How Far $1.5 Million in Retirement Savings Plus Social Security Goes in Your State
A common concern among many Americans — and not just those who are approaching retirement age or already have 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 can make the program’s future questionable, and the increasingly high cost of living across the United States makes retirement affordability a daunting proposition.
Read More: 8 Clever Ways Retirees Are Earning Up To $1K per Month From Home
As such, GOBankingRates recently compiled a study to determine just how long a retiree could coast on Social Security benefits as well as $1.5 million in retirement savings. While $1.5 million might seem like a very impressive sum, that amount goes only so far from state to state.
Indeed, while $1.5 million can last 54 years in West Virginia, it would last 17 years in Hawaii (California and Massachusetts are equally expensive). Find out how long $1.5 million plus Social Security would last you in your dream retirement state.
