{"id":60018,"date":"2025-07-12T16:37:11","date_gmt":"2025-07-12T16:37:11","guid":{"rendered":"https:\/\/www.europesays.com\/us\/60018\/"},"modified":"2025-07-12T16:37:11","modified_gmt":"2025-07-12T16:37:11","slug":"heres-how-much-money-new-yorkers-need-to-retire-comfortably-new-study","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/60018\/","title":{"rendered":"Here\u2019s how much money New Yorkers need to retire comfortably: new study"},"content":{"rendered":"<p>Retired New Yorkers need an average of $50,997 per year to cover their living expenses after factoring in Social Security payments, new research has found.\u00a0<\/p>\n<p><a href=\"https:\/\/www.gobankingrates.com\/retirement\/planning\/how-long-2-million-will-last-in-retirement-in-every-state\/\" target=\"_blank\" rel=\"noopener\">GOBankingRates<\/a> gathered national average annual expenditures data for people 65 and older from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center in order to calculate the eye-popping figure.\u00a0<\/p>\n<p>Thus, for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings.\u00a0<\/p>\n<p>for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings.\u00a0 Daniel \u2013 stock.adobe.com<\/p>\n<p>A 2024 study <a href=\"https:\/\/nypost.com\/2024\/04\/04\/lifestyle\/americans-believe-they-need-this-much-to-retire-but-actually-have-far-less-stashed-away-study\/\" target=\"_blank\" rel=\"noopener\">revealed<\/a> many Americans believe they should have about $1.46 million stashed away before giving up work \u2014 and that figure isn\u2019t far removed from reality if you live in the Empire State.\u00a0<\/p>\n<p>However, most Americans have less than $89,000 saved for retirement,\u00a0<a href=\"https:\/\/www.northwesternmutual.com\/life-and-money\/what-is-the-average-retirement-savings-by-age\/?utm_source=pr&amp;utm_medium=press-release&amp;utm_campaign=pps_retirement-taxes&amp;utm_id=na&amp;utm_term=na&amp;utm_content=lm_retirement-savings-by-age\" target=\"_blank\" rel=\"noopener\">according to a Northwestern Mutual study<\/a>\u00a0released last year.\u00a0<\/p>\n<p>New York is the fifth most expensive state in which to retire, according to the study.\u00a0<\/p>\n<p>New York is the fifth most expensive state in which to retire, according to the study.\u00a0 Monkey Business \u2013 stock.adobe.com<\/p>\n<p>New Yorkers looking for cheaper places to retire will have to go further than the tri-state area, because  your money won\u2019t stretch much further there. <\/p>\n<p>New Jersey retirees need $45,829 per year after Social Security to cover expenses, while Connecticut residents should budget  $43,697 annually.<\/p>\n<p>Hawaii is the most expensive state for retirees, where an eye-popping $87,770 is needed for annual expenses after factoring in Social Security.\u00a0<\/p>\n<p>There, $2 million in savings won\u2019t even stretch for 23 years of retirement.\u00a0<\/p>\n<p>Meanwhile, Massachusetts and California came in as the second and most expensive states for retirees, respectively. <\/p>\n<p>Rochester, New York is pictured. Retirement costs differ wildly between and within states, but New York ranks as the fifth most expensive state in which to retire. SeanPavonePhoto \u2013 stock.adobe.com<\/p>\n<p>On the other end of the spectrum, West Virginia was crowned as the cheapest state in which to retire.<\/p>\n<p>In the Mountain State, annual expenditures after Social Security are estimated to be just $27,803 \u2014 nearly half the estimated costs incurred in New York. <\/p>\n<p>Kansas was named the second least expensive state for retirees, followed by Mississippi, Oklahoma and Alabamba. <\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Retired New Yorkers need an average of $50,997 per year to cover their living expenses after factoring in&hellip;\n","protected":false},"author":3,"featured_media":60019,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,1165,6459,405,255,700,6763,67,132,68],"class_list":{"0":"post-60018","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-lifestyle","10":"tag-money","11":"tag-new-york","12":"tag-personal-finance","13":"tag-retirement","14":"tag-savings","15":"tag-united-states","16":"tag-unitedstates","17":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114841245660161790","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/60018","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=60018"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/60018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/60019"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=60018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=60018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=60018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}