GoBankingRates found that you need to have more than $1 million in savings to retire comfortably in 23 states for 20 years. These include California, Massachusetts, Washington, New Jersey, Colorado, New Hampshire, Utah, Oregon, Rhode Island, Alaska, New York, Connecticut, Montana, Idaho, Nevada, Maryland, Arizona, Maine, Vermont, Florida, Virginia, and Delaware.
It also includes Hawaii, the most expensive state of all, which requires more than $3 million in savings for a 20-year comfortable retirement. Specifically, for a comfortable retirement to age 85, you'll need $3,105,384. To reach this, GoBankingRates explained you'd need to "start saving $5,751 a month at age 20 or $7,394 a month at age 30 (with Social Security benefits)."
But there are still plenty of places where $500,000 in savings offers a comfortable retirement. That includes Louisiana, which requires $499,020; Arkansas, at $489,937; Mississippi, at $442,620; and West Virginia, which GoBankingRates noted is the cheapest state of all, at $434,501.
Uhoh, doesn't look good for Babs and me...
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Valentines Day is coming up Friday.
You can order this up until tonight.
Better order right now to be safe...
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If the weathermen/people and economists switched places the results would be the same. I never listen to these people who are shilling for their own "finance management" businesses. Totally bogus. (Got to 65...all manner of "Medicare Consultants" started sending us junk mail for their "professional services to navigate something We The People are forced into by The Federal Government collective machine"...same garbage.)
ReplyDeleteIf we need more cash to "survive" beyond "the fund" we'll sell the property and buy something for a lot less with less overhead (as our Northern Colorado property taxes - aka. Illegal Theft - have tripled in 20 years. And don't get me started on Homeowners insurance, which has quadrupled...also run by The Dem Controlled Statehouse. Thieves...all of them...but most are loy-yers so what does one expect.)
Report lists an average mortgage with 10% down as part of the cost of a comfortable retirement. I'm of the opinion that most seniors have or nearly paid off the mortgage unless they are downsizing and then they would have a large sum for a down payment and be well below the average mortgage for whatever state they live in.
ReplyDeleteThat first 10 or 12 million were hard to make, but after that...
ReplyDeleteThat's why we are retiring to another country..... :)
ReplyDeleteThat is a crap/lazy report. They assumed a ZERO rate of return for any savings, just divided the retirement target amount by the number of months to save.
ReplyDeleteWe had about 200k and 2 retirements about 3k a month (1/2 going to a home health worker). We were fine until Newscum and bidumb drove up the price of everything. We are losing about a grand a month thanks to electric rates and we are freezing.
ReplyDeleteI don't live in the US but the million dollar rule applies here as well. Was looking good following the sale of two rental houses but second wife of 20 years "lent" my step daughter nearly $500K to upgrade here house. That's my retirement screwed for quite some time and I'm 68. We are debt free but I'll be working another 10 years and my dreams of travel with my own kids, another motorcycle etc ... have gone. I'm pissed but can't afford to flick her. Wife is nice otherwise but I've kinda checked out. She's noticed and doesn't like it but is terrified I'll bite if she pushes the matter.
ReplyDeleteand that is if you in good health. one bad medical problem later and you will watch you nest egg go right out the door !
ReplyDeleteit doesn't shock me that a medical insurance CEO got shoot down in the street. I thought of doing the same thing myself.
you pay into the crap for years and then when you need it , whatever you need is "not covered" or whatever.
after all, how else does a NON profit insurance company get a 5 billon dollar surplus every year ?
also to it is the reason you never see small doc shops anymore. the insurance companies do not pay them.
and that is why EVERY hospital/ health care system has a army of medical billers and few lawyers on staff.
so, yeah. after 20 some odd years of banking 20% of my gross only to see it get wiped out by medical bills.
I wonder why more of them are not shot down like the stealing bastards they are really.
I fully retired 2 years ago. I own a rental condo in south St. Augustine and I had $2M in retirement accounts and assets in a property in Atlanta. Living in Florida at my comfort level was beyond my means. ATL property sold. I am in south GA 40 minutes from the coast and 2 hours from my condo living a comfortable life within our retirement pensions without having to touch the 401k account or IRA's.
ReplyDelete