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Study Reveals: How Long Social Security & a $1.5M Nest Egg Last Across All 50 U.S. States

Retirement savings accounts and Social Security payments are major funding sources for numerous Americans as they spend their later years in the states they prefer.

A recently-released study from GOBankingRates examined the financial runway that retirees could expect in different states when they had both Social Security benefits and $1.5 million saved up for retirement, discovering that West Virginia provided the longest number of years before expenses would use up their nest egg.

The state known as The Mountain State topped the list with an anticipated duration of 54 years from $1.5 million in retirement savings, bearing annual living expenses of approximately $27,800. Social Security benefits as indicated by the research.

The Social Security Administration (SSA) allows Americans to access their Social Security retirement benefits early starting at age 62, though payments "will be reduced a small percentage for each month before your full retirement age" if they do that, according to the SSA. One’s "full retirement age" depends on when a person was born.

SOCIAL SECURITY PAYMENTS TO INCREASE FOR PUBLIC PENSION RECIPIENTS

According to GOBankingRates, they utilized information from various sources such as the Bureau of Labor Statistics, the SSA, and the Missouri Economic Research and Information Center to rank how different states fare concerning the duration that Social Security benefits along with $1.5 million in savings could sustain during retirement. retirees residing in them.

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Overall, the study indicated that those two sources of funds would provide different amounts of years of "financial security" for retirees in states across the country. States’ cost of living after Social Security ranged from $27,803 to $87,770 per year, it found.

401(k) ACCOUNTS REACH THEIR SECOND HIGHEST LEVEL EVER: FIDELITY

GoBankingRates determined the number of years for which $1.5 million combined with Social Security would last. would sustain Retirement numbers for each state were:

THIS MIDWESTERN STATE IS CONSIDERED ONE OF THE BEST PLACES TO RETIRE, NEW STUDY SAYS: SEE THE LIST

Original article source: Research reveals the duration Social Security along with a $1.5 million savings account would endure across the 50 states.

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