If you retired in California with $1 million in savings and Social Security benefits, how long would the money last?

Would you have enough to live comfortably in the Golden State?

California is the second most expensive state in the United States to retire based on annual spending, according to a new study by personal finance service GoBankingRates.

Only Hawaii provides more of a financial challenge for retirees, GoBankingRates said.

“Not too long ago, it was considered bold to claim that people need $1 million for a comfortable retirement,” GoBankingRates writer Heather Taylor wrote in a Feb. 13 article titled “How Far $1 Million in Retirement Savings Plus Social Security Goes in Every State.”

“As the cost of living continues to rise and more retirees lead longer lifespans, those approaching retirement will either need to start saving more money or relocate to a state where their savings and Social Security benefits can last,” Taylor wrote.

Here’s how much you need to retire comfortably in California, according to GoBankingRates:

How long does $1 million in retirement savings last in California?

The average American needed about $1.4 million to retire comfortably in 2024, a Northwestern Mutual survey found, up from $1.2 million the previous year.

In California, $1 million in retirement savings along with Social Security benefits would last about 16.2 years, according to GoBankingRates.

Without Social Security benefits, $1 million in retirement savings could last for 12 years, 8 months and 5 days, the personal finance site reported in January.

The average Californian pays $2,269 per month for expenditures,

Here’s how that breaks down in terms of annual living costs in the Golden State, GoBankingRates reported:

Total annual expenditures: $78,864

How much are Social Security benefits in California?

Nationally, the maximum monthly Social Security payment for 2025 is $967 for an individual and $1,450 for a couple, according to the Social Security Administration website.

In California, the maximum monthly payment for independent singles is $1,206.94, while independent couples and people with disabilities get up to $2,057 a month, the federal agency said.

Where are the cheapest, more expensive states to retire?

In general, retirement savings last longer outside of California, GoBankingRates said.

West Virginia was the best state in the nation for stretching for your retirement dollars, the site’s study found.

It would take 88.7 years to exhaust retirement savings in West Virginia, noting that annual spending amounts to $11,263 after Security Security benefits.

In contrast, Hawaii is the most expensive place to spend your retirement, GoBankingRates said.

On average, yearly spending in the state is $80,125 after Social Security benefits.

In Hawaii, retirement savings and Social Security would only last 12.4 years.

How did GoBankingRates come up with findings?

To find how long $1 million along with Social Security benefits would last, GoBankingRates looked at the national average annual expenditures for people 65 and older, based on U.S. Bureau of Labor Statistics’ 2024 Consumer Expenditure Survey data.

The site then multiplied the national figure by the overall cost of living index score for all 50 states and the District of Columbia from the Missouri Economic Research and Information Center.

GoBankingRates used the Social Security Administration’s Monthly Statistical Snapshot for November 2024 to determine the average benefits for one person.