$750,000 in savings plus Social Security lasts from approximately 8 years in Hawaii to over 28 years in West Virginia. Generally, funds last longest in the Midwest and South, while vanishing fastest in the Northeast and West, with an average duration of 17-25 years depending on the state's cost of living.
Indeed, in addition to expensive locations in the West such as California (12.21 years) and Washington (16.99 years), the area is also home to the state that will eat $750,000 faster than any other in the union: Hawaii.
As we have established, retiring on $500k is entirely feasible. With the addition of Social Security benefits, this becomes even more of a possibility. In retirement, Social Security benefits can provide an additional $2,000 per month, on average.
Believe it or not, data from the 2022 Survey of Consumer Finances indicates that only 9% of American households have managed to save $500,000 or more for their retirement. This means less than one in ten families have achieved this financial goal.
On the plus side, those ages 65 and up were the most likely to have more than $750,000 saved for retirement, with 12% reporting they had reached this milestone compared to 4% of the general population. An additional 5% of seniors reported having between $500,000 and $750,000.
Using the 4% Rule with a $750,000 portfolio:
Monthly withdrawal: $30,000 ÷ 12 = $2,500. Estimated longevity of funds: Around 25 years, assuming average market returns and inflation adjustments.
For a 70-year-old, average retirement savings vary significantly by source, but generally fall between $250,000 and over $600,000 (mean/average), while the median (half have less) is much lower, around $100,000 to $200,000, highlighting a wide gap due to high earners skewing averages. Key figures show the mean for ages 65-74 around $609,000, but the median for that group is closer to $200,000.
Only a small percentage of Americans retire with $1 million or more in retirement savings, with figures from the Federal Reserve and Employee Benefit Research Institute (EBRI) showing around 3.2% of retirees hitting that mark, though some sources cite slightly lower numbers for all Americans (around 2.5%) or higher estimates for households nearing retirement (over 10% of older households have $1M+ net worth, not just retirement funds). The reality is most retirees have significantly less, with the median for ages 65-74 being around $200,000-$609,000 in retirement accounts.
Retiring on $700k is feasible, especially if spending is kept below $40,000 per year. The longevity of your savings depends on factors like annual withdrawals, investment returns, and tax considerations. Social Security benefits can supplement savings, potentially increasing retirement comfort.
Figuring out how much you can realistically spend each year is a key piece of that puzzle. For example, a 62-year-old with $800,000 in savings and a monthly Social Security benefit of $2,600 can reasonably expect an annual income of $63,200 in retirement.
Ideally, you should live off the returns on your investments without touching the principal. With $700,000 saved and an average annual return of 10–12%, you could have between $70,000 and $84,000 per year. If returns are lower, say 8%, you'll only have $56,000 and may need to dip into your principal.
While $2 million is a high bar — only 1.8% of households have that much saved, according to the Employee Benefit Research Institute — it covers more than 35 years of retirement in all but three states: Hawaii, Massachusetts and California. That target isn't far off from most people's goals.
Based on median incomes and the 10x rule, most people will need about $740,000 to finance a secure retirement. So in theory, a $750,000 Roth IRA and $1,800 in Social Security benefits will be enough for many individuals to retire.
Even if you move overseas, your superannuation will typically stay in Australia. If you move to New Zealand, you may be able to transfer your super to a KiwiSaver account. Temporary residents returning home after visiting Australia can apply for a Departing Australia Superannuation Payment.
The top ten financial mistakes most people make after retirement are:
Roughly 7% to 9% of American households have $500,000 or more in retirement savings, though figures vary slightly by source, with data from late 2025 suggesting around 7.2% and older 2022 data indicating about 9%, showing it's a significant milestone achieved by less than one in ten families, despite higher averages driven by wealthy individuals.
Americans in their 60s have the most saved for retirement with average balances close to $1.2 million. Average account balances more than double between those in their 20s vs their 30s. Those in their 80s still have an average balance of $801,103 for retirement.
An account holder may operate more than one account under the scheme subject to the condition that the deposits in all the accounts taken together shall not exceed the maximum limit, i.e. Rs.30 lakh.
The average retiree's monthly expenses in the U.S. hover around $4,600 to $5,400, with younger retirees (65-74) spending more, often over $5,000 monthly, while those 75+ spend closer to $4,400 as transportation and entertainment costs decrease, though healthcare costs can rise, with housing, transportation, healthcare, and food being the biggest categories.
Only a small percentage of Americans retire with $1 million or more in retirement savings, with figures from the Federal Reserve and Employee Benefit Research Institute (EBRI) showing around 3.2% of retirees hitting that mark, though some sources cite slightly lower numbers for all Americans (around 2.5%) or higher estimates for households nearing retirement (over 10% of older households have $1M+ net worth, not just retirement funds). The reality is most retirees have significantly less, with the median for ages 65-74 being around $200,000-$609,000 in retirement accounts.