How Much Does It Cost To Retire Comfortably In The USA By State
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- Опубліковано 27 вер 2024
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025c{Selfie}No Edit How Much Does it cost to retire comfortably in the USA by state
Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.
This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?
Haha. Investing enthusiast? Not really. Our family got introduced to a financial advisor about four years before my dad retired. That was what changed things. I've been using the same now and I think my retirement income would be on the right track.
I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
I really need help, please. Can I ask who the financial advisor you work with is?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Just get a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.
I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
Who is your advsor please? if you don't mind me asking
Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Coupled with the extra expenses that come with failing health due to aging and inflation, you would see why its important to take your health seriously and actively plan your retirement from day 1.
That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode
There's no need to panic, I was in a similar place just two years ago and with a couple of smart money choices here and there, you'd be good...Save a bit more, remove few excesses and invest your money properly. You could get an FA to help you if it's overwhelming. They're not half as expensive as you think and know some of these things better. I made a couple of thousands last year only this way and if I can keep at it, I could retire two years earlier and comfortably too. Goodluck...
thanks for this. please what are the steps for getting an adviser?? like a really good one
You should start by looking out for those from known firms and good track records. You should also make sure the person is licensed. Personally, I use Kelly Matwick. She's good and you could also look her up.
I wont plan shit
It’s actually refreshing that they based it on the costs of a single person. There are a lot of single people in retirement.
Why do they choose to be single and retire?
My pension and Social Security combined are $78K per year. I have no debt, a small 401K, and will be living amongst the hills, trees, lakes, and golf courses in Arkansas.
Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....
I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...
On the grand scheme of things, once you understand the potential of trad!ng, you can bet on it but I think people need the education to fully understand...
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this..
This is exactly what Big time investors are talking about, not just you. key thing here is to always trades with a good strategy even if the price goes up or down...
Access to good information is what we investors needs to progress financially and generally in life. this is a good one and I appreciate...
The teacher (on the _Happy_ _on_ _Monday_ channel) who just retired at 58 ½ years on less than 500K is expecting to live on $3400/month before considering drawing from Social Security at age 62.
She has not indicated she will live outside the USA on that income.
She probably has her teachers pension as well. That more than likely covers a substantial part of that $3400
Retire comfortably is very subjective, and depends on your lifestyle. I'm considering three lifestyles; 1) live and travel the Caribbean in my sailboat part of each year; or 2) live in Southeast Asia part of each year; or 3) all of the above; sail part of one year, live in Asia part of the next year, and alternate each year.
When I retire, my goal is to stay in the 24% tax bracket; I could live with income in a lower tax bracket, but I'm also trying to avoid RMDs that will have me in the 35% bracket or higher. Unfortunately, the next bracket above 24% is 32% which is a large 8% increase.
Same here. I plan on spending 6mo overseas in warmer weather and the other 6mo in the west part of Canada (home base). Overseas travels will be split between US, Mexico, West Europe, Balkans, East Asia, South East Asia and maybe parts of South America. Considering doing part of these travels in an RV with one RV in Canada and a second one in Europe while leaving them in storage when not in use. US, West Europe and East Asia can be very expensive to travel to, but the other cheaper places should help balance out the total overall costs.
Good luck on your plans!
Yes, don't try to retire in the U.S. Move to a lower cost country and you will have a better standard of living.
Medicare often has no access to the drugs you need. You are on your own to find them. I moved to France 18 years ago and never considered Medicare. France was 1000 x better and 100% cheaper. If you do not have the money, France will pay for you.
My hope is to buy a small place somewhere in the south of italy for the winters and keep my small home here in the US. Fingers crossed!
When people use these numbers I assume it's for a single individual. What about married couples? I also think it would make a difference if your house is paid off or not. What age are we talking about because it would make a difference if you retired at 62 or 72?
The charts are licensed, as shown in the charts themselves, under Creative Commons Attribution-Share Alike 4.0. So, yes, Azul could have shared the charts as long as he attributed the source.
Living in a 1 bedroom apartment in retirement is my worst nightmare. I want a bungalow with a 3 car garage and acreage.
Yes but as you age that 3 bdrm and acreage becomes a headache. Less is more.
Until you get tired of either maintaining or paying to maintain that acreage...
Where's the by state comparison ?? Why you talking about overseas ?
why repeat this video from 3 weeks ago?
I was wondering if this was a repost. I thought I recalled seeing this exact video from Azul not too long ago.
Because he gets paid for the clicks, regardless of whether we watch the whole thing.
He's out of material. It's just a tired rehash over and over. Seems like a nice guy but there's only so much to say on the topic. At this point y'all watching and simply purchasing his ski passes for next year.
I watched and consulted and thought about it further
I just want a small place for my precious things with a yard for my sailboat it keeps me on the housing wave. But I'll live there maybe 4 months and travel the US during that time and slow travel various countries the rest of the year. I'm from FL and want to stay here especially with the new squatter's laws.
