Retirement whispers of tranquility and leisure, yet beneath Social Security’s umbrella, the truth lurks – a sole source of income won’t make the cut. The secret to securing a post-retirement haven lies in the crevices of early savings – think Roth IRAs and 401(k) plans. But if time slipped through your fingers, fret not. Discerning the sum needed to bolster your Social Security drip entails a curious dive into the location variable.
Unravel: Take a Peek into Retirement Planning: Monthly Spending for the Average 65-Year-Old
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Bama Bucks:
- Renting Rhythms: $980
- Cost Chronicles: $2,423.62
- Monthly Total Waltz (Rent + Expenditure): $3,403.62
- Remnant Riches after Social Security Showers: $1,543.39
Dive Deeper: The 9 Slices of Life: How Pencil-Pinching Retirees Spend Their Social Security Scrapes
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Alaskan Avalanches:
- Renting Revelations: $1,701
- Cost Chronicles: $3,744.20
- Monthly Total Waltz (Rent + Expenditure): $5,445.20
- Remnant Riches after Social Security Showers: $3,584.97
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Arizona’s Anthem:
- Renting Rumbles: $1,373
- Cost Chronicles: $3,062.33
- Monthly Total Waltz (Rent + Expenditure): $4,435.33
- Remnant Riches after Social Security Showers: $2,575.10
Hidden Harbor: Little Rock, Arkansas Gems – Boats Wading along Arkansas River Banks
Golden California:
- Renting Reveries: $1,827
- Cost Chronicles: $4,118.48
- Monthly Total Waltz (Rent + Expenditure): $5,945.48
- Remnant Riches after Social Security Showers: $4,085.25
Reveal the Glory: State by State Serenade – The Price Tag for A Comfortable Retirement by The Candle Count
Colorado’s Canopy:
- Renting Radiance: $1,433
- Cost Chronicles: $2,980.23
- Monthly Total Waltz (Rent + Expenditure): $4,413.23
- Remnant Riches after Social Security Showers: $2,553
Treasure Trove: The Sumptuous Harvest to Retire Abundantly Across States Amidst The Lunar Cycle
Connecticut’s Symphony:
- Renting Rhapsody: $1,310
- Cost Chronicles: $3,244
- Monthly Total Waltz (Rent + Expenditure): $4,554
- Remnant Riches after Social Security Showers: $2,693.77
Midnight Memoir: Delaware’s Tale Under the Moonlit Skyline Along Christiana’s Gentle Banks
Cost of Living Analysis Across Different US States for Retirees
Washington DC
- Rent average cost: $2,105
- Expenditure average cost: $4,345.11
- Monthly total cost (rent + expenditure): $6,450.11
- Leftover monthly costs after Social Security benefits: $4,589.88
When it comes to the District of Columbia, the financial landscape can feel akin to strolling the grand monuments along the Potomac River. With an average rent cost of $2,105 and monthly expenditures reaching $4,345.11, the total expenses could rival the grandeur of the Lincoln Memorial. Despite this, retirees in DC may still find themselves with a comforting $4,589.88 leftover after plugging in the Social Security benefits, offering a shimmer of hope like the glint off the Washington Monument.
Florida
- Rent average cost: $1,302
- Expenditure average cost: $2,869.64
- Monthly total cost (rent + expenditure): $4,171.64
- Leftover monthly costs after Social Security benefits: $2,311.41
Heading south to Florida, retirees might be tempted by the warm weather and sandy beaches, but the financial forecast is equally inviting. With an average rent of $1,302, and expenditure costs of $2,869.64, the total comes to $4,171.64. Even after factoring in Social Security benefits, retirees could still have a sunny $2,311.41 left to enjoy the vibrant sights and sounds of Orlando.
Georgia
- Rent average cost: $1,234
- Expenditure average cost: $2,547.72
- Monthly total cost (rent + expenditure): $3,781.72
- Leftover monthly costs after Social Security benefits: $1,921.49
Georgia beckons retirees with its southern charm and affordable living. With rent averaging at $1,234 and monthly expenditures at $2,547.72, the total tab comes out to $3,781.72. After Social Security benefits, retirees could still embrace a modest $1,921.49 as comforting as a peach cobbler on a warm Atlanta evening.
