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Related: About this forumRetiring In USA is EXPENSIVE. Better Move to another country to enjoy Retirement
This article is a clear loud warning, If you want to retire in America
you better be very well off financially to retire in most of the 50 state.
Otherwise, the clear majority of Americans sure need to move to another country to afford to live comfortably and enjoy The Good Life in retirement
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https://www.travelandleisure.com/how-much-do-you-need-to-retire-comfortably-in-each-us-state-8785074?
This Is How Much You Need to Retire Comfortably in Each U.S. State Plus the Most Affordable and Expensive Spots
Looking to retire early? Some states will require more saving than others.
Published on February 10, 2025
Getting to retire is a major accomplishment. It means you've worked hard, invested well, and earned yourself all those golden years to come. But how much, exactly, do you need to have that comfortable retirement we all dream of having? That all depends on where you live.
GoBankingRates released its latest data on how much money people need to save monthly for a comfortable retirement. It reached its conclusion by analyzing data from the U.S. Census American Community Survey, the Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, the Zillow Home Value Index, the Federal Reserve Economic Data, and the Social Security Administration.
It then used the retirement age of 65 and the life expectancy of 85, along with a "variety of ages," to calculate savings, including starting saving at ages 20 and 30. The calculations also included the average monthly Social Security benefits at $1,876 for one person.
After crunching all the numbers, 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)."
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multigraincracker
(35,414 posts)a month and its been no problem. So far. If SS goes south my wife may have to work more than 2 days a week or find a part time job myself. Learned to separate my wants from my needs.
Deep State Witch
(11,704 posts)Between my inheritance from my parents, my Thrift Savings money, and my husband's 401Ks from his various jobs, we could live quite comfortably somewhere other than Maryland. But, we have people that depend on us here, including a couple of older women who are dependent on Social Security and senior public housing. So, we're staying put for now, but trying to decide where to move.
SWBTATTReg
(25,127 posts)US. And obviously, there are tons/lots of people retired here, regardless of what this person says. Each of our situations is unique, and thus, one must factor in hundreds of different reasons as to picking where one's retirement choices end up at. Example, what if you already own your house, automobile? That's a lot. What if you're already retirement age = social security age where you're covered by Medicare/etc. already?
And I get very nervous when someone mentions living overseas, in another Country. Sure things may look good now, but what about later, when things in that Country get weird or worse, these things have been known to happen. Be very damn sure of what you can do / or want before you settle all of your retirement plans. Sure, you may have still a little more time to adjust your plans at your retirement age, but time at that point is getting shorter and shorter to mod anything.
IrishBubbaLiberal
(1,316 posts)But IF you only have limited retirement funds, and limited income in retirement,
And Depending financially on essentially your social security only,
Then relocation to a low expenses country may be a solution for some.
I have read quite a few US news reports lately of retired public employees, retired teachers that just can not afford to stay living in the US, they indeed want to stay but costs are too high here.
The housing costs in many parts of the US are some of the most expensive in the world, and sure, the devil is in the details on where to live too.
Especially if you do NOT own a home free-and-clear.
Even with a house with no debt, insurance costs are high and getting
higher, In some places in US you can no longer get any insurance coverage
due to insurance companies bailing.
Property taxes in US can be oppressively expensive too.
Utility costs in US are high compared to some foreign countries
And you if are still in relatively good health and good shape,
Retirement in Costa Rico, Spain, Portugal, Mexico means
you possibly can have a far better life than staying in the US.
But this doesnt work for a lot of Americans
.
Too entrenched living where they are.
Family ties in US.
Not comfortable with change.
Not comfortable being a minority in another country
Not comfortable with foreign language
afraid of being isolated in foreign country
would rather stay in backward USA
afraid health will deteriorate , and then what do I do?
No companion