Posted on 07/06/2025 2:08:11 PM PDT by Libloather
**SNIP**
A study released this week by GOBankingRates calculated the amount of money that a "comfortable" retirement would require without income from Social Security factored in and the associated yearly expenses a retiree would face in each U.S. state.
**SNIP**
Alabama ($70,492 cost of living per year): $1,409,839
Alaska ($110,457 cost of living per year): $2,209,137
Arizona ($100,281 cost of living per year): $2,005,627
Arkansas ($67,502 cost of living per year): $1,350,045
California ($155,117 cost of living per year): $3,102,333
Colorado ($114,744 cost of living per year): $2,294,882
Connecticut ($105,428 cost of living per year): $2,108,563
Delaware ($94,392 cost of living per year): $1,887,834
Florida ($97,119 cost of living per year): $1,942,374
Georgia ($86,005 cost of living per year): $1,720,096
Hawaii ($186,062 cost of living per year): $3,721,237
Idaho ($101,912 cost of living per year): $2,038,236
Illinois ($79,736 cost of living per year): $1,594,716
Indiana ($74,029 cost of living per year): $1,480,575
Iowa ($71,373 cost of living per year): $1,427,463
Kansas ($71,534 cost of living per year): $1,430,672
Kentucky ($71,410 cost of living per year): $1,428,204
Louisiana ($67,482 cost of living per year): $1,349,639
Maine ($98,612 cost of living per year): $1,972,231
Maryland ($101,991 cost of living per year): $2,039,812
Massachusetts ($136,626 cost of living): $2,732,517
Michigan ($73,780 cost of living per year): $1,475,595
Minnesota ($88,321 cost of living per year): $1,766,414
Mississippi ($65,523 cost of living per year): $1,310,451
Missouri ($73,667 cost of living per year): $1,473,335
Montana ($102,916 cost of living per year): $2,058,322
Nebraska ($76,792 cost of living per year): $1,535,846
Nevada ($103,661 cost of living per year): $2,073,215
New Hampshire ($110,761 cost of living per year): $2,215,216
New Jersey ($118,338 cost of living per year): $2,366,765
New Mexico ($81,627 cost of living per year): $1,632,542
New York ($105,619 cost of living per year): $2,112,384
More...
(Excerpt) Read more at foxbusiness.com ...
I’m in Alaska and my retirement income is just a little over $100,000 a year and I do just fine. My only long-term debt is a $1437 a month mortgage payment. More money might be nice, but definitely now needed.
I’m not buying that... Between the wife and I we get 7 checks a month only 2 are SS. We do better now than when I was working...no mortgages or loans, no bills except utilities and cash for everything else. We do what we want and travel when we want.
You either plan or you don’t. Not planning is a choice.
This is pretty much the bare minimum one should budget for:
property tax - varies
Medicare premiums - ~$2400/year
Medicare co-pays - ~$2000/year
or supplemental - $4000/year I understand
dental - $1,500/year (irregular)
home repair - $2,000/year (irregular)
lawn mowing - $1,200/year
electric - $800/year
natural gas - $2000/year ? NE & Midwest
cell phone & hotspot - $360/year
travel - $3,000/year
car insurance - $2,000/year or more
car - $3000/year (irregular)
pills - $2000/year (roughly)
I paid into it. Therefore I should get it back.
What happens when ALL the money put in is returned? Sounds wrong to make young folk pay the difference but does the left go that far? How about cutting off people when they get their ‘invested’ money back? They can then go to the poor house.
First of all SS isnt “going away.” Secondly, those big figures appear to be the average SS payment in each state reflected as an immediate annuity cost linked to some longevity estimate. It’s what you will see as the dems mount their massive effort to frighten voters back into their miserable fold.
I live in New York State. With my State pension and my social security, I make about the same as I did when I retired in 2003. My rent is only $570 a month. I've lived in the same apartment complex for 25 years, and when my rent is raised, it's usually by $10 or $15 a month. I consider myself fortunate.
Their estimate is more than I currently earn a year. My financial advisor recently told me we’re on track to retire in a year or two and we’ll be quite comfortable but with much less than this magic chart.
“The numbers are ridiculous.”
Retirement need estimates are often made by metro NYC financial industry people paying enormous property taxes.
Someone posted earlier today: “New York City spends $35,914 per pupil, or $1,077,420 per class of 30.”
https://www.learner.com/blog/states-with-highest-sat-scores
This is for all K-8 schools and school districts in the state:
https://nycharters.net/test-scores-2023-24/
My elementary school was rated at 49%.
My junior high school was rated at 68%.
What about food and booze?
“Sounds wrong to make young folk...”
The young folk need to realize that the people who paid for their ‘free’ [$15K -$38K/year] K-12 schooling are expecting a payback.
What about food and booze?
food - $2500/year
booze - too damn much to fess up to
“Being retired I would love to live out in the boonies somewhere. But then you are far away from good medical facilities so you would be traveling all the time.”
Be aware that heart attacks are still a leading cause of death.
It’s generally not wise to move far from your children.
Where do they come up with this nonsense? For example, what a vast economic difference between NYC and surrounding counties with counties upstate, especially rural areas. Break this down by county.
“Wisconsin ($84,485 cost of living per year): $1,689,700.00”
That’s crazy. It doesn’t cost that much to live here. Our farm is paid off. Taxes are about $3,500.00/year on 160 acres. Renting out the crop land more than covers the taxes on the place. We have a water well. Utilities run about $200/month. We have no debt for vehicles. I won’t tell you what our income is between pensions and SS, but it ain’t $84K, let alone over a million-six, LOL!
Are people retiring with big debt? Retiring WITH a Mortgage? Who ARE these Wisconsinites? I’d like to show them how to budget their money and they can give the leftovers to me. ;)
“ Tell me about those looming social security cuts. I haven’t heard about them.”
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That’s because there are NO SOCIAL SECURITY BENEFITS CUTS COMING. It’s a combination of CLICKBAIT and FEAR MONGERING from the anti-MAGA media.
What social security cuts? Trump isn’t cutting social security!
“Well, Zimbabwe is cheaper than Mississippi”
My relatives that live/lived near Albany, NY (the state capital) seem to get/have gotten superior health care.
Apparently you have a daily schedule with your doctor.
water - $23/month [here in Florida] (excluding well repair parts)
There’s also sewer charges for most houses.
“””Apparently you have a daily schedule with your doctor.””
I look after two cancer patients in the house. son and wife. I would love to move out to America but can’t. I am sure many people are in the same boat.
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