Posted by (RetireGuru©️ Retirement College "Early Retirement" Column) Recently, an elder started to receive social security pensions. Judging from the figures he told, it is relative to the amount received by the “completely normal retirement” in 2019.Average monthly pension $1,461 This statisticIn terms, it’s getting closeThe monthly pension statutory ceiling in 2019 is $2,861.This sharing of personal experience has provided us with a lot of valuable experience for early retirement and decent retirement planning.In the topic of early retirement, we will inevitably talk about a topic: How much does a decent retirement life cost in the United States?
The answer is:"It won't cost less."
According to statistics from the U.S. Bureau of Labor, the average expenditure of an American family over 65 is $50,000 a year:
- The bulk of the expenditure is housing, which accounts for about $16,000 a year;
- The second is medical and health-related expenses, about $6,600 a year;
- The third place is the transportation cost, which is about $7,500 a year;
- Finally, the food department store, about $3,815 a year;
If the mortgage is paid off before the age of 65, the cost of living will be greatly reduced.But the reality is that according to the analysis of personal finance brand GoBankingRates on retirement life,In some states in the United States, the cost of living for retired families over the age of 65 will be higher.
The analysis studies the consumption expenditures of Americans over 65 years old, including food and department stores, housing (including utility bills and housework), transportation, medical care, etc., and then adjusts the analysis of these expenditures to the cost of living index for each state At the same time, in order to have a decent retirement life, on this basis, an additional 20% savings buffer has been added.
Top of the most expensive retirement state: Hawaii
Hawaii ranks first on this list of consumption costs and has become the most expensive place to retire.Analysts found that if you want to have a decent and comfortable retirement in Hawaii, the actual cost of a year will reach$ 117,000.
Analysis shows that if you consider preparing for a retirement life of up to 20 years, it means that you need more than $230 million in planning.
The reason why Hawaii is at the top of the list is also obvious, because almost everything here is expensive.Whether it is food, transportation, medical health, or water, electricity, and gas expenses, they rank among the top 10 most expensive in the United States.
Retirement living expenses from Maryland to Washington, D.C. are also not cheap. With high housing prices and grocery prices, if you want to have a decent retirement life in these places, you also need to spend 8-10 dollars a year.
At the same time, more and more Americans are turning their attention toSouth and Midwest, Decent retirement costs in these places may only require$55,000 or less per year.
In the 2019 statistics, the most cost-effective state is Mississippi. Thanks to the cheapest house prices and daily expenses in the United States, the annual cost of a comfortable and decent retirement is about$53,000.Here, you can live a leisurely and comfortable retirement life with a budget of $100 million.
There is also the ability to compete with MississippiOklahoma, Arkansas and Missouri.The annual retirement expenses in these states can beLess than $55,000.
(>>>Recommended reading: gadgets｜The American Personal Pension Smart Calculator, how much do I need to save every month?）
Specific data on annual expenses for decent retirements across the U.S. states in 2019
Alabama: $ 55,425.11
Alaska: $80,877.32
Arizona: $60,503.17
Arkansas: $54,743.91
California: $85,893.44
Colorado: $65,333.51
Connecticut: $79,762.62
Delaware: $65,643.15
District of Columbia: $100,879.90
Florida: $61,246.30
Georgia: $56,477.88
Hawaii: $117,724.18
Idaho: $58,335.71
Illinois: $59,264.62
Indiana: $55,796.68
Iowa: $56,849.45
Kansas: $ 55,548.97
Kentucky: $56,849.45
Louisiana: $57,964.14
Maine: $72,579.03
Maryland: $81,310.81
Massachusetts: $82,859.00
Michigan: $55,301.26
Minnesota: $62,856.41
Mississippi: $53,071.87
Missouri: $54,991.62
Montana: $64,404.60
Nebraska: $57,778.36
Nevada: $67,067.48
New Hampshire: $67,686.76
New Jersey: $75,861.19
New Mexico: $57,468.72
New York: $84,035.62
North Carolina: $58,211.85
North Dakota: $ 61,122.44
Ohio: $57,468.72
Oklahoma: $54,558.13
Oregon: $81,248.88
Pennsylvania: $61,060.52
Rhode Island: $75,861.19
South Carolina: $60,874.73
South Dakota: $60,998.59
Tennessee: $55,425.11
Texas: $56,539.81
Utah: $60,812.81
Vermont: $73,507.94
Virginia: $ 63,166.05
Washington: $67,810.61
West Virginia: $58,645.34
Wisconsin: $59,326.55
Wyoming: $56,044.39
Article summary
American Life Insurance GuideNet RetireGuru©️ Retirement College combined with MarketWatch reports, showing all states in the United States in 2019Decent retirementSpecific data on annual expenditures.These values are average numbers in the range of states. In reality, some cities may be more expensive than others in the same state.For example, the average annual budget for a decent retirement in California is $85,893.44, but those who want to retire in San Francisco may spend far more than other cities in the state.
[Early retirement widget]点击 这里, Check the cost of living in different cities in the United States.
(RetireGuru©️ Retirement College Column)
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