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.

States Where Benefits Last Longest

Those where Social Security benefits would last the longest were the following: West Virginia, Oklahoma, Kansas, Alabama and Mississippi. In these states, benefits plus retirement savings were estimated to last between 26.19 and 28.8 years.

"There are few surprises here," Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. "In general, states with a lower cost of living are where you can stretch your Social Security benefits further, while those with a higher cost of living see those funds get used the quickest."

Factors Affecting Benefit Duration

Real estate and taxes also played a major role in how far retirees could stretch their benefits. When it came to states where Social Security recipients were likely to fare worse and have their benefits run out quicker, high-cost-of-living states claimed the worst five spots.

States Where Benefits Last Shortest

That included Hawaii, California, Massachusetts, Alaska and New York, where the number of years Social Security and retirement savings are likely to last range from 8.8 to 15.38 years.

Study Parameters

The study specifically looked at how long $750,000 in retirement savings plus Social Security's average payment would last recipients during their golden years.

Keep in mind that the $750,000 in retirement savings is a far higher amount than what many Americans currently have in their retirement accounts. 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.

Beyond State-Level Comparisons

Americans can earn higher Social Security payments if they wait longer to start collecting benefits, but that is not always the best option depending on an individual's specific financial and health circumstances. For those who wait until 70, Social Security benefits increase to 24 percent, while those who claim as early as 62 see their payments slashed by 35 percent compared to what they could have earned. You'll also see higher benefits if you were a higher earner during your work life. Beene said there are plenty of other factors that can determine how far you make your Social Security stretch, though.

Other Factors To Consider

"Factors like your house and vehicles being fully paid off and how much you have to spend on healthcare will ultimately be more crucial to your bottom line in retirement than your Social Security benefits," Beene said. "Yes, living in a state with a cheaper cost for many items certainly helps those funds to last longer, but if a portion of that check is going to other factors regardless, it may not equate to as much as you think."

Drew Powers, the founder of Illinois-based Powers Financial Group, said proximity to family members can also make a huge difference in what expenses you take on as a retiree.

"Having a loved one nearby who can perform basic home maintenance, go grocery shopping, or give rides to doctor's appointments, can save a retiree thousands per year if they would otherwise have to pay for these services," Powers told Newsweek. "So, the list is a nice rule of thumb, but the final calculation is highly individualized."

Individualized Approach

Overall, this study highlights the importance of considering the cost of living in your chosen retirement location. While Social Security provides a vital foundation, it's crucial to factor in other expenses and potential support networks to ensure a comfortable and financially secure retirement.