If you're one of the majority of Americans who struggle with retirement savings, and your target balance just seems completely unattainable, you might consider retiring to a cheaper state. Website HowMuch has looked at the dilemma, and calculated a "comfortable" retirement savings balance for all 50 states. Of course, there are lots of factors that go into a comfortable retirement: The age at which a person leaves the workplace, the amount of money saved, the cost of living in the state of residence, and lots more besides. While the Bureau of Labor Statistics 2018 Consumer Expenditure Survey provided costs for people who retired at the usual age of 65, the element of "comfort" required the addition of a 20% cushion above that — plus a number of other calculations. The results ranked all 50 states, from the most expensive to the cheapest for a comfortable retirement. Click through the slideshow to discover the 12 states where it costs less for a comfortable retirement. Related: |
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
