Do You Have Enough Money to Retire Comfortably in Your State?
Where you live has a big impact on how you live. The cost of living varies widely from state to state. That’s one of the reasons many older Americans choose to relocate during retirement — to help stretch their retirement income as far as possible. CNBC Make It recently reported on an analysis by GOBankingRates of retirement expenses in all 50 states plus the District of Columbia.
Not surprisingly, Hawaii is the most expensive state. It costs retirees more than $120,000 each year. Hawaii was the only state or district where retirees spent six figures. In contrast, Mississippi has the lowest retirement expenses in the country. It costs retirees about $55,000 to live there. Other affordable states are Alabama, Oklahoma, Iowa and West Virginia.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through 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), and increased minimum benefits. This landmark bill will also ensure the long-term solvency of the Social Security program.
