Those living in a lower-cost-of-living area could see their benefits last for longer.
While Americans across the country qualify for Social Security payments once they reach retirement age, the extent to which those benefits can pay for your retirement depends on the city and region you live in.Those living in lower-cost-of-living areas could see their benefits last for longer, therefore requiring less in their independent retirement savings accounts.In a new GoBankingRates study, states were ranked based on which would see Social Security benefits last the longest for retirees.
The average household retirement savings for those between the ages of 65 and 74 was found to be $609,230, according to a Federal Reserve survey. But the median retirement savings was found to be far lower, at $200,000.That means many of the calculations for how long benefits plus retirement savings should last are far longer than for the typical American.
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