6:10 I am 62 and thinking about collecting my social security early right now I make about 45k a year my question is if I start collecting social security in the next month or two can I keep working for the rest of the year and a few months next year without getting penalized in other words is it based on your w2 or just how much you simply bring in.
they should do this by county not state. That would give you a much more accurate picture.
let's go for that walk
You could live in Hawaii for much less, provided your mortgage is paid off.
That's true for anywhere.
Hard hat area.
These numbers are interesting. Many of the self-styled UA-cam retirement gurus talk as if you can’t rationally consider retiring anywhere in the United States without at least $1M saved.
This is bad data . It is very expensive to retire . 900k for Hawaii . The methodology stinks
Are these numbers er person or person couple?
Ez a Red State
You can retire comfortably anywhere if you fire your financial advisor. Send that crook to prison.
What is the best way to make money from crypto investment as crypto is turning around massively.?
I think more consideration is their health. A retiree w/fair to poor health will "wipe" out their retirement funds quickly.
I really appreciate the dedication in each video you post. Building a steady income is quite difficult for newbies. Thanks to Elizabeth Wesley for improving my portfolio. keep up with the good videos.
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...
Elizabeth Wesley strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
I'm new at this, please how can I reach her?
The first time we had tried, we invested $1400 and after a week we received $5,230. That really helped us a lot to pay our bills.
Start point ....paid of home and land, paid off vehicles, NO credit card debt, no ongoing health bills, regular income,pension/ssi
Thanks for the continuous update! I am super excited about how my crypto investment is going so far, making over 25k weekly is an amazing gain☺️
Same here all thanks to Miss Susan Marie Alessio, she has always been there to guide me through with detailed analysis and recommendations that I wouldn't have access to otherwise.
Please how do I go about it, am still a newbie on investment trading and how can I make profit?
Susan Marie Alessio is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.
I have heard about her excellent trading expertise in CNBC news, guess she's more popular in United States.
YES!!! That's exactly her name (Susan Marie Alessio) so many people have recommended highly about her and am just starting with her from Brisbane Australia
Man, what a nightmare to "be normal", lol. Somehow my wife and I live very comfortably on a little under $30,000/year with our modest paid off home and no debt and I don't see that changing anytime soon as it's the best way to live. At this rate we won't need anything other than social security at all and we keep socking it away for the tax savings alone.
Canadian here: 4% of $550,000 is NOT enough to live on! You'd be renting a 1 bedroom apartment in a really bad area of some remote town to even make that work!
That is after CPP
The couple on _This_ _Is_ _Our_ _retirement_ channel are making it work. They live in Stoney Creek, Ontario,.
They sold their house and live in an apartment and spend a lot of their time doing travel in their go-go phase of retirement.
They both retired before age 65.
@@fjohn8985 I know who you speak of. I am also one of their subscribers. I think that they took the proceeds of their home and put it into dividend paying stocks right at the bottom of the Covid crisis. I think that is why they are making it work. Otherwise, they would be struggling.
I think that the mentioned $550K is in USD. The actual amount based on the latest FX conversion rate should be CAD$755.5K. That's substantially more than CAD$550K. Supplemented with OAS (not even considering CPP), now things are starting to look very doable for 15+ years.
" The monthly cost of living figures we calculated using the following assumptions
Members of your household = one
Eating lunch or dinner in restaurants = 15%, Choosing inexpensive restaurants = 70%
Drinking coffee outside your home = moderate
Going out = once per week
Smoking = no, Alcoholic beverages = moderate
At home, we are eating = Western
Driving car = moderate, Taking taxi = no
Public transport = two round trips weekly
Sports memberships = all household members
Vacation and travel = two per year
Buying clothes and shoes = moderate
Rent = apartment (one bedroom) in city center
No children
All currencies are USD. The data was collected in October 2022."
Meh, like anything it is just another point of data but not sure how this fits most people.
you are not retiring on 550 000 in Canada. Don't know anyone who can do that comfortably.
That is saving in addition to the retiree CCP ( canadian social security)
Max CPP monthly benefit payment for 2024: $1,364.60 CAD (16375.20 CAD/yr)
Max OAS monthly benefit payment for 2024: $713.34 CAD (age 65-74) - (8560.08 CAD/yr)
Max CPP + Max OAS gives you $24935.28 CAD/yr
OAS Clawback Begins for 2024 income year: $90,997 CAD
GIC comes into play if you are single, divorced or widowed and annual income is less than $21,624 CAD - Max payment amount is $1,065.47 CAD/month
*Assumption* - You have 550K in RRSP and TFSA (maxed in 2024) and retired in 2024, have no mortgage or you are renting; you are not running out of money anytime soon.
You can look up the *Open Policy Ontario* booklet (frequently updated) that has information on _Low_ _Income_ _Retirement_ _Planning_
Seniors in Canada, actually have it good in retirement as compared to other countries with universal health care.
Who gives you money for just fulfilling residency requirements (OAS)? OAS is actually a drain on the federal budget but it is rarely discussed.
