Do You Have Enough Money Saved To Retire In Your State?

The cost-of-living varies depending on where you live. That’s part of the reason so many people move during retirement. An article by CNBC shared the results of a GOBankingRates analysis of the amount of savings you need to retire at age 65 in each of the 50 states. It looked at how much money you would need to cover retirement expenses, such as healthcare, housing, groceries, transportation, and utilities for 25 years.  

The study found that the annual cost of living in Oklahoma is $51,849, so retirees would need $735,284 in savings to retire comfortably. On the other end of the spectrum, with an annual cost of living of $110,393, retirees in Hawaii would need to have saved $2,198,902. The worrisome fact is that in 18 states, retirees will need to be millionaires to retire.

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 COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.