A common concern among many Americans – and not just those who are approaching retirement age or have already reached retirement age – is whether their retirement savings and Social Security benefits will provide them with financial security in retirement.
The politicization of Social Security may make the program’s future questionable, and the increasingly high cost of living across the United States makes retirement affordability a difficult proposition.
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As such, GOBankingRates recently compiled a study to determine how long a retiree can take to enjoy $1.5 million in retirement savings along with Social Security benefits. Although $1.5 million may seem like a very impressive sum, the amount varies from state to state.
In fact, while $1.5 million may last 54 years in West Virginia, it will last 17 years in Hawaii (California and Massachusetts are equally expensive). Find out how long more than $1.5 million in Social Security will last you into your dream retirement.