Posted on 10/11/2023 5:34:31 PM PDT by Libloather
Senior citizens looking to relocate may want to steer clear of Hawaii as it ranks as the most expensive state to retire to, figures show.
Retirees in the Aloha state require $121,000 to live comfortably, according to study by GoBankingRates - compared to those in Mississippi who need just $55,000.
Washington DC, Massachusetts, California and New York were the next most expensive states to retire to, with an average annual cost of $94,000 across all four.
After Mississippi the four cheapest states were Oklahoma, Alabama, Kansas and Iowa, with an average cost of $57,000 a year.
Across the US, the average annual income required for comfort was $68,000.
Assuming an average inflation rate of 3 percent and that the American entering retirement is now aged 65, and likely to live another 30 years, they would need nearly $3.5million. These figures do not take into account the added bonus of social security payments.
The study considered the cost of groceries, healthcare, housing, utilities and transportation to establish the average income that would be needed to enjoy a comfortable retirement.
After calculating total consumption expenditures, an additional savings buffer was calculated assuming that total expenditures consume 80 percent of a budget with 20 percent left over for savings.
The GOBankingRates study analyzed the expenditures of Americans aged 65 and older based on data from the most recent survey by the Bureau of Labor Statistics.
Spending estimates were then adjusted for each state by scaling each cost category by its corresponding cost of living index score.
(Excerpt) Read more at dailymail.co.uk ...
That’s us—we are both retired now and our home is paid off. We are on Social Security and I get a pension. A few thousand in the bank and we live modestly, which is enough for us.
Unless you have to enter a long term care nursing home which coild cost about 120,000 a year.
You can afford a van? How much are property taxes down by the river?
I cannot imagine retiring to Oklahoma, Alabama, Kansas or Iowa.
You need to stay in Nevada.
LOL.
Well, I have three years to figure it out, sadly more till I can afford to retire.
Some nice places on lakes, rivers, and ponds in all those states; some decent hills in SE Oklahoma. There are decent places in about every state, depending on what you want.
What parts of Alabama?
That map is bogus. South Dakota has no state income tax. I moved from there years ago to Minnesota. We are taxed to death in MN. No way does it cost more to live in SD.
Anyone dumb enough to try and retire in Honolulu deserves to go broke.
Miserable congested hellhole.
Bookmark
Sounds Like Prescott would work for You !
Yes, nice area, same with Flagstaff and Tucson to a lesser extent. Not sure that I really want the desert so much, doing that as a snowbirder,.probably a great place.
Ummm, that statement tells me you’re not very motivated to move.
Retirement is good work if you can get it :)p
I’m about 40 minutes south of you and last winter was enough for us. We’re heading to AZ for a couple of months this winter. First time we’re doing he snowbird thing. We’ll see how it goes………………..
It was 34° this morning when I got up, and yesterday there were snow on all the surrounding mountains. Summer and fall are basically over they had chains and four-wheel drive requirements to drive up to Lake Tahoe yesterday.
I heard about the snow yesterday. I’m just not ready for it. Too. Much snow removal, snow melt on the driveway ruining the concrete and the poor dog is really not into the snow as he’s gotten older…….just like us!
That’s the beauty of it, no taxes, public land, and bidenomics has killed the used van market, they’re a dime a dozen!
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