How much do you REALLY need to retire?
I need to retire VERY much.
That’s why I did.
There are several states that were left off the map, and I’m in one of them. Great!
I cannot imagine retiring to Oklahoma, Alabama, Kansas or Iowa.
Between pensions, SS, investments, cash-money and BEING DEBT FREE for many years BEFORE we retired, we pull in decent money each month...but I sure as H#ll ain’t movin’ to IOWA to prove it, LOL! ;)
I have a BFF who just turned 70. She’s BUILDING a home right now - occupancy in December - and even with the sale of her current home will STILL have a $400K mortgage! At age 70! Aarrgghh!
I just want to shake her!
Depends on how comfortable you want to live.
Lucky for me I live in one of the cheap living States..the ones who don’t will try to get out of those high cost of living States..they need to stay right where they are, most are Yankees..
The numbers seem high to me.
Roll Tide!
Sweet home Alabama.
We are relatively low income. Certainly not below the poverty level, but comfortable. We live in Oklahoma. Our home is a smaller fixer upper, but it’s paid for. Food is high here, and getting higher every day. Taxes are absurdly low. Gas and electric are ~ $300 A month total. Medical expenses are high for us, as we are both on some expensive name brand drugs that cannot be subbed for generics. I wish we could get those meds from Canada.
Inside the article, it is stated that $1.27 million is the average that Americans feel they need to retire. And only 7% of Americans have even that number.
In fact, the average American has only $89,300 saved for retirement ($122,500 for those in their 60s).
Yet most Americans get along just fine in retirement.
Thus this looks to be nothing more than a scare article.
Retired people are just fine so long as they live within their means. Many in fact are perfectly happy to spend their retirement years just visiting friends and family, reading books, catching up on old movies, taking long walks, cooking meals at home, all of which are very inexpensive pursuits.
The notion that you need nearly a six figure annual income to retire comfortably seems totally bogus.
I assume those are pre-tax dollars on the map.
Me:
property taxes - $1200/year (going to $0)
home repair - $2000/year on average (about $20,000 in next 12 months)
Medicare - $165/month
no Medicare supplemental
no car
bus - $30/month (going to $50/month)
dental - expensive stuff will be done in Mexico
electricity - $50/month on average (includes heat & AC)
lawn mowing - $120/month eventually
food - $200/month
phone & 10GB Internet - $30/month (going to $0 via Obamaphone come early 2024)
Internet hotspot - free from library
I retired in 1986 at age 53...
Applied for Social Security at 70 to supplement my pension...
Now, at 90 (this Nov), my principal DIS-comfort is wife & I living behind enemy lines in communist-controlled Maryland...
IAC, this is where all the children, grandchildren, and great grandchildren live, so it is worth it to remain here...
Make sure you own a mortgage-free house come age 65.
Try also to have at least $30,000 in retirement savings.
You can generally get by on Social Security then except if you live near NYC in property tax hell or in a high-value/high-tax waterfront property.
Based on what we’re seeing in our part of Central Texas, I would say the $60,353 state average is a bit low for us, particularly with what’s happening with real estate/housing costs. It could be as much as 10% more.
I lived there for thirty years. PR and I both had good jobs and were pulling down a combined income of a solid six figures while living on my boat in the Ala Wai. We had it pretty good. Not like most people there. I'll refrain from listing all the negatives. It is a nice place to visit though.
In 2007 I retired, PR quit and we sailed away. Now moored in Alaska. Better in so many ways.
No matter how good the weather is...
I moved back home to Texas from California. I could never have retired on the left coast!
Those numbers are way out of whack. I live on a waterfront lot with ocean access, have my own dock, a nice offshore boat, and live very comfortably on much less than what is stated here.
Of course, not everyone aspires to live as I do...in a van, down by the river.
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.
Anyone dumb enough to try and retire in Honolulu deserves to go broke.
Miserable congested hellhole.