How Much You Need To Retire in Every State
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- Опубліковано 8 січ 2024
- Did you know that there are states where you should have almost $2,000,000 saved in order to comfortably retire? While others only need a small fraction of that?
When it comes to retiring in the United States there's a lot of factors to consider but arguably one of the most important is where you choose to live and how far will your money go in that place? With 50 states to choose from, how much you need saved to live comfortably can look drastically different depending on where you live. So, in order to simplify things…
Today on Across the Globe, we’re going to be looking at How Much Retirement Savings You Need to Live Comfortably in each of the 50 States.
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While we do our best to provide you with the most accurate information. These are after all just our take based on data we analyzed. You should make your own decisions based on your own experiences by visiting the places we talk about!
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I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
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..
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
I love how he shows everybody averaging over $2000 in Social Security. Most people are lucky to receive 1900
Average SS monthly payment is $1300.
You get what you put in. It’s like a government backed 401K. I worked multiple week shifts out of town for years and get close to max.
SS is in the $1300-$1500 range if historical annual income was modest & you plan on retiring at 62. It’s well over $2K if you wait until 70.
@@EnlightenedRogue I waited till I was 67. I had a great job where I worked weekends alone in a large communications facility. Heck I even used to bring my dog to work sometimes. We had a huge fenced gated yard he could run in. I started maxing out in 1981 when the cut off was about $32,000. I worked in the Alaska Oil Fields then and it was pretty lucrative. We usually hit the max around the middle of the year. We only worked half a year but worked 12+ hours a day at work.
@@JoeBlow-fp5nga lot get a thousand
To give a statewide number is impossible. In Northern VA a house costs $800k. In Southern VA a home costs under $300k.
The Average NV income is a low 6 figures in the rule areas its 35K …… that does change affordability …… we moved to a small town after living in working in NV ……. big difference kn affordability
I now live in S. Calif. I plan to move to VA for my retirement in few more years, would like to hear any feedback about VA state. Thank you.
Exactly
Well, to give a "Northern" and "Southern" number is also impossible. Either way, it's a mean or median average.
No way anybody’s gonna have that much saved practically!!
Many wealthy individuals maintain their wealth by adopting frugal spending habits similar to those of the less affluent. They also prioritize continuous investment, whereas some poorer individuals tend to spend extravagantly without focusing on long-term investments, often attempting to impress those who are already wealthy°
You're absolutely right! Many people tend to lean towards spending money on things that don't generate income, like liabilities, rather than investing in assets that can bring in profits. It's important to understand the long-term benefits of investing in assets and making wise financial decisions.
Saving and investing wisely while prioritizing necessities and a few small luxuries in relation to one's total assets is a great approach. It helps ensure financial stability and I my for the enjoyment of life's little pleasures without compromising long-term financial goals. It's all about finding a balance that works for vou!
What if you don't know how to trade any of these? I mean, see your point some people have the money and are willing to invest, the question is where to.
I agree, that's the more reason I prefer my day to day invt decisions being guided by a invt-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a invt-coach for over 2years+ and I've netted over 1.5million
Curious to hear everyone's thoughts: Which state do you think offers the best balance between cost and quality of life for retirees? Let's share insights and experiences!
Overseas by far. But if absolutely had to stay in United States. I'd must say south Carolina
I’ve lived in Alaska 45 years and am retired. I get a big exemption on my property taxes, vehicles over 6 years old I pay a one time fee for registration. Many seniors are moving here but we are getting a snowbird place soon. We will always spend summers here mostly at the remote off-road cabin. We also have a duplex here.
Utah. I live 10 minutes from the mountains. I have 3 world class ski areas within 30min of me and many hiking trails right outside my door. Try that in Colorado on a $62k income.
Montana… our home in Billings is paid off and also 20 acres of land about an hour away. If we get into real financial woes we can sell our home and move up there. Our only issue would be we would be an hour away from the hospitals and our church
Really useful video on retirement planning across states! Helps a lot with budgeting.
Cost of living in any state is strongly dependent on your housing situation. If you own your house free and clear the cost of living is substantially less than if you have a mortgage or rent. How much savings you need is also dependent on your income sources.
