Retirement savings accounts and Social Security payments are major financial resources for numerous Americans during their later years, allowing them to enjoy their twilight days wherever they choose to reside.
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 exhaust their nest egg.
The state known as The Mountain State topped the list, projecting that $1.5 million in retirement savings would be enough to support retirees for an impressive 54 years, considering annual living expenses of approximately $27,800 per year.
Social Security benefits
as indicated by the research.
The Social Security Administration (SSA) permits U.S. citizens to claim their Social Security retirement benefits as early as 62 years old; however, these payouts will be decreased slightly for every month prior to reaching one’s full retirement age, as stated by the SSA. An individual’s “full retirement age” varies based on their birth date.
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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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In general, the research showed that these two funding sources would offer varying durations of “financial stability.”
for retirees
In various states throughout the country, the study discovered that the cost of living following Social Security benefits varied from $27,803 to $87,770 annually.
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GoBankingRates found the number of years that $1.5 million and Social Security
would sustain
retirees in each state was:
THIS CENTRAL U.S. STATE RANKS AMONG TOP DESTINATIONS FOR RETIREMENT, ACCORDING TO RECENT SURVEY RESULTS: CHECK OUT 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.
