Ask American workers who participate in their employer's 401(k) retirement plan how much money they will need to save in order to retire comfortably, and they will tell you $1.9 million. That's a lot of money, and even the more conventional estimate of at least $1 million is out of the ballpark for many people. A recent study from GoBankingRates dialed the figure down to what it said is a more realistic picture of retirement finances by exploring how long $500,000 would last in every state across the country. The personal finance site's researchers analyzed the average spending of people 65 and older on housing, groceries, utilities, transportation, and health care as well as the cost of living across the country. See the gallery above to find out how long half a million dollars will last in the 12 states with the lowest cost of living for retirees. 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.
Katie Rass
Katie Rass is executive managing editor of ThinkAdvisor, where she oversees copy editing and content strategy. She joined the site as managing editor in 2012 from Dow Jones Newswires, where she covered corporate earnings and other financial news. Earlier, Katie worked at The New York Times News Service, where her work on publications including The International Weekly and The Times Digest was seen by millions of readers around the world and on the International Space Station. She did a stint on the financial desk of The International Herald Tribune, now The International New York Times, in Paris, where she edited front-page news on the euro crisis. Katie started her career at the Eau Claire Leader-Telegram as a reporter and editor while earning a bachelor's degree in journalism and Spanish at the University of Wisconsin-Eau Claire. She is an alumna of the Dow Jones News Fund editing internship program.