Hawaii
- Rent average cost: $1,692
- Expenditure average cost: $5,480.44
- Monthly total cost (rent + expenditure): $7,172.44
- Leftover monthly costs after Social Security benefits: $5,312.21
Traveling to the tropical paradise of Hawaii, retirees are met with breathtaking views but higher living costs. With rent at $1,692 and expenditures soaring to $5,480.44, the total monthly expense reaches $7,172.44. However, after including Social Security benefits, retirees could still bask in a generous $5,312.21, much like the warm rays of sunshine in Honolulu.
The Bittersweet Retirement Cost Tale Across Different States
The Maine Scene
- Average Rent: $1,950
- Average Expenditure: $3,108.90
- Monthly Total (Rent + Expenditure): $5,058.90
- Leftover Monthly Income After Social Security Benefits: $3,198.67
The Maryland Deliberation
- Average Rent: $1,479
- Average Expenditure: $3,342.66
- Monthly Total (Rent + Expenditure): $4,821.66
- Leftover Monthly Income After Social Security Benefits: $2,961.43
The Massachusetts Chronicle
- Average Rent: $1,503
- Average Expenditure: $4,311.47
- Monthly Total (Rent + Expenditure): $5,814.47
- Leftover Monthly Income After Social Security Benefits: $3,954.24
The Michigan Saga
- Average Rent: $882
- Average Expenditure: $2,560.77
- Monthly Total (Rent + Expenditure): $3,442.77
- Leftover Monthly Income After Social Security Benefits: $1,582.54
The Minnesota Rendezvous
- Average Rent: $1,126
- Average Expenditure: $2,686.90
- Monthly Total (Rent + Expenditure): $3,812.90
- Leftover Monthly Income After Social Security Benefits: $1,952.67
The Mississippi Journey
- Average Rent: $813
- Average Expenditure: $2,435.16
- Monthly Total (Rent + Expenditure): $3,248.16
- Leftover Monthly Income After Social Security Benefits: $1,387.93
The Missouri Enigma
- Average Rent: $903
- Average Expenditure: $2,490.46
- Monthly Total (Rent + Expenditure): $3,393.46
- Leftover Monthly Income After Social Security Benefits: $1,533.23
The Montana Frontier
- Average Rent: $833
- Average Expenditure: $2,893.13
- Monthly Total (Rent + Expenditure): $3,726.13
- Leftover Monthly Income After Social Security Benefits: $1,865.90
The Nebraska Vista
- Average Rent: $944
- Average Expenditure: $2,554.12
- Monthly Total (Rent + Expenditure): $3,498.12
- Leftover Monthly Income After Social Security Benefits: $1,637.89
The Nevada Quest
- Average Rent: $1,154
- Average Expenditure: $2,936.06
- Monthly Total (Rent + Expenditure): $4,090.06
- Leftover Monthly Income After Social Security Benefits: $2,229.83
The New Hampshire Insight
- Average Rent: $1,143
- Average Expenditure: $3,195.50
- Monthly Total (Rent + Expenditure): $4,338.50
- Leftover Monthly Income After Social Security Benefits: $2,478.27
Monthly Financial Snapshot of Different States
New Jersey: The Garden State’s Financial Outlook
- Rent average cost: $1,596
- Expenditure average cost: $3,254.96
- Monthly total cost (rent + expenditure): $4,850.96
- Leftover monthly costs after Social Security benefits: $2,990.73
New Mexico: Land of Enchantment’s Financial Landscape
- Rent average cost: $866
- Expenditure average cost: $2,655.55
- Monthly total cost (rent + expenditure): $3,521.55
- Leftover monthly costs after Social Security benefits: $1,661.32
New York: The Empire State’s Economic Overview
- Rent average cost: $1,722
- Expenditure average cost: $3,681.99
- Monthly total cost (rent + expenditure): $5,403.99
- Leftover monthly costs after Social Security benefits: $3,543.76
North Carolina: The Tar Heel State’s Financial Standing
- Rent average cost: $1,124
- Expenditure average cost: $2,738.89
- Monthly total cost (rent + expenditure): $3,862.89
- Leftover monthly costs after Social Security benefits: $2,002.66
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North Dakota: The Peace Garden State’s Financial Analysis
- Rent average cost: $883
- Expenditure average cost: $2,725.03
- Monthly total cost (rent + expenditure): $3,608.03
- Leftover monthly costs after Social Security benefits: $1,747.80
Ohio: The Buckeye State’s Financial Position
- Rent average cost: $839
