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Study Reveals $1M Savings Won't Last in Top States

10/23/2025

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Summary

Story summary

A GOBankingRates study finds single retirees with $1 million in savings plus Social Security may exhaust funds in 20 years or less in Hawaii, Massachusetts, California, Alaska, and New York.
In Hawaii, singles last 12 years.
In North Carolina, South Carolina, and Georgia, savings last 30 years or more.
Social Security is projected to face insolvency by 2034, potentially reducing benefits by 20% for more than 70 million beneficiaries.

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Story summary

A GOBankingRates study finds single retirees with $1 million in savings plus Social Security may exhaust funds in 20 years or less in Hawaii, Massachusetts, California, Alaska, and New York.
In Hawaii, singles last 12 years.
In North Carolina, South Carolina, and Georgia, savings last 30 years or more.
Social Security is projected to face insolvency by 2034, potentially reducing benefits by 20% for more than 70 million beneficiaries.