If You Have $1 Million Going Into Retirement, Here's How Long You Can Live In West Virginia

According to a 2025 Northwestern Mutual study, 52% of Americans don't think their income is keeping up with inflation. Meanwhile, 25% of Americans point to a lack of savings as the second highest obstacle to financial security, behind inflation at 44%. More troubling is that 45% of those surveyed said basics like housing had the second highest impact on their finances with groceries at 43% and utilities at 34%. It's worth noting that the top factor impacting finances in the survey was childcare — however, that is less likely to be a significant factor for those looking towards retirement. All of this is to say that as retirees and/or soon-to-be-retirees increasingly worry about their finances, finding the right place to retire can be more important than ever.

West Virginia has been a consistent winner for retirees — from being one of the cheapest states in the U.S. to retire in to also belonging amongst the best states to retire in. With most Americans believing they need almost $1.5 million to retire comfortably, as of 2025, it could be smart to consider retirement locations where you can do more with less. With that in mind, let's see how far $1 million in retirement savings can take you in West Virginia.

According to GOBanking Rates, the cost of living for a single person receiving Social Security benefits in West Virginia is just over $11,000 a year. This factors in monthly expense of around $1,800. According to the Bureau of Labor Statistics, the average annual cost of living in the U.S. (across all consumer units) was $77,280 or $6,440 per month in 2023. The most expensive state in the U.S. for a retiree would be Hawaii at an annual cost of living of just over $80,000 and a monthly expense of $2,761 after Social Security benefits. This is part of why Hawaii is unsurprisingly home to one of America's most expensive retirement communities.

Using this cost of living data, $1 million in retirement savings — plus Social Security benefits — would shake out to just over 88 years worth of retirement savings. By comparison, $1 million in retirement savings plus Social Security benefits in Hawaii would be barely last you 12 years of retirement, making West Virginia the far better financial choice — if the less scenic one.

Aside from offering one of the best college towns for retirees to move to, West Virginia's tax system is also pretty favorable to seniors. Per SmartAsset Retirement Tax Friendliest Guide, Social Security isn't entirely exempt from taxes in West Virginia — nor are pensions or withdrawals from retirement accounts. That said, 65% of your Social Security benefits are exempt from taxes, and you can claim a tax deduction of as much as $8,000 per person on income from pensions or IRAs. If you have a government pension, even better, because you can claim an extra $2,000 deduction at any age. 

It's also worth mentioning that the median property tax in West Virginia is just $809 per year, with the median home value in the state falling below $150,000. That's a huge discount from the Q4 2024 median U.S. home value of $510,300, according to the Federal Reserve Bank of St. Louis. Plus, West Virginia homeowners aged 65 and older who have owned and paid property taxes on their home for two consecutive years before filing are eligible for a $20,000 exemption based on the assessed value of their home.