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New York Post
12-07-2025
- Business
- New York Post
Here's how much money New Yorkers need to retire comfortably: new study
Retired New Yorkers need an average of $50,997 per year to cover their living expenses after factoring in Social Security payments, new research has found. GOBankingRates gathered national average annual expenditures data for people 65 and older from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center in order to calculate the eye-popping figure. Thus, for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings. Advertisement 3 for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings. Daniel – A 2024 study revealed many Americans believe they should have about $1.46 million stashed away before giving up work — and that figure isn't far removed from reality if you live in the Empire State. However, most Americans have less than $89,000 saved for retirement, according to a Northwestern Mutual study released last year. Advertisement New York is the fifth most expensive state in which to retire, according to the study. 3 New York is the fifth most expensive state in which to retire, according to the study. Monkey Business – New Yorkers looking for cheaper places to retire will have to go further than the tri-state area, because your money won't stretch much further there. New Jersey retirees need $45,829 per year after Social Security to cover expenses, while Connecticut residents should budget $43,697 annually. Advertisement Hawaii is the most expensive state for retirees, where an eye-popping $87,770 is needed for annual expenses after factoring in Social Security. There, $2 million in savings won't even stretch for 23 years of retirement. Meanwhile, Massachusetts and California came in as the second and most expensive states for retirees, respectively. 3 Rochester, New York is pictured. Retirement costs differ wildly between and within states, but New York ranks as the fifth most expensive state in which to retire. SeanPavonePhoto – Advertisement On the other end of the spectrum, West Virginia was crowned as the cheapest state in which to retire. In the Mountain State, annual expenditures after Social Security are estimated to be just $27,803 — nearly half the estimated costs incurred in New York. Kansas was named the second least expensive state for retirees, followed by Mississippi, Oklahoma and Alabamba.
Yahoo
03-06-2025
- Health
- Yahoo
This U.S. State Was Just Named the Happiest for Retirees
According to a new study, there's one state in particular that has nailed the recipe for happiness. And it's the perfect place for seniors looking to live out their golden years. In late May, released its Senior Happiness Index to determine which places around the U.S. offer the highest chances of finding happiness for older people. To determine the ranking, the team analyzed a number of factors, including the number of senior centers in each state using and normalized the data per 100,000 people. It then determined the percentage of seniors (65 years and older) living alone, which was collected via the U.S. Census American Community Survey (2023), along with an overall senior health ranking taken from America's Health Rankings 2024 Senior Report. Next, it calculated the cost of living index by state using data from the Missouri Economic Research and Information Center, along with the average annual life expectancy at birth from the National Vital Statistics System. Then, it gathered data on the happiest states in the U.S. using a 2024 study by WalletHub and finally assigned each state a score from zero to 10. After looking at all that information, the team named Utah the happiest state of all for seniors. "Utah tops the list with the most content seniors, scoring 7.69 out of 10 thanks to its supportive environment for senior living," the findings noted." Utah was also named the healthiest state for older people in 2024, and it ranks as the third-lowest percentage of those aged 65 and over living alone (21.48 percent), reducing the risk of social isolation." The findings also noted that Utah is among the top five happiest states in general and is a spot where more than two-fifths (44 percent) actively volunteer, which is the highest rate in the nation. "This not only means Utah's aging population is staying connected and involved with their community, but volunteering also contributes significantly to Utah seniors' well-being and happiness," the findings added. Idaho came in a close second with a score of 7.38, thanks to most of its seniors living with others, ensuring fewer people are experiencing loneliness. And as the findings stated, it's a fantastic spot for seniors looking to live an active lifestyle with "30 state parks to explore and proximity to national treasures like Yellowstone." Rounding out the top three is Connecticut, with a score of 7.01, thanks to its strong statistics, including the third-highest average life expectancy, access to health care, and its ranking among the top 10 happiest states overall on WalletHub's rankings. Ready to find more happiness? See the full report and where your state ranks on Read the original article on Travel & Leisure
Yahoo
30-05-2025
- Business
- Yahoo
Here's How Much Taxes the Top 1% Pay in Florida
It's hard not to feel a little envious when you hear about the 'top 1%' in America. After all, the phrase often induces images of wealth, glamor and luxury — often beyond the average person's wildest dreams. But even the wealthiest Americans have to pay income tax. It just might not be as high as you'd expect, given how much your own income is likely taxed. Explore More: Read Next: GOBankingRates analyzed individual tax returns filed by Florida residents to find out how much the top 1% pays in taxes. Other sources used to figure this out include the U.S. Census American Community Survey, Missouri Economic Research and Information Center, Bureau of Labor Statistics Consumer Expenditure Survey and the Federal Reserve Economic Data. Here's how much the top 1% pay in taxes in Florida. Florida ranks second-highest in terms of total income tax share for the top 1%. These top earners pay 53.6% of the total income tax. The only state that ranks higher is Wyoming, which has a total income tax share for the top 1% of 54.7%. Florida's total income tax is more than $50 billion: Only four states have a total income tax share greater than $50 billion. These states are New York ($79 billion), Texas ($81 billion), Florida ($96 billion) and California ($122 billion). Average tax rate percentage for the top 1%: 25.98% Adjusted gross income for the top 1%: $370,582,169,000 Adjusted gross income share for the top 1%: 32.65% Total income tax share for the top 1%: 53.62% Total income tax paid for the top 1%: $96,264,565,000 Total number of tax returns received for the top 1%: 105,101 Rank in total income tax share paid for the top 1%: 2nd Consider This: According to the IRS, these are the marginal federal income tax brackets for single taxpayers and married individuals filing separately (2025): 37% for incomes over $626,350 35% for incomes over $250,525 32% for incomes over $197,300 24% for incomes over $103,350 22% for incomes over $48,475 12% for incomes over $11,925 10% for incomes $11,925 or less Marginal rates double for married couples filing jointly. Notably, Florida does not have a state income tax for individuals. The corporate income tax rate is 5.5%. Methodology: For this study, GOBankingRates analyzed individual tax returns by state to find out how much the top percents pay in taxes. For each state a number of factors were found including: total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes were sourced from Missouri Economic and Research Information Center. