How much money you need to retire comfortably in every U.S. state

You'll need six figures per year to retire comfortably in Hawaii. Hawaii has … Alabama. Total expenditures: $45,415. 20% comfort buffer: $11,354. Cost of … Alaska. Total expenditures: $65,437. 20% comfort buffer: $16,359. Cost of a … Arizona. Total expenditures: $56,312. 20% comfort buffer: $14,078. Cost of a … Arkansas. Total expenditures: $47,083. 20% comfort buffer: $11,771. Cost of … See full list on cnbc.com

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How Much Money You Need To Retire Comfortably In Every U.S. State

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How Much Money You Need To Retire In Every U.S. State - CNBC

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Jan 7, 2025 · Where you retire could change your savings needs by as much as $1.49 million, …

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The Money You Need To Save Monthly To Retire

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Jan 5, 2025 · To reach the full amount of $3,105,384 needed to live to age 85, you would need …

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15 Most Expensive U.S. States To Retire—No. 1 Requires Over $2 …

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How Far Does $250K In Savings Plus Social Security Go In Every State

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4 days ago · Figuring out how much money you need for retirement can be overwhelming, and …

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FAQs about How much money you need to retire comfortably in every U.S. state Coupon?

How much money would a retired person need to save?

To find how much money a retired person would need to save, GOBankingRates divided each state’s annual expenditures, minus the annual Social Security income as sourced from the June 2024 Social Security Administration’s Monthly Statistical Snapshot, by .04, assuming drawing down savings by four percent each year to pay for living expenses. ...

How much money do you need for retirement?

Taking into account life expectancy as well as yearly expenses, the average savings required for retirement in the U.S. is $904,452. States in the Northeast and the West require the highest savings for retirement, at over $1 million, while states in the South and the Midwest require the lowest savings. ...

Which state requires less than $7000 a year to retire?

Oklahoma is the only other state where a person can retire with less than $700,000 in savings. After that, the number creeps up. That said, although Kansas and Alabama require just slightly more than $700,000 to retire, the annual cost of living stays under $51,000 per year. Which state will require the most savings? sapfirr/Getty Images ...

How much money do you need to retire in each state?

Fortunately, most states do not require more than $1 million in savings to retire for those who aren’t high-income earners or plan to have several million in net worth before they retire. That said, let’s examine e how much you need to retire in each state. 1. Alabama ...

How many retirees have no retirement savings?

A recent AARP study found 18% of respondents ages 50 and over had no retirement savings. Over 50% of current retirees without savings cited everyday expenses as the financial obstacle that prevented them from saving adequately followed by housing costs (40%), debt payments (37%) and healthcare expenses (19%). ...

How much social security do you need for a decent retirement?

For someone at full retirement age the maximum amount is $3,011, and for someone age 62 the maximum amount is $2,265. A person filing for Social Security at full retirement age could receive as much as $36,132 a year. For all 50 states and D.C., here’s how much you need for a decent retirement, from cheapest to most expensive: ...