How Long Your 401(k) Plus Social Security Benefits Will Last You in Texas

Most Americans depend on a combination of 401(k) plans and Social Security benefits to fund their retirements, although the amounts they have available vary widely. Social Security checks alone can range from less than $1,000 a month to more than $4,800 , while 401(k) balances can range from almost nothing to millions of dollars. Because of these variations, the number of years your retirement income will last varies as well.

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For retirees in Texas, the combination of Social Security benefits and 401(k) income lasts longer than in most of the rest of the United States, according to a GOBankingRates study . The average senior in the Lone Star State can expect their 401(k)/Social Security combination to last nearly 18 years. That compares to the national average of about 15-and-a-half years.

For its study, GBR analyzed data from the U.S. Bureau of Labor Statistics, Social Security Administration and Missouri Economic Research and Information Center. Research focused on average 401(k) distributions and Social Security checks, along with average monthly spending on essentials such as housing and groceries. GBR then compared all 50 states and the District of Columbia to find out how long the 401(k)/Social Security combo would last.

West Virginia ranked first at an average of 21.36 years, while Hawaii brought up the rear at an average of 6.52 years. Rankings tended to correspond with average costs of living, with the most affordable states ranking higher and the least affordable ranking lower.

Texas, a comparatively affordable state, ranked No. 14 in the GBR list. It did better than average in every category except the average cost of utilities. Here’s how it stacked up against the nation as a whole in various categories:

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How Long a 401(k) Will Last with Social Security

• Texas Average : 17 years. 11 months, 4 days
• National Average : 15 years, 8 months, 8 days

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Annual Expenditures

• Texas Average : $53,423.83
• National Average : $57,818

Annual Expenditures After Social Security

• Texas Average : $30,986.59
• National Average : $35,421

Annual Groceries Expenditures

• Texas Average : $4,614.71
• National Average : $4,797

Annual Housing Expenditures

• Texas Average : $9,599.13
• National Average : $11,692

Annual Utilities Expenditures

• Texas Average : $4,388.50
• National Average : $4,236

Annual Transportation Expenditures

• Texas Average : $4,582.16
• National Average : $4,943

Annual Healthcare Expenditures

• Texas Average : $7,245.94
• National Average : $7,540

Because these are only averages, they won’t apply to everyone. As noted earlier, a lot depends on the size of your 401(k) balance and Social Security payment .

The average 401(k) balance is $272,588 for Americans 65 and older, according to Vanguard data cited by CNN. But the median balance is only $88,488 — which means averages skew much higher because of high balances involving wealthy people.

The average Social Security retirement check was $1,869.77 per month as of June 2024, according to the Social Security Administration. But that figure can go much higher or lower depending how much you paid into the system and when you claim benefits.

Where you decide to retire in Texas can also impact how long your retirement income lasts. If you have the typical income, it will last a lot longer in affordable places like Beaumont and Galveston than more expensive ones like Bee Cave , a pricey town in the greater Austin area.

This article originally appeared on GOBankingRates.com : How Long Your 401(k) Plus Social Security Benefits Will Last You in Texas