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How much do you REALLY need to retire? Fascinating map shows the income needed for senior citizens to live comfortably in each state
Daily Mail ^ | 10/11/23 | Neirin Gray Desai

Posted on 10/11/2023 5:34:31 PM PDT by Libloather

Senior citizens looking to relocate may want to steer clear of Hawaii as it ranks as the most expensive state to retire to, figures show.

Retirees in the Aloha state require $121,000 to live comfortably, according to study by GoBankingRates - compared to those in Mississippi who need just $55,000.

Washington DC, Massachusetts, California and New York were the next most expensive states to retire to, with an average annual cost of $94,000 across all four.

After Mississippi the four cheapest states were Oklahoma, Alabama, Kansas and Iowa, with an average cost of $57,000 a year.

Across the US, the average annual income required for comfort was $68,000.

Assuming an average inflation rate of 3 percent and that the American entering retirement is now aged 65, and likely to live another 30 years, they would need nearly $3.5million. These figures do not take into account the added bonus of social security payments.

The study considered the cost of groceries, healthcare, housing, utilities and transportation to establish the average income that would be needed to enjoy a comfortable retirement.

After calculating total consumption expenditures, an additional savings buffer was calculated assuming that total expenditures consume 80 percent of a budget with 20 percent left over for savings.

The GOBankingRates study analyzed the expenditures of Americans aged 65 and older based on data from the most recent survey by the Bureau of Labor Statistics.

Spending estimates were then adjusted for each state by scaling each cost category by its corresponding cost of living index score.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; Food; Health/Medicine; Local News
KEYWORDS: income; map; retire; seniors
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To: Brian Griffin

That’s us—we are both retired now and our home is paid off. We are on Social Security and I get a pension. A few thousand in the bank and we live modestly, which is enough for us.


41 posted on 10/11/2023 6:50:15 PM PDT by AmericanMermaid
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The notion that you need nearly a six figure annual income to retire comfortably seems totally bogus.

Unless you have to enter a long term care nursing home which coild cost about 120,000 a year.

42 posted on 10/11/2023 6:53:39 PM PDT by TheCipher ( RINO politicians in DC are the only reptiles in the world with no backbone)
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To: Fireone

You can afford a van? How much are property taxes down by the river?


43 posted on 10/11/2023 7:21:36 PM PDT by bIlluminati (Good triumphs when good people take action.)
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To: Reno89519

I cannot imagine retiring to Oklahoma, Alabama, Kansas or Iowa.


You need to stay in Nevada.


44 posted on 10/11/2023 7:24:23 PM PDT by Jane Long (What we were told was a conspiracy theory in ‘20 is now fact. Land of the sheep, home of the knaves)
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To: bIlluminati

LOL.


45 posted on 10/11/2023 7:24:38 PM PDT by Jane Long (What we were told was a conspiracy theory in ‘20 is now fact. Land of the sheep, home of the knaves)
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To: Flaming Conservative
Too flat. I like both seeing and being in the mountains, accessible public lands, etc. I prefer trees but not dense inpenetratable jungle,, places with running water that is clear, and seasons that include all four. I have been to all 50 states, lived in many, Ben 50 countries as well. Nevada is not for me, but I’m stuck here till my boys graduate high school. I’d pick Arizona over Nevada, but I suspect I will be in Idaho, Oregon, Washington, Montana, or Wyoming. I hate the cold and shoveling snow, so that will be a challenge, unless I become a traditional snow birder.

Well, I have three years to figure it out, sadly more till I can afford to retire.

46 posted on 10/11/2023 7:37:13 PM PDT by Reno89519 (It's war. No one murders and takes Americans hostage. Time to act. Declare war on Hamas.)
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To: Reno89519

Some nice places on lakes, rivers, and ponds in all those states; some decent hills in SE Oklahoma. There are decent places in about every state, depending on what you want.


47 posted on 10/11/2023 7:40:19 PM PDT by L,TOWM (An upraised middle finger is my virtue signal.)
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To: ottbmare

What parts of Alabama?


48 posted on 10/11/2023 7:41:05 PM PDT by vivenne (⁹)
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To: Libloather

That map is bogus. South Dakota has no state income tax. I moved from there years ago to Minnesota. We are taxed to death in MN. No way does it cost more to live in SD.


49 posted on 10/11/2023 8:05:26 PM PDT by mplsconservative
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To: Libloather

Anyone dumb enough to try and retire in Honolulu deserves to go broke.
Miserable congested hellhole.


50 posted on 10/11/2023 8:18:01 PM PDT by doorgunner69 (When tyranny becomes law, rebellion becomes duty)
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To: Libloather

Bookmark


51 posted on 10/11/2023 9:30:22 PM PDT by jonrick46 (Leftniks chase illusions of motherships at the end of the pier.)
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To: Reno89519

Sounds Like Prescott would work for You !


52 posted on 10/11/2023 9:41:07 PM PDT by Big Red Badger (The Truman Show)
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To: All

53 posted on 10/11/2023 10:25:21 PM PDT by Liz (“The only time Biden gets his hands dirty is when he’s taking cash from foreign countries." Trump)
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To: Big Red Badger

Yes, nice area, same with Flagstaff and Tucson to a lesser extent. Not sure that I really want the desert so much, doing that as a snowbirder,.probably a great place.


54 posted on 10/11/2023 10:44:44 PM PDT by Reno89519 (It's war. No one murders and takes Americans hostage. Time to act. Declare war on Hamas.)
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To: Brian Griffin

Ummm, that statement tells me you’re not very motivated to move.


55 posted on 10/12/2023 5:30:43 AM PDT by Mathews (I have faith Malachi is right!!! Any day now...)
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To: joma89

Retirement is good work if you can get it :)p


56 posted on 10/12/2023 5:35:56 AM PDT by Migraine
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To: Reno89519

I’m about 40 minutes south of you and last winter was enough for us. We’re heading to AZ for a couple of months this winter. First time we’re doing he snowbird thing. We’ll see how it goes………………..


57 posted on 10/12/2023 5:45:38 AM PDT by CAluvdubya (<---Need to change my name to NVluv since I now live in NV and don’t support any Bush. )
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To: CAluvdubya

It was 34° this morning when I got up, and yesterday there were snow on all the surrounding mountains. Summer and fall are basically over they had chains and four-wheel drive requirements to drive up to Lake Tahoe yesterday.


58 posted on 10/12/2023 6:11:54 AM PDT by Reno89519 (It's war. No one murders and takes Americans hostage. Time to act. Declare war on Hamas.)
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To: Reno89519
they had chains and four-wheel drive requirements to drive up to Lake Tahoe yesterday.

I heard about the snow yesterday. I’m just not ready for it. Too. Much snow removal, snow melt on the driveway ruining the concrete and the poor dog is really not into the snow as he’s gotten older…….just like us!

59 posted on 10/12/2023 6:29:45 AM PDT by CAluvdubya (<---Need to change my name to NVluv since I now live in NV and don’t support any Bush. )
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To: bIlluminati

That’s the beauty of it, no taxes, public land, and bidenomics has killed the used van market, they’re a dime a dozen!


60 posted on 10/12/2023 6:48:39 AM PDT by Fireone (Who killed Obama's chef?)
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