Here’s How Much Money You Need to Retire in Each State

A new study by GoBankingRates is sure to put a damper on almost everyone’s retirement plans. It has calculated how much money you will need to live a “comfortable” retirement, not including Social Security benefits.

According to an article by Fox Business that analyzed the study, there is not one state where you can retire with less than $1 million, and in several states, you will need more than $3 million. That’s a scary thought when you consider that 27% of older Americans rely solely on Social Security as their source of retirement income.

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.