I think that the $550K is in USD. The actual amount based on the latest FX conversion rate should be CAD$755.5K. That's substantially more than CAD$550K. Supplemented with OAS (not even considering CPP), now things are starting to look very doable for 15+ years.
Just like the USA, it depends on where. Toronto, no. Calgary, perhaps.
The Social Security Administration has figured out that if you take S.S at 62,65,66,...or 70,.... and you live to (roughly) 78 to 80 everyone will have gotten the same total payout. So,...if you die early you basically lose out,....and if you live well past 80 you made out. But,....the majority die exactly when they know you will (on average).
Not going for a walk
The audio on these videos is too low. I can barely hear him even with my audio on max.
Never had a problem with numerous different earbuds or through wireless methods.
Get a better set of earbuds.
0:23 That sounds like fully-automatic gunfire... .223 or maybe a pistol caliber (submachinegun).
Seems very low. 550 thousand for Canada is way lower than the cost of a house
So happy I have a government pension, plus a pretty decent portfolio that I will never use, well I shouldn't say that, no one knows if they will become sick or need to go into a nursing home, that could use up ones portfolio. But personally haven't even taken my SS yet, haven't needed it. Might take it at age 67, but that's still 4 years away for me.
Check out your tax situation in retirement after Required Minimum Distributions rear their ugly head...look out for the dreaded "Tax Torpedo" and "Widow's Tax Trap".
Comfortable retirement in Bangkok Thailand with US Living standard for 15 years. I think it is approximately 1 million Baths a year. Using 35 Baths per USD, It would be in total 15 Million Baths or Approximately 425,000 USD.
you must be the cleanest person in the world with that many baths per year.🤣
@@hanwagu9967 I don't think it is a lot. Nowadays, people may live 25 years after retirement (age 60-85). It needs 25 million THB for 25 years or approximately 715,000 USD for 25 years. In America, many people set retirement target at 1. Million USD or More.
The article, if I got the right one, is from January 2021. Having worked on reports like this the data is mostly likely pre-pandemic (2018-2020) so I’m not sure how reliable this is as a guide. If anyone knows of something more current it would be helpful.
Feb 2023 ("The Cost for An American to Comfortably Retire in Every State and Country"). the Jan 2021 article is "The cost of retiring in (almost) every country."
@@hanwagu9967 A link would have helped. However it would be interesting to contrast the two reports as just a quick glance shows a pretty good jump in some areas for just a 2-3 yr span. I feel another report in 2025 would be more realistic as the source data should be more clear of the pandemic effect.
How do you figure net worth if you have only pension incomes?
why do you care about net worth? It's really a meaningless metric. Your investable assets and anything else which will generate your retirement income is all that matters. If you wanted to include the value of your pension, then the easiest is to mulitply your annual pension by however many years you think you will live. You don't really need to include inflation in the number, because you are using today's dollars. $30k/yr pension and your life expectancy is another 30yrs, then $900k.
@@hanwagu9967 I always get a laugh when people ask a question and someone who has no idea why they are asking the question starts out with "why do you care?" Why do you care why they care? Maybe they just want to understand where they are in comparison to people with cash investments and no pensions? Maybe they are trying to help a friend estimate a reasonable income based on their net worth. Maybe they just want to know.
Divide annual income by 1,200 and multiply by 18,000 to get a rough idea. There are more complex calculators online that consider actuarial data, but this will give you a ballpark idea.
182 times monthly costs is 6.6 percent withdrawal rate. Too unsafe.
DYK that
States that Fully Tax Roth IRA Distributions
Fully tax Roth IRA distributions, meaning that the entire distribution is subject to state income tax. These states include:
Alabama
Arkansas
California
Delaware
District of Columbia
Double taxation. Brilliant!
NE Texas in a city with 85K population. For wife and I it's $80,000.00 a year BUT we have a lot. No debt at all but numerous properties,2 trucks, a Jeep, 4 Harley's, large 3400FT2 house on 2/3 acre,we pay full price for Obamacare etc,etc,etc. I retired 2 years ago at 61.Retired well with no financial worries.
Wow, I feel the numbers should be that number x 8!
So for these totals how is this broken down per month? I believe you're going off the 4% average of your savings. How would a retired military veteran rate with substantial income from three guaranteed sources plus TSP/401k?
You answered part of my question on how it was calculated.
Generally (average) it is $60,000/household thus ($60,000/12=$5,000 month) So $5,000 minus social security, TSP, and all other fixed payments = your monthly deficit. Your monthly divided by 0.00375 = savings needed. Example a $1,800 deficit means a $480,000 savings are needed. If the 3 dip guy has a $400 deficit that would be $400/0.00375= $107,000 savings.
fyi - 0.00375 is the 4.5% rule broken into 12 months.
A single guy with $2,500 month SS check is $5,000- $2,500(SS) = $2,500 monthly deficit. $2,500/0.00375 = $666,667 in savings
You should not be able to get extra SS waiting until 70 for high Income folk, 100k income in retirement
Why not? They paid into it like everybody else.