65 and older: 16.8% (22nd highest)Īrkansas is one of only 13 states where residents can retire and live comfortably while spending less than $1 million.
monthly homeownership cost for senior citizens: $355 (4th lowest) total retirement spending: $893,051 (2nd least) Those who are 65 years old in Arizona are expected to live an additional 20 years on average, almost a year longer than the national average. This is due in large part to the high life expectancy in the state. The estimated average savings necessary for a comfortable retirement in Arizona is $1.1 million, more than in most states. Of the state's population, 17.6% of residents are 65 or older, compared to 16.0% of the total U.S. With a warm climate and a relatively low cost of living, Arizona is an ideal state for many Americans to retire. monthly homeownership cost for senior citizens: $410 (15th lowest) total retirement spending: $1,134,482 (18th most)
Even without a mortgage, home ownership costs an average of $504 a month among the retirement age population, more than in all but a handful of states. Goods and services are 4.8% more expensive across Alaska on average than they are nationwide. The estimated need for retirement savings in the state is higher than in most states due in large part to the high cost of living in the state. Retirees need to save an estimated average of nearly $1.2 million to live out their years in comfort in Alaska. monthly homeownership cost for senior citizens: $504 (19th highest) total retirement spending: $1,170,763 (13th most) Additionally, goods and services are about 14% less expensive on average in Alabama than they are nationwide. Life expectancy at age 65 in the state is 17.7 years, nearly two years below the national average. Retirees in Alabama need less retirement savings because of both lower average life expectancy and lower cost of living. In Alabama, residents need an average of about $894,000 to live out their retirement years in relative comfort – below the national average of about $1.1 million. monthly homeownership cost for senior citizens: $357 (6th lowest) total retirement spending: $894,461 (3rd least) These are the states spending the most to fund their residents' retirement. Even in some of the most expensive places to retire, state subsidies can help finance the cost of retirement. The amount of these pension payments vary by state and employer.
Many who work in the public sector, for example, may benefit in retirement from regular pension payments, in addition to Social Security. Just how much one needs to save to comfortably meet expected spending from age 65 on depends on a number of factors. Here is what you can do if COVID-19 is threatening your retirement. Those who fail to save enough and take advantage of options like these – or draw from them before they hit retirement age – may have to work past age 65 in order to pay the bills. These types of funds offer special tax benefits and often come with employer matches. One of the best ways to prepare financially is through retirement-specific accounts, such as IRAs or 401(k)s. View Gallery: Retirement: What it costs to retire comfortably in every state Retirement savers: Worried about stock market bubble? You might not have to do anything Investing for retirement?: From a diverse portfolio to automating investments, here are 5 tips to prepare All data used in the ranking came from the Bureau of Economic Analysis, the Bureau of Labor Statistics, and the Institute for Health Metrics and Evaluation, an independent global health research center at the University of Washington. calculated what it will cost to retire comfortably in each state. Using the average annual spending of Americans 65 and older – adjusted at the state level for cost of living and life expectancy – 24/7 Wall St. Of course, both cost of living and life expectancy vary considerably by state – and so, too, does the cost of retirement. And those hoping for a more comfortable and financially secure retirement should plan on saving a little more. While Social Security payments can be a helpful financial foundation in retirement, it is often not enough to cover anything but the most basic expenditures, especially in the uncertain financial times wrought by the coronavirus pandemic.īased on average annual spending for American seniors and the national average life expectancy at age 65 of 19.4 years, the average American will spend about $987,000 from retirement age on. One of the reasons that many Americans get up and go to work every day is to put some money away for retirement. Watch Video: Here’s how you do an annual retirement plan checkup
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