The best advice I ever received was when you get paid " Pay yourself first ". A minimum of 10% of your earnings. That is bare minimum. If you can do more than that do it. After all, it's your future you are investigating in.
I was putting nearly 20% in when I was younger. As I got older I noticed some people pass away months after retirement. I now focus on balance. Live and travel today and save for tomorrow. People say they’ll travel when they retire. No you won’t have that energy ever again lol
So much is wrongfully assumed with these lists. High cost of housing means much less if you have no mortgage. I had an old farmhouse on 80 acresin upstate NY, taxes were about $5K annually. Food costs are no lower here in the South. And remember, if you can't afford to live in Mississippi you can always move to Mexico or Vietnam. And why do I need half a million if my SS Is greater than my annual expenditures?
Right now to become a temporary residency one has to show $4100/month in Mexico. Just 1 year ago one only had to show $2400 month.
I’ve been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
My job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary actively restructuring my portfolio for the past 8 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Sure! Her name is Stacie Lynn Winson. I found her through a referral from a friend. She has extensive experience in managing portfolios and has been great at adapting to changing market conditions. You can reach her online by just searching her name..
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance advisors you could check out. We have been working with Amanda Kathryn Sachs, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
So work till you take your last breath😊
Really interesting video! I was surprised to see the cost differences between states. For those who have retired, did you find this information accurate based on your experience?
Now the savings amounts they mention. Is that pre-tax or after tax dollars? Most people have mainly pre-tax retirement funds. Depending on the answer that could make a big difference.
I guess I planned better than the assumptions in this video. I can live on just my Social Security check. My SS check is above the national average, but not at the maximum. I've been retired for about 5 years, and I've only taken money out of my retirement savings for emergencies, like when the refrigerator died. Dividends and increases in value have kept my savings balance close to what I started with. I don't have any credit card debt or a car payment. My mortgage is mostly taxes and insurance, and the principal is from a remodel we did in 2010. Hubby died 10 years ago, so it's just me. Might have been harder if he was still alive, because he was the spender in our marriage.
aren’t you special
It looks like i will be working until i die.😂
In Rural Indiana it's probably closer to 250,000 to 300k In Indy, it's probably closer to a million.
I just started my retirement savings last year at age 36yo. I’m still going to retire at 55yo. Definitely not retiring in the states. Going back to my motherland of Cambodia. Even with $100K, I can comfortably live for 10yrs+.
I haven't been to the motherland in over 46 years since coming to america
But it’s Cambodia 😂
@@JohnLee-db9zt so?
@@JohnLee-db9zt yes sir. I’ll take a beach house with a personal chef, maid, and driver for under $1000/month. Where are you from?
@@USMC978congratulations 🎉enjoy it 😊
We retired to South Dakota 🎉. Great place 😊 comfortable friendly state!
Most people in this country don't even have $50k saved for retirement, where are they gonna retire then, according to this in every state basically you need to
Tons of money.
They better get used to eating dog food.
Must be 1970s cost of living data.
Does this assume you own or rent? What about property taxes? If you move to a high property tax state, your lower income may not help that much tax wise. Why is this never discussed in these comparisons?
I'm now living in South Asia... Thailand and the Philippines, where I don't need that much to live a very comfortable life with social security and retirement money😊🤗
13:24 This is the 50th reason why im retireing over seas, or south America at 65years old you cant live comfortably in America anymore based on these numbers Early Retirement is 62 yo SS will pay you $1700 and at 67yo SS will pay roughly $2,380 at age 70yo $ $3,300 considering your health im flying out of here at 62 $1700 a month plus 250k in savings i can live well i lived in Phillipines for 3months my rent in cebu city was $250 a month with cable and wi-fi . 🛫 Phillipines, Thailand 🇹🇭, 🇻🇳. Portugal 🇵🇹, Mexico 🇲🇽. Good luck 👍 out their
Keep in mind if you were born 1960 or later retirement is 67. I agree on Philippines. Congratulations with your wife. 👍
The easiest way to manage your money is to take it one step at a time and not worry about being perfect
Now with the recent economy, To get Financial FREEDOM you have to be making money while you're asleep.
True though unfortunately mine always end up with losses 😭
Building a good investment portfolio is more complex so I would recommend you seek Jason appel support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams..
