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(News Nation) – Americans may wonder how much they should save before retiring. The reality is that it depends heavily on where you live and which of the 50 states you are retired.
A 2024 survey by Northwestern Mutual said that the Americans surveyed believe they need $1.5 million to retire comfortably.
Now, GobanKingrates is releasing compiled research, using data from the Bureau of Statistics’ labour, among other things, to reveal how long that total lasts while living comfortably.
Some of the most expensive states in New York, California: A study
An analysis by Gobankingrates showed that $1.5 million in retirement savings could last 54 years in West Virginia, but only 17 years in Hawaii and not 30 years in just a handful of other states.
Research shows that the most expensive states are:
Hawaii (2017): Annual living expenses after Social Security will be $87,770 $50,997 Did your home be damaged by a tornado? There’s what to do next
West Virginia was the cheapest state, with annual living costs of $27,803 after Social Security. The state could have $1.5 million in retirement savings lasting for 54 years. For some other states, guidelines retirement benefits last for at least half a century.
Kansas Mississippi Oklahoma Alabama Missouri
All annual living expenses after Social Security benefits in West Virginia, Kansas, Mississippi and Oklahoma were under $30,000 a year.
GobanKingrates has a complete list of forecasts by state on its website.
Create a retirement plan
Shaun Scott, chief income officer at benefits management company Aptia Group, told News Nation that positive thinking is essential to making the most of your retirement.
“We encourage all employees and clients across the country to plan their retirement,” Scott said. “Through social security, investment, personal savings and guided benefits planning and assessments in benefits packages, families and individuals can be confident in their retirement decisions.”
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