How much do you think you need to retire?
A Charles Schwab survey found that Americans feel they need to save $1.9 million for retirement. But on SmartAsset reported adults ages 45-54 have an average of $80,000 saved in their 401(k)/individual retirement account. Those in the 55-64 age group saved an average of $104,000.
Several states offer retirees affordable costs of living. GoBankingRates recently found out which states provide this.
“The study analyzed factors like groceries, housing, utilities, transportation, healthcare and the overall cost-of-living index in each state, all of which contribute heavily to your yearly expenses in retirement,” the site said. “These indices were then multiplied by the average annual expenditures of Americans aged 65 and older, which provided the final ranking of the top eight states.”
Figures for each state are per household. The average number of people per household is 2.5, according to the most recent census.
In eight states, retirees can expect to spend $45,000 yearly. Georgia is among them.
Residents will spend $44,897 in annual expenditures. It costs $6,959 for housing, the fourth-best rate nationwide. It’s also 28.7% below the federal average.
“That might be why you can find luxurious retirement communities in the Peach State,” GoBankingRates said.
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