After meeting Mr Jason in the United States, my life changed completely. Yours can change too, it's just a matter of commitment and focus.
The technical analysis expert I admire the most. his risk management tactics truly deliver results. Jasons program of expertise has a wide presence across the internet.
These numbers actually seem low.
Can you do international ? I want retire in the island of Italy.
If all you have is the savings quoted for each state, i doubt you'd make it. Does this include a paid for house, pension, still working part time, no debt? Very simplistic!
guess this video factors in housing costs as well.
I watch many of these types of videos every week on UA-cam and they all have one thing in common...they NEVER tell you if the costs they mention are Per-Person or Per-Retired Couple. There is a HUGE difference if these numbers are Per-Person of Per-Couple. Why is it so hard to properly explain the numbers they are talking about? These videos are completely useless to me because they are so vague about the actual Real World costs they mention.
Is this savings per couple or a single persons savings
This does not factor in earned pensions from work places, home paid off, and general lifestyles.
I own property in walsenburg Colorado and I'm planning on retiring there and I know I'm not going to need any more than 2000.00 per month. I guarantee if your farther north up near Denver you're definitely going to need more. My taxes alone don't cost me more than $500 a year.
Why weren't state income taxes considered. Illinois has no state income tax for retirees.
Scanned through it twice and didn't notice North Carolina. Where does NC rate? Can someone give me an approximate time on that one? Thanks!
Number 22…around the 15:48 mark
@@mikejackson1410 Thank you.
So I just looked, the median savings in US for persons 65 years old is $8,000. Where are these people retiring?
They're trying to live off of their SS checks which were never intended to fully support the needs of retired citizens. Most people stay exactly where they were when they retired.
I was surprised to see the cost differences between states. For those who have retired, did you find this information accurate based on your experience?
I always wish in these kinds of videos they'd stop comparing New York as in the STATE vs New York City. I grew up in western NY. It's cheaper to live there than the Tri-State area of Pa, DE, Md.
Nice video but I'm not sure about the numbers. I'm ok to retire at 65yo with $700K sitting in the bank. But what if I lived up to 95 like my parents did? I think the real numbers should be $2mil for most people.
NOVA totally sets the cost of living out of whack for Virginia. We don't have $748,000 in savings and are doing ok. Have a nice home and acreage.
Is this to retire and for how long ?
There’s not enough senior homes here in Kansas City Kansas, Wyandotte County, they keep putting up business, it’s more of them then housing to live in. Expect to live out of your car 🚗
These numbers are so far off, they don’t consider growing healthcare costs for people as they age. Nursing homes can cost over $100,000/year alone.
My mother is paying $13,000/mo for assisted living in California
If you’re in a nursing home, you’re F’d. 😂
That’s why you need to invest in long term care insurance when youre young
$2M in NY is NOT enough to retire comfortably. Trust me I know.
I've been investing since the 1980s and now having retired at age 70 I have an income stream of about $80K per year for life, with no mortgage to pay and household expenses under $30K.
@@MrDolcevita1 My dad lived to 97, I'm as healthy as he, so I look forward to another 27 years. I have a girlfriend, travel the world, teach and create art which is still earning income for me, and I can afford all the raw materials I need. When I shuffle off this mortal coil I should leave my two daughters at least $500K each plus a house in L.A. worth well over $1M.
@@MrDolcevita1 Any of us could die tomorrow, but at least I will be financially secure. Take care of your health, 70 will come sooner than you think.
So what you're saying you need to be rich.
Arguably, the most important things are longevity and access to excellent healthcare for seniors. You get what you pay for.
Sadly, there isn't any excellent healthcare in the USA.
You don’t know what you are talking about. It is cheaper to live in small towns in California than it is to live in Franklin TN.
Tennessee has no state income tax but one of the country’s highest sales taxes (and food is not exempted from the tax as in some “HCOL” states). It also has puny property tax relief for seniors compared to other places and not much in the way of services. I feel like this was a very surface view.
The property tax in Tennessee is very low in the first place though, so seniors won’t need much relief from it.
wrong facts
Notification squad
Retired to Queretaro in 2021
A nice place except that you can't drink the water and the heavy pollution from industry.
If your house is paid off, you definitely don't need 1.2 mil to retire in California.
