. However, you can control your lifestyle; how lavishly or austerely you live will certainly impact how long you can financially sustain yourself.
crunched the numbers to find out.
. The difference between the two figures is stark and both are below the $750,000 figure used in the GoBankingRates study.
.
Ten states where your $750,000 plus Social Security will last the most years
is the only state on the list with an inheritance tax (which will be completely repealed on January 1, 2025).
.
Ten states where your $750,000 plus Social Security will last the fewest years
in America.
, is the state where your retirement savings plus Social Security will last for the fewest number of years. Hawaii's annual expenditure is more than double that of the cheapest state of West Virginia. That tracks with the cost of living in these states' capital cities. In Charleston, WV, the cost of living is 16.2% below the U.S. average and in Honolulu, HI, it is 86.2% above the U.S. average.
Waiting to collect Social Security will increase your lifetime benefit
, your benefits grow by 8%. Waiting until you are 70 will push up your benefit by 24%.
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