Do You Have Enough Money Saved to Retire Comfortably in Your State?
When you consider that most Americans think you need $1.46 million to retire comfortably, according to a Northwestern Mutual study, it’s obvious most seniors will come up severely short. An article by Entrepreneur says, “No matter where you spend your golden years, it’s important to be realistic about how much cash you’ll need to fund the future.”
To help you determine if your retirement savings will allow you to live a comfortable life, the magazine looked at the results of a NetCredit study revealing how much you need to live comfortably in each state. The good news is that in none of the 50 U.S. states do you need $1.46 million, but you will need to have saved more than $1 million if you live in Hawaii, Massachusetts, or California. The study found West Virginia, Arkansas, and South Dakota are the least expensive states for retirees, where a little over $700,000 will allow you to live comfortably.
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.
