Retirement Savings: Stretching $750,000 Across New England
GOBankingRates recently assessed how long $750,000 in retirement savings, combined with Social Security checks, would last for retirees in each state across America. This study took into account various factors, including the cost of living, healthcare, and housing markets. For many, navigating this information can seem overwhelming.
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To make this information more digestible, GOBankingRates categorized the findings by individual regions, focusing on the unique financial situations in each area rather than the national average. Whether you avoid the South’s humidity, prefer the Midwest’s tranquility, or adore New England’s charm, there’s plenty of useful information ahead.
With visions of vibrant autumns in Maine or snowy winters in Connecticut, let’s examine how far your savings and Social Security can go in New England.
Connecticut
- Number of years $750,000 will last with Social Security: 17.43
- Annual expenditure: $65,450
- Annual expenditure after Social Security: $43,036
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Check Out: How Far $750,000 in Retirement Savings Plus Social Security Goes in Every State
Maine
- Number of years $750,000 will last with Social Security: 17.88
- Annual expenditure: $64,351
- Annual expenditure after Social Security: $41,937
Discover More: How Far $750,000 in Retirement Savings Plus Social Security Goes in Every State
Massachusetts
- Number of years $750,000 will last with Social Security: 12.29
- Annual expenditure: $83,431
- Annual expenditure after Social Security: $61,017
New Hampshire
- Number of years $750,000 will last with Social Security: 17.33
- Annual expenditure: $65,681
- Annual expenditure after Social Security: $43,267
Rhode Island
- Number of years $750,000 will last with Social Security: 17.38
- Annual expenditure: $65,566
- Annual expenditure after Social Security: $43,152
Vermont
- Number of years $750,000 will last with Social Security: 17.08
- Annual expenditure: $66,317
- Annual expenditure after Social Security: $43,903
Methodology: GOBankingRates assessed the 100 most populated cities using U.S. Census American Community Survey data. Factors such as total population, median incomes, and household statistics were reviewed. The cost-of-living indexes and housing values were sourced from Sperling’s BestPlaces and Zillow. Calculations for expenditures were derived from Bureau of Labor Statistics data, and social security averages were taken from the Social Security Administration’s latest report. All data was collected as of Sept. 20, 2024.
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This article originally appeared on GOBankingRates.com: How Far $750K Plus Social Security Goes in Retirement in New England
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