Dreaming of a Middle-Class Retirement in the South? Here's What You Need To Save
According to a recent GOBankingRates study, those retiring without Social Security benefits in Arkansas, Louisiana, Mississippi and West Virginia need anywhere from $270,000 to $338,000 saved up for a comfortable 20-year retirement lifestyle.
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See how much members of the middle-class need in savings to retire with and without Social Security benefits in the South.
Alabama
Middle-class income range: $41,351 to $124,054
Amount needed for 20-year retirement with Social Security: $364,868
Amount needed for 20-year retirement without Social Security: $827,027
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Arkansas
Middle-class income range: $39,182 to $117,546
Amount needed for 20-year retirement with Social Security: $321,482
Amount needed for 20-year retirement without Social Security: $783,640
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Florida
Middle-class income range: $47,807 to $143,422
Amount needed for 20-year retirement with Social Security: $493,988
Amount needed for 20-year retirement without Social Security: $956,147
Georgia
Middle-class income range: $49,776 to $149,328
Amount needed for 20-year retirement with Social Security: $533,362
Amount needed for 20-year retirement without Social Security: $995,520
Kentucky
Middle-class income range: $41,611 to $124,834
Amount needed for 20-year retirement with Social Security: $370,068
Amount needed for 20-year retirement without Social Security: $832,227
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Louisiana
Middle-class income range: $40,015 to $120,046
Amount needed for 20-year retirement with Social Security: $338,148
Amount needed for 20-year retirement without Social Security: $800,307
Mississippi
Middle-class income range: $36,610 to $109,830
Amount needed for 20-year retirement with Social Security: $270,042
Amount needed for 20-year retirement without Social Security: $732,200
North Carolina
Middle-class income range: $46,603 to $139,808
Amount needed for 20-year retirement with Social Security: $469,895
Amount needed for 20-year retirement without Social Security: $932,053
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Oklahoma
Middle-class income range: $42,402 to $127,206
Amount needed for 20-year retirement with Social Security: $385,882
Amount needed for 20-year retirement without Social Security: $848,040
South Carolina
Middle-class income range: $44,545 to $133,636
Amount needed for 20-year retirement with Social Security: $428,748
Amount needed for 20-year retirement without Social Security: $890,907
Tennessee
Middle-class income range: $44,731 to $134,194
Amount needed for 20-year retirement with Social Security: $432,468
Amount needed for 20-year retirement without Social Security: $894,627
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Texas
Middle-class income range: $50,861 to $152,584
Amount needed for 20-year retirement with Social Security: $555,068
Amount needed for 20-year retirement without Social Security: $1,017,227
Virginia
Middle-class income range: $60,649 to $181,948
Amount needed for 20-year retirement with Social Security: $750,828
Amount needed for 20-year retirement without Social Security: $1,212,987
West Virginia
Middle-class income range: $38,611 to $115,834
Amount needed for 20-year retirement with Social Security: $310,068
Amount needed for 20-year retirement without Social Security: $772,227Methodology: Data was sourced from the U.S. Census American Community Survey, the Missouri Economic Research and Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index, Federal Reserve Economic Research. Middle-class income is defined by Pew Research Center as two-thirds to double the national median income. The minimum income needed to be middle class was calculated and the savings needed to retire was calculated. The average income for one person was sourced from the Social Security Administration for December 2024, and the retirement savings needed after Social Security benefits was calculated. All data was collected on and is up to date as of Jan. 24, 2025.
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This article originally appeared on GOBankingRates.com: Dreaming of a Middle-Class Retirement in the South? Here's What You Need To Save
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