Retirement remains top of mind for many Americans, whether they are approaching their so-called \u201cgolden years\u201d or have many years to go before leaving the workforce.\u00a0<\/p>\n
How much money a person needs to have saved to retire without financial stress<\/a> is an important consideration in the retirement preparation process, and that can vary depending on various factors, including where someone intends to live and their retirement income sources.<\/p>\n A study released this week\u00a0by GOBankingRates<\/a>\u00a0calculated the amount of money that a \u201ccomfortable\u201d retirement would require without income from Social Security factored in and the associated yearly expenses a retiree would face in each U.S. state.<\/p>\n The analysis comes as Social Security, a common source of retirement income, is looking at potential financing issues with its trust funds in the future. <\/p>\n Pompano Beach, Florida. Matthew Tighe \u2013 stock.adobe.com<\/p>\n The trustees for Social Security <\/a>and Medicare<\/a>\u00a0recently found\u00a0that if Social Security\u2019s Old-Age and Survivors Insurance and Disability Insurance trust funds were combined, the trust funds would be able to pay 100% of scheduled benefits until 2034, one year earlier than reported last year. After that, the trust funds would be able to pay only 81% of scheduled benefits, meaning Social Security recipients would see a mandatory 19% cut automatically.\u00a0<\/p>\n For the GOBankingRates study, the benchmark for a\u00a0\u201ccomfortable\u201d retirement<\/a>\u00a0was a person holding twice the amount of money as the cost of living expenses.<\/p>\n Hawaii tops the list of where the most savings would be necessary\u00a0to retire<\/a>\u00a0\u201ccomfortably\u201d at 60 years old without Social Security, while West Virginia, nicknamed the Mountain State, required the least, it said.\u00a0<\/p>\n For the GOBankingRates study, the benchmark for a\u00a0\u201ccomfortable\u201d retirement\u00a0was a person holding twice the amount of money as the cost of living expenses. InsideCreativeHouse \u2013 stock.adobe.com<\/p>\n GOBankingRates found the nest egg that a person would need to accommodate a comfortable retirement at 60 years old sans\u00a0Social Security\u00a0in each state.<\/p>\n Alabama ($70,492 cost of living per year): $1,409,839\u00a0<\/p>\n Alaska ($110,457 cost of living per year): $2,209,137<\/p>\n Arizona ($100,281 cost of living per year): $2,005,627<\/p>\n Arkansas ($67,502 cost of living per year): $1,350,045<\/p>\n California ($155,117 cost of living per year): $3,102,333<\/p>\n Colorado ($114,744 cost of living per year): $2,294,882<\/p>\n Idaho ($101,912 cost of living per year):\u00a0$2,038,236<\/p>\n Aerial view of Nantucket Island. Kevin \u2013 stock.adobe.com<\/p>\n Illinois ($79,736 cost of living per year):\u00a0$1,594,716<\/p>\n Indiana ($74,029 cost of living per year):\u00a0$1,480,575<\/p>\n Iowa ($71,373 cost of living per year):\u00a0$1,427,463<\/p>\n Kansas ($71,534 cost of living per year):\u00a0$1,430,672<\/p>\n Kentucky ($71,410 cost of living per year):\u00a0$1,428,204<\/p>\n Louisiana ($67,482 cost of living per year):\u00a0$1,349,639<\/p>\n Maryland ($101,991 cost of living per year):\u00a0$2,039,812<\/p>\n Downtown Birmingham, Alabama, from Vulcan Park Robert Hainer \u2013 stock.adobe.com<\/p>\n Maine ($98,612 cost of living per year):\u00a0$1,972,231<\/p>\n Massachusetts ($136,626 cost of living):\u00a0$2,732,517<\/p>\n Michigan ($73,780 cost of living per year):\u00a0$1,475,595<\/p>\n Minnesota ($88,321 cost of living per year):\u00a0$1,766,414<\/p>\n Mississippi ($65,523 cost of living per year):\u00a0$1,310,451<\/p>\n Missouri ($73,667 cost of living per year): $1,473,335<\/p>\n Montana ($102,916 cost of living per year): $2,058,322<\/p>\n Waikiki Beach and Diamond Head, Oahu, Hawaii. tomas del amo \u2013 stock.adobe.com<\/p>\n Nebraska ($76,792 cost of living per year):\u00a0$1,535,846<\/p>\n Nevada ($103,661 cost of living per year):\u00a0$2,073,215<\/p>\n New Hampshire ($110,761 cost of living per year):\u00a0$2,215,216<\/p>\n New Jersey ($118,338 cost of living per year):\u00a0$2,366,765<\/p>\n New Mexico ($81,627 cost of living per year):\u00a0$1,632,542<\/p>\n New York ($105,619 cost of living per year):\u00a0$2,112,384<\/p>\n North Carolina ($86,857 cost of living per year):\u00a0$1,737,146<\/p>\n The Brooklyn Bridge and the Manhattan skyline. jakartatravel \u2013 stock.adobe.com<\/p>\n North Dakota ($78,734 cost of living per year):\u00a0$1,574,682<\/p>\n Ohio ($73,120 cost of living per year):\u00a0$1,462,391<\/p>\n Oklahoma ($69,161 cost of living per year):\u00a0$1,383,214<\/p>\n Oregon ($111,541 cost of living per year):\u00a0$2,230,814<\/p>\n Pennsylvania ($78,582 cost of living per year):\u00a0$1,571,642<\/p>\n Rhode Island ($109,811 cost of living per year):\u00a0$2,196,222<\/p>\n South Carolina ($81,586 cost of living per year):\u00a0$1,631,721<\/p>\n South Dakota ($81,949 cost of living per year):\u00a0$1,638,979<\/p>\n Teton Village homes at sunrise with fog in the valley. Nicole \u2013 stock.adobe.com<\/p>\n Tennessee ($81,474 cost of living per year):\u00a0$1,629,482<\/p>\n Texas ($81,985 cost of living per year):\u00a0$1,639,693<\/p>\n Utah ($110,623 cost of living per year):\u00a0$2,212,458<\/p>\n Vermont ($97,999 cost of living per year):\u00a0$1,959,971<\/p>\n Virginia ($96,141 cost of living per year):\u00a0$1,922,813<\/p>\n Washington ($126,952 cost of living per year):\u00a0$2,539,048<\/p>\n West Virginia ($64,715 cost of living per year):\u00a0$1,294,300<\/p>\n The analysis comes as Social Security, a common source of retirement income, is looking at potential financing issues with its trust funds in the future. lordn \u2013 stock.adobe.com<\/p>\n Wisconsin ($84,485 cost of living per year):\u00a0$1,689,700<\/p>\n Wyoming ($88,792 cost of living per year):\u00a0$1,775,841<\/p>\n In early June, a Gallup survey found 50% of non-retired U.S. adults that own a\u00a0retirement savings<\/a> account<\/a>\u00a0felt they \u201cexpect to have enough to live comfortably in retirement.\u201d\u00a0<\/p>\n Confidence was lower among those that lacked a retirement savings account, with only 31% reporting they anticipated having sufficient funds for comfortable golden years.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Retirement remains top of mind for many Americans, whether they are approaching their so-called \u201cgolden years\u201d or have…\n","protected":false},"author":3,"featured_media":1950,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,2723,255,700,711,67,132,68],"class_list":{"0":"post-1949","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-living-wage","10":"tag-personal-finance","11":"tag-retirement","12":"tag-social-security","13":"tag-united-states","14":"tag-unitedstates","15":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114720610967588710","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=1949"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/1950"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=1949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=1949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=1949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}