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 ...
Oops! After reading some other responses, even with FOOD, gas and our cheap cellphones thrown in, we are still way, WAY below living on $84K a year. Beau is on Medicare which runs him under $200/month. I use the VA for my medical needs.
Post 41. I added a few more expenses. :)
LOL!
Yep. Places in Mississippi I drove around when I lived there. Talk about being nowhere near the grid.đź‘Ť
I agree, and we can do OK on half what they claim my state is at.
These figures are highly inflated.
We retired in 2011 on $600 per month and had money left over at the end of each month. It’s a simple matter of having everything paid for, paying off credit cards monthly and most importantly knowing the difference between needs and wants.
We had issues getting our retirement funds for the first few months of retirement. Once it got straightened out, we make several times that amount now per month.
“Retiring WITH a Mortgage?”
It’s not unusual nowadays.
When I was young, I never knew of a case.
There are also parents with Parent Plus loans to be paid off.
“The numbers are ridiculous.”
totally ...
Especially for the unicorns. IFYKYK.
Well, then the figures make more sense. I retired at 56, debt free. And I really didn’t get SERIOUS about my retirement until I was in my mid-30’s and also had a spend-thrift ex who was always working at cross purposes against me. He’ll eventually be living under a bridge. ;)
“gas”
gasoline - $1,300/year (on average)
I guess I should budget for Alzheimer’s pills.
And plants.
Good luck.
It’s not a bad idea to take pencil to paper and do the math of “Financial Independence” ( I don’t use the word Retirement) without S.S..
Not that I think for any moment I don’t think it will be there.
I’m close enough and fortunate enough to have the opportunity to continue working.
Y’all would be surprised as to how much it costs to be financially independent
Property taxes, medical, insurance etc.
Eye opening to be sure.
and homeowner’s (or is State Farm’s) insurance
$2,000/year
“And plants.”
Learn to root cuttings from other people’s plants. ;)
This is pretty much the bare minimum one should budget for:
property tax - varies
homeowner’s insurance - $2,000 (average) varies
home repair - $2,000/year (irregular)
lawn mowing - $1,200/year
Medicare premiums - ~$2400/year
Medicare co-pays - ~$2000/year
or supplemental - $4000/year I understand
dental - $1,500/year (irregular)
pills - $2000/year (roughly)
food - $2500/year
booze - too damn much to fess up to
electric - $800/year
natural gas - $2000/year ? NE & Midwest
water - $23/month [here in my part of Florida] (excluding well repair parts)
sewer - $50/month?
cell phone & hotspot - $360/year
car insurance - $2,000/year or more
car - $3000/year (irregular)
gasoline - $1,300/year
travel - $3,000/year
From the linked article:
“The analysis comes as Social Security, a common source of retirement income, is looking at potential financing issues with its trust funds in the future. The trustees for Social Security and Medicare recently found that if Social Security’s Old-Age and Survivors Insurance and Disability Insurance trust funds were combined, the trust funds would be able to pay 100% of scheduled benefits until 2034, one year earlier than reported last year. After that, the trust funds would be able to pay only 81% of scheduled benefits, meaning Social Security recipients would see a mandatory 19% cut automatically.”
The unstated assumption is that it will be business as usual through 2034, with no corrections for waste, fraud or abuse in the system. I believe that is a faulty assumption. At least until the deep staters get back in control of the government.
In Colorado I live on less than half what they say is needed.
House paid for except for property taxes ($450 next year)
2 paid for beater vehicles.
Not near a big city.
Well,we are in bad shape.
No cuts looming….I figure they are talking about the future trust fund going broke
Politicized headliner
Get a govt job..that is all...you don’t have to ever worry...every benefit buyden gave was for the govt workers or retirees.
With all these rich freepers,why do the freepathons go on for so long...seriously with the money many here brag about,freepathons should be over in a day.
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