Get updates delivered to you daily. Free and customizable.
GOBankingRates
10 States Where You Can Retire With Only $750K Plus Social Security
By Caitlyn Moorhead,
3 days ago
If you haven’t been able to pad your retirement nest egg with the seemingly unachievable amount of $1 million, then finding an affordable place to retire may seem unlikely. It’s a lot of pressure to consider that your retirement savings have to last you the rest of your life, but you should focus on the longevity of your golden years — and not how much gold you’ll have in those years.
Whether it’s the quality of healthcare or housing costs that have you concerned, it’s good to know that there are options for you based on what you have saved plus your Social Security income. GOBankingRates recently completed a study to determine the minimum savings you would need in each state to have a comfortable retirement, with factors including everything from the cost of groceries to utilities and using the average annual Social Security income of $22,437.
Here are some key takeaways:
Only West Virginia and Oklahoma come in under a $700,000 estimate for what you should have in your retirement savings.
Eight of the 10 states that come in under $750,000 for this list are Southern.
All 10 states on this list have an estimated annual cost of expenditures under $30,000 after Social Security is factored in.
Average annual cost of living (total expenditures): $52,210
Average annual expenditures after Social Security: $29,772
How much savings you need to retire here: $744,310
Nicholas Klein / Getty Images
Indiana
Average annual cost of groceries: $4,682
Average annual cost of housing: $9,096
Average annual cost of utilities: $3,829
Average annual cost of transportation: $4,686
Average annual cost of healthcare: $7,336
Average annual cost of living (total expenditures): $52,210
Average annual expenditures after Social Security: $29,772
How much savings you need to retire here: $744,310
Methodology: In order to find out exactly how much you need to retire in your state, GOBankingRates found the annual cost of expenditures for a retired person in each state by multiplying the 65 year and older expenditures from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey by the cost-of-living index for each state from the Missouri Economic Research and Information Center’s 2024 Q1 cost of living series. To find how much money a retired person would need to save, we divided each state’s annual expenditures, minus the annual Social Security income as sourced from the Social Security Administration’s Monthly Statistical Snapshot, June 2024, by 0.04, assuming drawing down savings by 4% each year to pay for living expenses. All data was collected and is up to date as of July 17, 2024.
Get updates delivered to you daily. Free and customizable.
It’s essential to note our commitment to transparency:
Our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. As a platform hosting over 100,000 pieces of content published daily, we cannot pre-vet content, but we strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation.
Most Popular
Comments / 0