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New York Post

Americans face vastly different retirement costs across states as Social Security cuts loom

Retirement remains top of mind for many Americans, whether they are approaching their so-called 'golden years' or have many years to go before leaving the workforce. How much money a person needs to have saved to retire without financial stress is an important consideration in the retirement preparation process, and that can vary depending on various factors, including where someone intends to live and their retirement income sources. Advertisement 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. 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. 8 Pompano Beach, Florida. Matthew Tighe – 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. Advertisement For the GOBankingRates study, the benchmark for a 'comfortable' retirement was a person holding twice the amount of money as the cost of living expenses. Hawaii tops the list of where the most savings would be necessary to retire 'comfortably' at 60 years old without Social Security, while West Virginia, nicknamed the Mountain State, required the least, it said. 8 For the GOBankingRates study, the benchmark for a 'comfortable' retirement was a person holding twice the amount of money as the cost of living expenses. InsideCreativeHouse – GOBankingRates found the nest egg that a person would need to accommodate a comfortable retirement at 60 years old sans Social Security in each state. Advertisement 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 Advertisement California ($155,117 cost of living per year): $3,102,333 Colorado ($114,744 cost of living per year): $2,294,882 Idaho ($101,912 cost of living per year): $2,038,236 8 Aerial view of Nantucket Island. Kevin – 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 Advertisement Kentucky ($71,410 cost of living per year): $1,428,204 Louisiana ($67,482 cost of living per year): $1,349,639 Maryland ($101,991 cost of living per year): $2,039,812 8 Downtown Birmingham, Alabama, from Vulcan Park Robert Hainer – Advertisement Maine ($98,612 cost of living per year): $1,972,231 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 Advertisement 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 8 Waikiki Beach and Diamond Head, Oahu, Hawaii. tomas del amo – Advertisement 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 North Carolina ($86,857 cost of living per year): $1,737,146 8 The Brooklyn Bridge and the Manhattan skyline. jakartatravel – North Dakota ($78,734 cost of living per year): $1,574,682 Ohio ($73,120 cost of living per year): $1,462,391 Oklahoma ($69,161 cost of living per year): $1,383,214 Oregon ($111,541 cost of living per year): $2,230,814 Pennsylvania ($78,582 cost of living per year): $1,571,642 Rhode Island ($109,811 cost of living per year): $2,196,222 South Carolina ($81,586 cost of living per year): $1,631,721 South Dakota ($81,949 cost of living per year): $1,638,979 8 Teton Village homes at sunrise with fog in the valley. Nicole – Tennessee ($81,474 cost of living per year): $1,629,482 Texas ($81,985 cost of living per year): $1,639,693 Utah ($110,623 cost of living per year): $2,212,458 Vermont ($97,999 cost of living per year): $1,959,971 Virginia ($96,141 cost of living per year): $1,922,813 Washington ($126,952 cost of living per year): $2,539,048 West Virginia ($64,715 cost of living per year): $1,294,300 8 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. lordn – Wisconsin ($84,485 cost of living per year): $1,689,700 Wyoming ($88,792 cost of living per year): $1,775,841 In early June, a Gallup survey found 50% of non-retired U.S. adults that own a retirement savings account felt they 'expect to have enough to live comfortably in retirement.' Confidence was lower among those that lacked a retirement savings account, with only 31% reporting they anticipated having sufficient funds for comfortable golden years.