How Much Money Do You Need to Save to Retire in Your State?

The economy is making it increasingly difficult for hard-working Americans to prepare for retirement. According to an article by Kiplinger, about one in five adults aged 50 and older has no retirement savings. That’s a scary thought and explains why so many retirees are reliant on Social Security.

But Social Security benefits are barely enough to get by in most states. The article looked at the minimum savings needed to retire in all 50 states, as calculated by GOBankingRates. West Virginia was named the cheapest state to retire with an annual cost of living of about $50,954. When you consider that the average annual Social Security income is $22,523.40, it’s plain to see why so many retirees struggle financially.

 The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.