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That’s because the cost of living varies from state to state. In some places, you can get by on a small nest egg. In others, even $2 million won’t be enough.
Here’s a look at seven states where a comfortable retirement will cost less than $62,000 annually. Also see three states where you’ll need $100,000 per year to retire comfortably .
Hawaii. Total expenditures: $74,461 20% comfort buffer: $18,615 Cost of a comfortable retirement annually: $93,076 More From GOBankingRates. Social Security Schedule: When the First COLA Checks ...
Alabama. Total Monthly Costs: $3,006 Average Monthly Mortgage: $1,275 Average Monthly Expenditures: $1,732 Read More: 8 Things You Must Buy at Aldi While on a Retirement Budget Check Out: 7 Bills ...
Next, the annual retirement income needed to cover these living expenses was calculated, with an additional 20% to account for the “comfortable” aspect of retirement. In only three of the 50 ...
Retirement Income Varies Widely By State. The average household retirement income in the United States is $27,617, according to an analysis by Wisevoter of data from the U.S. Census Bureau’s ...
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