Four states support retirees' Social Security for over 50 years

A new study has found that retirees can receive Social Security benefits for over 50 years in certain states. The analysis looked at how long a typical retiree could financially thrive using Social Security payments and $1.5 million in savings. West Virginia topped the list, where retirees could expect to receive benefits for about 54 years. The annual cost of living there is approximately $27,803. Kansas follows, allowing for financial security for around 52 years, with a cost of living of about $28,945. Mississippi and Oklahoma also offer strong benefits, both providing around 51 years of support through Social Security. Their respective annual costs of living are roughly $29,426 and $29,666. To ensure a secure retirement, experts suggest supplementing Social Security with additional savings. Options include 401(k) plans, which are offered by employers and often come with matching contributions, and Individual Retirement Accounts (IRAs), which provide more investment flexibility and tax advantages. Conversely, some states fall short in providing long-term benefits. In Hawaii, for example, benefits would last only about 17 years due to a high cost of living around $87,770. Other states with low longevity for Social Security benefits include Massachusetts, California, and New York, where retirees can expect benefits to last between 23 to 29 years. The study highlights that many factors, such as individual financial situations and inflation rates, play a role in how long benefits can last. Additionally, retirees can start receiving Social Security as early as age 62, but waiting may offer larger benefits.