cost of healthcare: $8,044 Living wage for a family of four: $107,042 Annual cost of housing: $21,179 Annual cost of groceries: $9,022 Annual cost of healthcare: $7,828 Living wage for a family of four: $107,324 Annual cost of housing: $21,618 Annual cost of groceries: $9,209 Annual cost of healthcare: $8,128 Living wage for a family of four: $107,412 Annual cost of housing: $21,749 Annual cost of groceries: $9,265 Annual cost of healthcare: $7,820 Living wage for a family of four: $111,303 Annual cost of housing: $22,781 Annual cost of groceries: $9,704 Annual cost of healthcare: $8,198 Explore Next: Living wage for a family of four: $112,401 Annual cost of housing: $23,637 Annual cost of groceries: $10,069 Annual cost of healthcare: $7,350 Living wage for a family of four: $112,828 Annual cost of housing: $23,615 Annual cost of groceries: $10,060 Annual cost of healthcare: $7,982 Living wage for a family of four: $112,965 Annual cost of housing: $23,439 Annual cost of groceries: $9,985 Annual cost of healthcare: $6,486 Living wage for a family of four: $123,298 Annual cost of housing: $25,107 Annual cost of groceries: $10,695 Annual cost of healthcare: $8,260 Living wage for a family of four: $123,863 Annual cost of housing: $25,502 Annual cost of groceries: $10,864 Annual cost of healthcare: $8,506 For You: Living wage for a family of four: $126,753 Annual cost of housing: $25,722 Annual cost of groceries: $10,957 Annual cost of healthcare: $8,661 Living wage for a family of four: $128,484 Annual cost of housing: $28,465 Annual cost of groceries: $12,126 Annual cost of healthcare: $6,925 Living wage for a family of four: $131,024 Annual cost of housing: $27,807 Annual cost of groceries: $11,845 Annual cost of healthcare: $8,977 Living wage for a family of four: $131,102 Annual cost of housing: $29,848 Annual cost of groceries: $12,715 Annual cost of healthcare: $6,918 Living wage for a family of four: $131,824 Annual cost of housing: $28,904 Annual cost of groceries: $12,313 Annual cost of healthcare: $8,637 Trending Now: Living wage for a family of four: $131,996 Annual cost of housing: $29,211 Annual cost of groceries: $12,444 Annual cost of healthcare: $8,738 Living wage for a family of four: $134,990 Annual cost of housing: $30,331 Annual cost of groceries: $12,920 Annual cost of healthcare: $8,229 Living wage for a family of four: $135,943 Annual cost of housing: $29,804 Annual cost of groceries: $12,696 Annual cost of healthcare: $8,707 Living wage for a family of four: $136,990 Annual cost of housing: $25,854 Annual cost of groceries: $11,013 Annual cost of healthcare: $11,290 Living wage for a family of four: $155,738 Annual cost of housing: $37,354 Annual cost of groceries: $15,912 Annual cost of healthcare: $8,607 Discover More: Living wage for a family of four: $188,269 Annual cost of housing: $45,891 Annual cost of groceries: $19,549 Annual cost of healthcare: $8,213 Living wage for a family of four: $199,671 Annual cost of housing: $49,600 Annual cost of groceries: $21,129 Annual cost of healthcare: $10,033 Living wage for a family of four: $258,918 Annual cost of housing: $66,412 Annual cost of groceries: $28,290 Annual cost of healthcare: $9,540 Heather Taylor contributed to the reporting for this piece. Methodology: GOBankingRates surveyed annual living expenses for a family of four in all 50 states, using the 2023 Consumer Expenditure Survey (latest available) data for a married couple with children (oldest child 6-17) from the Bureau of Labor Statistics. The itemized costs of living evaluated were housing, groceries, utilities, healthcare and transportation, collectively termed 'necessities.' Based on each state's respective cost-of-living index for each category, sourced from the Missouri Economic Research and Information Center's 2024 Q3 Cost of Living Data Series, the study calculated the annual cost of each necessity and summed them up to find total annual expenditure on necessities. Using the 50-30-20 budget rule, which allocates 50% of income for necessities, the study doubled the total annual expenditure on necessities in order to determine the 'living wage' for a family of four in each state. 'Living wage' is defined as the income required to be able to cover 50% necessities, 30% discretionary/luxury spending and 20% for savings. All data was collected on and is up to date as of Dec. 11, 2024. More From GOBankingRates 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on The Living Wage a Family of Four Needs in All 50 States Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
If Social Security Runs Out, How Long Will $2 Million Last in the South?
In a worst-case scenario in which Social Security runs out, retirees in the South are in a financially fortunate position. A savings of $2 million will last at least 30 years, if not longer, to fund retirement in every Southern state. Be Aware: Try This: This data was pulled from a new GOBankingRates study that analyzed how long $2 million in retirement savings could last in every U.S. state. A full methodology is available at the end of this article. Here's how long $2 million lasts in the South, should Social Security run out. Annual expenditures: $53,357 Years $2 million will last: 37.5 National average: 33.3 years See More: Explore Next: Annual expenditures: $53,477 Years $2 million will last: 37.4 National average: 33.3 years Read More: Annual expenditures: $60,207 Years $2 million will last: 33.2 National average: 33.3 years 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 That's Interesting: Annual expenditures: $55,821 Years $2 million will last: 35.8 National average: 33.3 years Annual expenditures: $56,181 Years $2 million will last: 35.6 National average: 33.3 years Annual expenditures: $59,426 Years $2 million will last: 33.7 National average: 33.3 years View More: Annual expenditures: $52,576 Years $2 million will last: 38 National average: 33.3 years Annual expenditures: $58,645 Years $2 million will last: 34.1 National average: 33.3 years Annual expenditures: $52,816 Years $2 million will last: 37.9 National average: 33.3 years Trending Now: Annual expenditures: $57,203 Years $2 million will last: 35 National average: 33.3 years Annual expenditures: $54,078 Years $2 million will last: 37 National average: 33.3 years Annual expenditures: $55,641 Years $2 million will last: 35.9 National average: 33.3 years For You: Annual expenditures: $60,387 Years $2 million will last: 33.1 National average: 33.3 years Annual expenditures: $50,954 Years $2 million will last: 39.3 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. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on If Social Security Runs Out, How Long Will $2 Million Last in the South? Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
If Social Security Runs Out, How Long Will $2 Million Last on the West Coast?
Will Social Security benefits run out in your lifetime? A new GOBankingRates study analyzed this 'what if?' scenario and how it might impact the time horizon for $2 million in retirement savings. Be Aware: Learn More: Given that these states have a high cost of living, this savings only allows retirees on the West Coast (and in states in the Pacific region, like Alaska and Hawaii) to cover up to 30 years in retirement on the high end, and as few as 18 years on the low end. See how long $2 million stretches in retirement savings in these West Coast states. Annual expenditures: $74,147 Years $2 million will last: 27 National average: 33.3 years Find Out: Read More: Annual expenditures: $86,946 Years $2 million will last: 23 National average: 33.3 years That's Interesting: Annual expenditures: $110,921 Years $2 million will last: 18 National average: 33.3 years Annual expenditures: $66,096 Years $2 million will last: 30.3 National average: 33.3 years Annual expenditures: $68,259 Years $2 million will last: 29.3 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. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance This article originally appeared on If Social Security Runs Out, How Long Will $2 Million Last on the West Coast? Sign in to access your portfolio
