Study shows how long Social Security, $1.5M nest egg would last in 50 states

Retirement nest eggs and social security benefits are important sources of funding for many Americans as they live their golden years in their chosen state.

Recently released research From Gobankingrates Looking at the financial runways that retirees have in each state in Social Security benefits, they discovered that $1.5 million was taken away for retirement, and that West Virginia provided the most years before the cost of living drained their retirement savings.

Mountain State ranks number one, with $1.5 million in retirement savings expected to remain retired for 54 years while facing approximately $27,800 in living expenses each year after Social Security benefits.

According to the SSA, the Social Security Administration (SSA) allows Americans to access Social Security retirement benefits early from the age of 62, but “a small percentage reduction is reduced each month before the full retirement age.” Your “complete retirement age” depends on when a person was born.

Social Security Payments for Public Pension Beneficiaries

Gobankingrates said it will use data from numerous sources, including the Bureau of Labor Statistics, SSA and the Missouri Economic Research and Information Center to determine the rankings of how Social Security and retirees accumulate in terms of how long they last retirees last retired.

Overall, this study shows that these two sources of funding provide different years of “financial security” to state retirees across the country. Costs of living after Social Security ranged between $27,803 and $87,770 per year.

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GobanKingrates has discovered $1.5 million and the number of years Social Security will keep retirees in each state.

West Virginia: 54 years (Social Security Security Cost of $27,803 per year)

Kansas: 52 years (Social Security Security Cost of $28,945 per year)

Mississippi: 51 years (Social Security Security Costs of $29,426 per year)

Oklahoma: 51 years (Social Security Security Costs of $29,666 per year)

Alabama: 50 years (Social Security Security Costs of $30,207 per year)

Missouri: 50 years (Social Security Security Costs of $30,327 per year)

Arkansas: 49 years (Social Security Security Costs of $30,237 per year)

Tennessee: 49 years (Social Security Security Costs of $30,928 per year)

Iowa: 48 years (Social Security Security Cost of $31,168 per year)

Indiana: 47 years (Social Security Security Cost of $31,709 per year)

Aerial view of downtown Indianapolis, Indiana (istock / istock)

Georgia: 47 years (Social Security Security Cost of $31,829 per year)

North Dakota: 47 years (Social Security Security Cost of $32,190 per year)

Michigan: 46 years (Security costs of living per $32,310 after social)

South Dakota: 46 years (Annual living cost of $32,310 after social)

Texas: 46 years (Social Security Security Cost of $32,490 per year)

Nebraska: 46 years (post-social post-security cost of living $32,610)

Kentucky: 46 years (post-social post-security cost of living $32,670)

New Mexico: 46 years (Social Security Security Costs of $32,670 per year)

Louisiana: 45 years (Social Security Security Costs of $33,031 per year)

Aerial views of downtown Baton Rouge from the state Capitol buildings head towards the Mississippi Bridge and the river. (istock / istock)

Montana: 45 years (Social Security Security Cost of $33,331 per year)

Ohio: 44 years (Social Security Security Cost of $33,827 per year)

Pennsylvania: 44 years ($33,872 per year for post-social living expenses)

South Carolina: 44 years (Annual residential cost of $34,052 after social)

Minnesota: 44 years (Annual residential cost of $34,113 after social)

Wyoming: 44 years (Social Security Security Cost of $34,173 per year)

Illinois: 44 years (Social Security Security Costs of $34,233 per year)

North Carolina: 42 years (Social Security Security Costs of $35,495 per year)

Downtown Drone Skyline Aerial in Raleigh, North Carolina, USA. (istock / istock)

Maryland: 41 years (Social Security Security Cost of $36,276 per year)

Wisconsin: 41 years (Social Security Security Costs of $36,516 per year)

Nevada: 41 years (Social Security Security Costs of $26,997 per year)

Delaware: 40 years (Social Security Security Costs of $37,057 per year)

Virginia: 40 years (Social Security Security Cost of $37,237 per year)

Idaho: 39 years (Social Security Security Costs of $38,379 per year)

Florida: 39 years (Social Security Security Cost of $38,379 per year)

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Colorado: 39 years (Social Security Security Cost of $38,559 per year)

Utah: 35 years (Annual living cost of $42,645 after social)

Oregon: 35 years (Social Security Security Cost of $42,945 per year)

New Hampshire: 34 years ($43,847 security security costs per year)

Connecticut: 34 years ($43,967 security security costs per year)

Rhode Island: 34 years (Social Security Security Cost of $44,387 per year)

Arizona: Social Security Security Costs of $44,628 per year

Main: 33 years (Social Security Security Cost of $45,048 per year)

Washington: 33 years (Social Security Security Cost of $45,108 a year)

Vermont: 33 years (Social Security Security Cost of $45,409 per year)

New Jersey: 33 years (Social Security Security Cost of $45,829 per year)

Capitol building in New Jersey's capital lit as the sun sinks the Delaware River in Trenton in the background city (istock)

Alaska: 29 years (Social Security Security Costs of $50,997 per year)

New York: 29 years (Social Security Security Costs of $50,997 per year)

California: 24 years (Social Security Security Cost of $63,795 per year)

Massachusetts: 23 years ($65,117 per year security security cost)

Hawaii: 2017 (Social Security Security Cost of $87,770 per year)

This Midwest state is considered one of the best places to retire, according to a new survey: See the list