Your Retirement Savings Are Strongest in These States
When it comes to retirement, $1.5 million seems to be the “magic number.” According to an article by USA Today, that’s how much money you will need, on top of any Social Security benefits, to live a comfortable life.
Of course, the cost of living differs from state to state, so your retirement savings will last longer depending on where you live. A GoBankingRates study found that $1.5 million will last the longest in West Virginia (54 years), Kansas (52 years), Mississippi (51 years), Oklahoma (also 51 years), and Alabama (50 years).
On the other end of the spectrum, your $1.5 million will run out fastest if you live in Hawaii (17 years), Massachusetts (23 years), California (24 years), New York (29 years), and Alaska (29 years).
When you consider that the typical senior with a retirement account has about $200,000 saved, according to the USA Today article, America’s seniors could be in trouble.
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.
