Cost of a Comfortable Retirement in America

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Saving for retirement is on the minds of most Americans, however what that retirement looks like and how much it costs varies across the nation.  The folks over at howmuch.net say that some parts of the country are “friendlier on the wallet” than others when it comes to retirement. In fact, recent data they’ve researched shows the the average amount of money a retiree will need to retire “comfortably” in all 50 states as well as the average age of retirement.  Indeed….

“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.”

Top 5 Most Expensive States for Retirement

1. Hawaii: $1,844,556, average retirement at 66 years old
2. California: $1,456,286, average retirement at 64 years old
3. New York: $1,408,121, average retirement at 64 years old
4. Alaska: $1,341,805, average retirement at 61 years old
5. Oregon: $1,335,752, average retirement at 63 years old

Bottom 5 Least Expensive States for Retirement

1. Mississippi: $617,661, average retirement at 63 years old
2. Tennessee: $660,870, average retirement at 64 years old
3. Alabama: $712,832, average retirement at 62 years old
4. Oklahoma: $723,859, average retirement at 62 years old
5. Arkansas: $728,010, average retirement at 62 years old

Click here to read the full story at howmuch.net.

 

About Author

Director of Education & Outreach, National Real Estate Investors Association