A Northwestern Mutual study showed that the magic number for retirement, aliases the number that U.S. adults deliberation they will request to prevention to discontinue comfortably, leaped to $1.46 cardinal successful 2024, up from $951,000 successful 2019.
Americans, connected average, reported having saved $88,400 for status successful 2024, per the aforesaid study, leaving a $1.37 cardinal spread betwixt goals and reality.
Now, a new study from GoBankingRates released earlier this period examined conscionable really acold a hypothetical $1 cardinal successful status savings will agelong successful each authorities erstwhile mixed pinch Social Security benefits.
GoBankingRates utilized information from the U.S. Census American Community Survey, the U.S. Bureau of Labor Statistics Consumer Expenditure Survey, and Missouri's Economic and Research Information Center to find really agelong a $1 cardinal status nest ovum will past fixed each state's costs of living.
Related: Where Do You Have the Most Buying Power? In These 4 Cities, Your Paycheck Is Worth More Than It Seems.
The study calculated the costs of surviving by looking astatine the prices of necessities for illustration housing, food, transportation, and utilities successful each state. The researchers did not see national and authorities income taxes successful their estimates. The mean monthly Social Security status cheque successful January was $1,976, per the Social Security Administration.
The states wherever status costs tally retired the fastest usually person the highest costs of surviving and the top mean monthly expenditures.
Hawaii tops the list; $1 cardinal successful status savings, positive Social Security benefits, would past little than 13 years successful the state. One origin could beryllium precocious lodging costs owed to restrictive onshore usage regulations that only let for 4% of the state's onshore to beryllium utilized for residential purposes. The resulting onshore scarcity intends precocious location prices — the median value of a location successful Hawaii is 2.7 times the nationalist mean pinch a median value of $850,000.
California and Massachusetts are besides states wherever $1 cardinal successful status savings runs retired successful little than 20 years. GoBankingRates estimates that monthly expenses successful those states are higher than $2,200, pinch Californians spending more connected groceries per month than immoderate different state's residents. Housing successful Massachusetts is priced 108% higher than the nationalist average.
Related: $1 Million Retirement Savings Won't Last 25 Years Anywhere successful the U.S. — But It Will Go the Furthest successful These 6 States
On the flip side, a $1 cardinal status nest ovum could past for complete 70 years successful 5 states wherever the costs of surviving is low: Oklahoma (71 years), Louisiana (76 years), Arkansas (76 years), Mississippi (87 years) and West Virginia (88 years). Factoring successful Social Security, monthly expenses travel retired to little than $1,200 successful these states, per GoBankingRates.
West Virginia has a costs of surviving 9% little than the nationalist average, pinch lodging 21% little than average, according to RentCafe. The World Population Review estimated successful a 2024 ranking that Mississippi had the lowest costs of living successful the U.S. pinch the lowest lodging prices overall.
Here are the states wherever $1 cardinal successful status savings will past the longest, and wherever it will tally retired fast.
States Where $1 Million successful Retirement Savings Will Run Out More Quickly
1. Hawaii
- Average monthly expenditure cost: $2,761
- Annual full costs of surviving for 1 personification aft Social Security benefits: $80,125
- How galore years $1M and Social Security benefits will last: 12.48
2. California
- Average monthly expenditure cost: $2,269
- Annual full costs of surviving for 1 personification aft Social Security benefits: $61,406
- How galore years $1M and Social Security benefits will last: 16.29
3. Massachusetts
- Average monthly expenditure cost: $2,340
- Annual full costs of surviving for 1 personification aft Social Security benefits: $51,686
- How galore years $1M and Social Security benefits will last: 19.35
4. Washington
- Average monthly expenditure cost: $2,096
- Annual full costs of surviving for 1 personification aft Social Security benefits: $45,629
- How galore years $1M and Social Security benefits will last: 21.92
5. New Jersey
- Average monthly expenditure cost: $2,001
- Annual full costs of surviving for 1 personification aft Social Security benefits: $41,315
- How galore years $1M and Social Security benefits will last: 24.20
6. Colorado
- Average monthly expenditure cost: $1,899
- Annual full costs of surviving for 1 personification aft Social Security benefits: $39,759
- How galore years $1M and Social Security benefits will last: 25.15
7. New Hampshire
- Average monthly expenditure cost: $2,081
- Annual full costs of surviving for 1 personification aft Social Security benefits: $38,052
- How galore years $1M and Social Security benefits will last: 26.28
8. Utah
- Average monthly expenditure cost: $1,893
- Annual full costs of surviving for 1 personification aft Social Security benefits: $37,797
- How galore years $1M and Social Security benefits will last: 26.46
9. Oregon
- Average monthly expenditure cost: $2,017
- Annual full costs of surviving for 1 personification aft Social Security benefits: $37,346
- How galore years $1M and Social Security benefits will last: 26.78
10. Rhode Island
- Average monthly expenditure cost: $2,113
- Annual full costs of surviving for 1 personification aft Social Security benefits: $36,920
- How galore years $1M and Social Security benefits will last: 27.09
States Where $1 Million successful Retirement Savings Lasts the Longest
1. West Virginia
- Average monthly expenditure cost: $1,833
- Annual full costs of surviving for 1 personification aft Social Security benefits: $11,263
- How galore years $1M and Social Security benefits will last: 88.79
2. Mississippi
- Average monthly expenditure cost: $1,784
- Annual full costs of surviving for 1 personification aft Social Security benefits: $11,473
- How galore years $1M and Social Security benefits will last: 87.16
3. Arkansas
- Average monthly expenditure cost: $1,725
- Annual full costs of surviving for 1 personification aft Social Security benefits: $13,000
- How galore years $1M and Social Security benefits will last: 76.93
4. Louisiana
- Average monthly expenditure cost: $1,785
- Annual full costs of surviving for 1 personification aft Social Security benefits: $13,065
- How galore years $1M and Social Security benefits will last: 76.54
5. Oklahoma
- Average monthly expenditure cost: $1,832
- Annual full costs of surviving for 1 personification aft Social Security benefits: $14,048
- How galore years $1M and Social Security benefits will last: 71.18
6. Kentucky
- Average monthly expenditure cost: $1,864
- Annual full costs of surviving for 1 personification aft Social Security benefits: $14,456
- How galore years $1M and Social Security benefits will last: 69.17
7. Alabama
- Average monthly expenditure cost: $1,794
- Annual full costs of surviving for 1 personification aft Social Security benefits: $14,874
- How galore years $1M and Social Security benefits will last: 67.23
8. Iowa
- Average monthly expenditure cost: $1,836
- Annual full costs of surviving for 1 personification aft Social Security benefits: $15,158
- How galore years $1M and Social Security benefits will last: 65.97
9. Kansas
- Average monthly expenditure cost: $1,801
- Annual full costs of surviving for 1 personification aft Social Security benefits: $15,315
- How galore years $1M and Social Security benefits will last: 65.29
10. Ohio
- Average monthly expenditure cost: $1,853
- Annual full costs of surviving for 1 personification aft Social Security benefits: $16,099
- How galore years $1M and Social Security benefits will last: 62.12
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