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FYI: Fascinating Map Shows How Much You REALLY Need To Retire Comfortably In Each State

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(Daily Mail) Retirees in the Aloha state require $121,000 to live comfortably, according to study by GoBankingRates – compared to those in Mississippi who need just $55,000.

Washington DC, Massachusetts, California and New York were the next most expensive states to retire to, with an average annual cost of $94,000 across all four.

 

After Mississippi the four cheapest states were Oklahoma, Alabama, Kansas and Iowa, with an average cost of $57,000 a year.

Across the US, the average annual income required for comfort was $68,000.

Across the 50 US states, the average annual income required for comfort was $68,000, according to a study from GOBankingRates

Across the 50 US states, the average annual income required for comfort was $68,000, according to a study from GOBankingRates

Assuming an average inflation rate of 3 percent and that the American entering retirement is now aged 65, and likely to live another 30 years, they would need nearly $3.5million. These figures do not take into account the added bonus of social security payments.

The study considered the cost of groceries, healthcare, housing, utilities and transportation to establish the average income that would be needed to enjoy a comfortable retirement.

After calculating total consumption expenditures, an additional savings buffer was calculated assuming that total expenditures consume 80 percent of a budget with 20 percent left over for savings.

The GOBankingRates study analyzed the expenditures of Americans aged 65 and older based on data from the most recent survey by the Bureau of Labor Statistics.

Spending estimates were then adjusted for each state by scaling each cost category by its corresponding cost of living index score.

 

 

In Hawaii, the most expensive state in which to retire, the study found that around $121,000 would be required annually for a comfortable requirement. Pictured is an aerial view of Honolulu, Hawaii
In Hawaii, the most expensive state in which to retire, the study found that around $121,000 would be required annually for a comfortable requirement. Pictured is an aerial view of Honolulu, Hawaii
According to a recent Northwestern Mutual study, the average American predicts they will need $1.27 million to retire comfortably
According to a recent Northwestern Mutual study, the average American predicts they will need $1.27 million to retire comfortably

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