- Expenditure average cost: $2,653.57
- Monthly total cost (rent + expenditure): $3,492.57
- Leftover monthly costs after Social Security benefits: $1,632.34
Oklahoma: The Sooner State’s Economic Evaluation
- Rent average cost: $794
- Expenditure average cost: $2,426.45
- Monthly total cost (rent + expenditure): $3,220.45
- Leftover monthly costs after Social Security benefits: $1,360.22
Oregon: The Beaver State’s Fiscal Position
- Rent average cost: $1,216
- Expenditure average cost: $3,325.84
- Monthly total cost (rent + expenditure): $4,541.84
- Leftover monthly costs after Social Security benefits: $2,681.61
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Pennsylvania: The Keystone State’s Financial Overview
- Rent average cost: $1,052
- Expenditure average cost: $2,680.03
- Monthly total cost (rent + expenditure): $3,732.03
- Leftover monthly costs after Social Security benefits: $1,871.80
Rhode Island: The Ocean State’s Financial Status
- Rent average cost: $1,071
- Expenditure average cost: $3,089.68
- Monthly total cost (rent + expenditure): $4,160.68
- Leftover monthly costs after Social Security benefits: $2,300.45
South Carolina: The Palmetto State’s Economic Landscape
- Rent average cost: $1,120
- Expenditure average cost: $2,661.28
- Monthly total cost (rent + expenditure): $3,781.28
- Leftover monthly costs after Social Security benefits: $1,821.05
Monthly Expenditure Analysis in Various US States
The Frugality of South Dakota
- Rent average cost: $698
- Expenditure average cost: $2,635.25
- Monthly total cost (rent + expenditure): $3,333.25
- Leftover monthly costs after Social Security benefits: $1,473.02
Monthly Total Cost Play in Tennessee
- Rent average cost: $1,011
- Expenditure average cost: $2,513.01
- Monthly total cost (rent + expenditure): $3,524.01
- Leftover monthly costs after Social Security benefits: $1,663.78
The Mighty Expenses in Utah
- Rent average cost: $1,112
- Expenditure average cost: $2,895.32
- Monthly total cost (rent + expenditure): $4,007.32
- Leftover monthly costs after Social Security benefits: $2,147.09
Vermont – Where Expenses Touch the Sky
- Rent average cost: $1,950
- Expenditure average cost: $3,333.05
- Monthly total cost (rent + expenditure): $5,283.05
- Leftover monthly costs after Social Security benefits: $3,422.82
Virginia – Striking the Balance
- Rent average cost: $1,540
- Expenditure average cost: $2,912.22
- Monthly total cost (rent + expenditure): $4,452.22
- Leftover monthly costs after Social Security benefits: $2,591.99
Washington’s Billowing Expenses
- Rent average cost: $1,486
- Expenditure average cost: $3,369.88
- Monthly total cost (rent + expenditure): $4,855.88
- Leftover monthly costs after Social Security benefits: $2,995.65
West Virginia – Managing the Purse Strings
- Rent average cost: $672
- Expenditure average cost: $2,451.83
- Monthly total cost (rent + expenditure): $3,123.83
- Leftover monthly costs after Social Security benefits: $1,263.60
Wisconsin’s Financial Landscape
- Rent average cost: $949
- Expenditure average cost: $2,767.61
- Monthly total cost (rent + expenditure): $3,716.61
- Leftover monthly costs after Social Security benefits: $1,856.38
Strategic Considerations in Wyoming
- Rent average cost: $790
- Expenditure average cost: $2,592.46
- Monthly total cost (rent + expenditure): $3,382.46
- Leftover monthly costs after Social Security benefits: $1,522.23
Methodology: GOBankingRates analyzed every state’s cost of living to determine the supplemental amount required after Social Security benefits. Data sources included the Missouri Economic and Research Information Center, ApartmentList, and the US Census. The study incorporated national average expenditure costs for individuals over 65 and Social Security benefits data from January 2024. All data is current as of February 15th, 2024.
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This article originally appeared on GOBankingRates.com: How Much Money You’ll Need To Supplement Your Social Security in Every State
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