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The average American’s deficit in savings paints a rather bleak picture of retirement.
The recent turmoil has prompted many to ponder the prospect of working indefinitely—perhaps never retiring at all.
But the dynamics of retirement finance are anything but homogenous. Each state, characterized by its unique cost of living, demands a different retirement corpus. What suffices as a considerable nest egg in a certain locale may fall astonishingly short in another.
1. West Virginia
- Annual cost of living: $49,260.94
- Cost of living after using Social Security income: $27,123.82
- Savings needed for retirement: $678,095.40
Eager to call it quits? Better attempt to shave off some expenses from your retirement plan.
2. Mississippi
- Annual cost of living: $50,128.21
- Cost of living after using Social Security income: $27,991.09
- Savings needed for retirement: $699,777.20
Wondering how the average senior spends in their twilight years? Read on to decode the costs.
3. Oklahoma
- Annual cost of living: $50,186.02
- Cost of living after using Social Security income: $28,048.90
- Savings needed for retirement: $701,222.60
4. Kansas
- Annual cost of living: $50,532.93
- Cost of living after using Social Security income: $28,395.81
- Savings needed for retirement: $709,895.30
5. Alabama
- Annual cost of living: $50,995.48
- Cost of living after using Social Security income: $28,858.36
- Savings needed for retirement: $721,458.90
6. Missouri
- Annual cost of living: $51,053.29
- Cost of living after using Social Security income: $28,916.17
- Savings needed for retirement: $722,904.40
7. Arkansas
- Annual cost of living: $51,168.93
- Cost of living after using Social Security income: $29,031.81
- Savings needed for retirement: $725,795.30
8. Iowa
- Annual cost of living: $51,978.39
- Cost of living after using Social Security income: $29,841.26
- Savings needed for retirement: $746,031.60
9. Tennessee
- Annual cost of living: $52,267.47
- Cost of living after using Social Security income: $30,130.35
- Savings needed for retirement: $753,258.80