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single family home value was sourced from Zillow Home Value Index for January 2025. Using the average single family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using data from the IRS SOI tax stats, the individual tax rates by income percentiles and by state were included. The states were sorted to show the highest to lowest tax share percentage. All data was collected on and is up to date as of Mar. 6, 2025. More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Here's How Much Taxes the Top 1% Pay in Florida Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Here's How Much Taxes the Top 1% Pay in Florida
It's hard not to feel a little envious when you hear about the 'top 1%' in America. After all, the phrase often induces images of wealth, glamor and luxury — often beyond the average person's wildest dreams. But even the wealthiest Americans have to pay income tax. It just might not be as high as you'd expect, given how much your own income is likely taxed. Explore More: Read Next: GOBankingRates analyzed individual tax returns filed by Florida residents to find out how much the top 1% pays in taxes. Other sources used to figure this out include the U.S. Census American Community Survey, Missouri Economic Research and Information Center, Bureau of Labor Statistics Consumer Expenditure Survey and the Federal Reserve Economic Data. Here's how much the top 1% pay in taxes in Florida. Florida ranks second-highest in terms of total income tax share for the top 1%. These top earners pay 53.6% of the total income tax. The only state that ranks higher is Wyoming, which has a total income tax share for the top 1% of 54.7%. Florida's total income tax is more than $50 billion: Only four states have a total income tax share greater than $50 billion. These states are New York ($79 billion), Texas ($81 billion), Florida ($96 billion) and California ($122 billion). Average tax rate percentage for the top 1%: 25.98% Adjusted gross income for the top 1%: $370,582,169,000 Adjusted gross income share for the top 1%: 32.65% Total income tax share for the top 1%: 53.62% Total income tax paid for the top 1%: $96,264,565,000 Total number of tax returns received for the top 1%: 105,101 Rank in total income tax share paid for the top 1%: 2nd Consider This: According to the IRS, these are the marginal federal income tax brackets for single taxpayers and married individuals filing separately (2025): 37% for incomes over $626,350 35% for incomes over $250,525 32% for incomes over $197,300 24% for incomes over $103,350 22% for incomes over $48,475 12% for incomes over $11,925 10% for incomes $11,925 or less Marginal rates double for married couples filing jointly. Notably, Florida does not have a state income tax for individuals. The corporate income tax rate is 5.5%. Methodology: For this study, GOBankingRates analyzed individual tax returns by state to find out how much the top percents pay in taxes. For each state a number of factors were found including: total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes were sourced from Missouri Economic and Research Information Center. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single family home value was sourced from Zillow Home Value Index for January 2025. Using the average single family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using data from the IRS SOI tax stats, the individual tax rates by income percentiles and by state were included. The states were sorted to show the highest to lowest tax share percentage. All data was collected on and is up to date as of Mar. 6, 2025. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on Here's How Much Taxes the Top 1% Pay in Florida Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
If Social Security Runs Out, How Long Will $2 Million Last in the South?
In a worst-case scenario in which Social Security runs out, retirees in the South are in a financially fortunate position. A savings of $2 million will last at least 30 years, if not longer, to fund retirement in every Southern state. Be Aware: Try This: This data was pulled from a new GOBankingRates study that analyzed how long $2 million in retirement savings could last in every U.S. state. A full methodology is available at the end of this article. Here's how long $2 million lasts in the South, should Social Security run out. Annual expenditures: $53,357 Years $2 million will last: 37.5 National average: 33.3 years See More: Explore Next: Annual expenditures: $53,477 Years $2 million will last: 37.4 National average: 33.3 years Read More: Annual expenditures: $60,207 Years $2 million will last: 33.2 National average: 33.3 years Annual expenditures: $61,529 Years $2 million will last: 32.5 National average: 33.3 years Annual expenditures: $54,980 Years $2 million will last: 36.4 National average: 33.3 years That's Interesting: Annual expenditures: $55,821 Years $2 million will last: 35.8 National average: 33.3 years Annual expenditures: $56,181 Years $2 million will last: 35.6 National average: 33.3 years Annual expenditures: $59,426 Years $2 million will last: 33.7 National average: 33.3 years View More: Annual expenditures: $52,576 Years $2 million will last: 38 National average: 33.3 years Annual expenditures: $58,645 Years $2 million will last: 34.1 National average: 33.3 years Annual expenditures: $52,816 Years $2 million will last: 37.9 National average: 33.3 years Trending Now: Annual expenditures: $57,203 Years $2 million will last: 35 National average: 33.3 years Annual expenditures: $54,078 Years $2 million will last: 37 National average: 33.3 years Annual expenditures: $55,641 Years $2 million will last: 35.9 National average: 33.3 years For You: Annual expenditures: $60,387 Years $2 million will last: 33.1 National average: 33.3 years Annual expenditures: $50,954 Years $2 million will last: 39.3 National average: 33.3 years Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics' 2023 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state's overall cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state's average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on If Social Security Runs Out, How Long Will $2 Million Last in the South? Sign in to access your portfolio
