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

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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 duration before expenses would exhaust their nest egg.

The state nicknamed "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 decrease slightly for every month prior to one’s full retirement age, as stated by the SSA. The specific "full retirement age" varies based on an individual's birth date.

PUBLIC PENSION BENEFICIARIES TO RECEIVE BOOST IN SOCIAL SECURITY PAYMENTS

GOBankingrates indicated that 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 total, 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 post-Social Security benefits fluctuated between $27,803 and $87,770 annually.

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 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.

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