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Posted on 01/18/2026 8:02:57 AM PST by zeestephen
The analysis is based on the average living costs for retirees 65 or older in each state, drawn from the latest data published by the U.S. Bureau of Labor Statistics. From there, GOBankingRates subtracted average Social Security payments and estimated the savings needed to cover the remaining expenses, using an annual 4% withdrawal rate.
(Excerpt) Read more at cnbc.com ...
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Oklahoma - $51,849. Mississippi - $52,524. Alabama - $53,999. West Virginia - $54,122. Kansas - $54,613.
I’ve been retired for 12 years now. DJT has refreshed my IRA by a substantial amount. Thanks DJT!
I could not find any mention of taxes in the article…
Having to pay income tax on Social Security payments seems like a poke in the eye.
Note the caveats about “baseline for covering essential costs” and not accounting for things like inflation, lifestyle, or unexpected costs.
There will be lots of unexpected costs in retirement, some for unforeseen essential things and others for pleasurable pursuits with all that newly found free time.
I hope to retire at 62, several years from now. And by “retire” I only mean “have to work doing somebody else wants”, I’ll probably continue to produce.
Clearly, the “number” for retirement is a very personal one. There is no formula, there is no “one way”. Most of it reflects what you expect your spending to be.
A 4% rule, giving you $60k/yr would require $1.5M. Do it right and it’d largely be tax free. If your home is paid off, you should be good, even if it means you still need to be careful.
9 years retired here.
“DJT has refreshed my IRA by a substantial amount. Thanks DJT!” — Amen!
We are comfortable and don’t want for anything.
Well, the 2026 Chevrolet Corvette ZR1X with the 1,250 horsepower twin-turbo V8 engine and all-wheel drive would be nice. I drive sedately, but going from 0 to 60 mph in just 1.68 seconds now and then would be a kick. However, I’m 74 and want to make it a bit longer, so the Corvette is probably off the table.
What??? You don’t like paying tax on the money you already paid tax on?
Is this an estimate of total assets or cash value of savings? The obvious variable is housing if one owns one’s home.
Property taxes are a big part of retirement planning.
It depends on how one chooses to live.
I live off the SS, the retirement fund just grows.
I retired at 51. Loving retired life :-)
Yaaaah! Ca is number two, we’re number 2, we’re number 2!!!!
Yes, I appreciate the irony.
Do keep this table in mind every time some arsehole politico talks about average American anything. There is a range, and that range is vitally important.
“pleasurable pursuits with all that newly found free time”
We take several trips a year, usually one big one and then other smaller ones. Last year was Death Valley for several days, 17 days in the UK, then a smaller 7-day driving tour through Montana with my sister and BIL. My wife loves going to sporting events and she goes to the big tennis tournament in Indian Wells, CA every year with a girlfriend.
Other than that, our pleasurable pursuits are simple - gym, pickleball, dinner parties and dining out with friends, hiking (cheapest of all pursuits!). Oh, there’s boating, too. The boat gets expensive with the dock fees and storage.
Life is good. We are both 74 and we figure that many of these things will be ending in a few years.
> It depends on how one chooses to live. <
That’s a very important point. I’m retired, and my income is not near enough to allow me to vacation on the Riviera or drive a new Bentley.
But fortunately, I don’t want to vacation on the Riviera or drive a new Bentley. I do want to sit on my back porch and watch the world go by.
For that I’ve got plenty of money.
NO WAY does it cost 54K to live in Mississippi...I reside right next door in Louisiana and I survive quite handsomely on 25-30K a year...(NO mortgage/car payment) Thats how one does it
“The boat gets expensive with the dock fees and storage.”
************
Boats have a way of relieving you of any excess cash you may have. ;)
I realize some retirees have elective expenses they really can't morally choose to not fund, primarily family and extended family responsibility.
For some folks, the examples you mentioned or perhaps buying an RV and touring North America is a necessary expense. Still is their choice, tho.
Want to know what it’s like to own a boat? Stand in a cold shower and tear up a bunch of $100 bills.
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