8:45 Colorado
My gosh ! You have to be really frugal in your younger years to save that money …no wonder a lot of Americans moved to Asian countries where they can live comfortably with only their SS pension..
For single or couple.
That settles it. Gonna take up skydiving at 65!
These #’s are cost of living, but if you have your housed paid off, don’t buy a brand new vehicle, you can live on a lot less.
This is skewed. It assumes you get less that 20k of social security a year. My wife is already retired and collects more than that. Also with a spouse, it’s easy to see collecting 50-60k a year in social security.
I just learned when I retire, I can’t afford to live on this planet anymore. I wonder what a half acre on the moon costs?
Love that!
You and me both. May have to find a 3rd world beach somewhere.
WoW! I'm actually feeling pretty good about my retirement savings strategy! I thought I was destined for Belize! 🤣🤣🤣. My goal is 4x my destination State. Isn't it interesting that, with the exception of Alaska, the most EXPENSIVE ones are BLUE states?!🤣🤣🤣
I live in Missouri, glad I didn't move,always knew I was in a good spot,the only people I see complaining about cost of living here are people who are dreadfully irresponsible with their finances.
Get yourself to 0 debt including your home. You need very minimum to be comfortable. With social security, early claimers still banking $1000.00 month.
This whole retiring cheaply is a problem for a majority of Americans. Most Americans don’t even have $10K in savings never mind $600K 😏
What is the life expectancy you are basing these numbers on? If someone lives to 95 they’re going to need a whole lot more money than someone who dies at 72.
If you do the math, they are basing this off of 35 years of retirement, or a life expectancy of 90 years old.
The retirement savings shown look too low.
With a paid off property you can live anywhere comfortably.!
Depends on the local tax burden.
SO who is the SOURCE OF THE VIDEO
Do you see the video?
This is extremely simplistic and deceptive because it is based on living on social security and savings.
We have about 1 million in savings and about $850,000 in home equity as well as stock accounts and cash accounts of about $75,000. However, that’s not relevant because we earn enough in retirement through pension and social security in an amount above that needed for our home state with retirement income of $240,000 for this year. As such, why would I need that much in my savings???? We do not. This post assumes living off nothing but savings and that’s incredibly deceptive. What should be said is you need an income if--- PLUS savings of --- with the savings needed going down as income goes up. Otherwise this video is meaningless. I’ve been a banking lawyer for 35 years and this video needs to take ALL factors in account.
What if I have no savings, 350k in equity, and a 50k pension? Does this mean I would go by the annual cost of living?
Not surprised Mississippi is number 1.
That is fucking absolute ridiculous 🤯💥 to waste that kind of money in Hawaii why is not 🚫 pretty
Does not give the age of retirement, 62? 67? 70? There’s a big difference between needing $1 mil in your 60’s as opposed to the same net worth in your 70’s.
0:44
0:44 65 years old. You’re welcome!
0:44 65 years old. You’re welcome!
0:44 65 years old. You’re welcome!
0:44 65 years old. You’re welcome!
Meh...this is a pretty one-dimensional look. Still, it's a data point.
Nah I’d win
Fellas, wanna retire comfortably anywhere? Save the world, lose the girl!!!
Not true...My husband would be broke if not for this girl.
@@verasearle7570😂😂
What an incredibly odd comment. You realize that two income couples are vastly better off, right?
My dad gave me two great moms. Luckily, the second one was loaded. Thanks Dad, you rocked! :O)
Who TF wants to retire in MS??
Mississippi has a coast on the Gulf. I'd do it.
Lolo yeah
who has 500,000 dollars?
I would never live in Mississippi!
Weird how the worse state to live are blue states and the best are red that’s so weird I have no idea why that is haha
Counter argument.. You have to be mentally ill to retire to top 10 states mentioned here.
More non sense and b.s. lies . 😮
Interesting that most are states that are democrat ran... Not making this political but its interesting
Dems are doing great for the citizens
Northeastern Pennsylvania can include NBC's "The Office" & the birth of Joe Biden in this big city in here among massive skyscrapers of the world!🌎🌎🌎🌎🌎🌎🏗🏗🏗🏗🏗🏗🌃🌃🌃🌃🌃🌃