FANOFJESUS
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Living on less than 1/2 with no problems.
Cost of Retiring Comfortably in every State
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ESRwannabe
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You don’t need nearly that much for TN.
I only need $24k to retire.
Current living expenses are 2700 a month.
I only need $24k to retire.
Current living expenses are 2700 a month.
meierlde
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I one looked at house prices on Zillow in needles ca and they are reasonable, but of course that is in the middle of the Mohave Desert, all be it right on the Colorado river.
In Ohio at #16, it says that 1.2M is needed ($58,000 a year) to live comfortably. My parents are 78 years old, and have been retired for 18 years with only about 1/4 of this figure, and have lived splendidly and not touched any 401K savings until required at 70.5. In another 10 years when I retire, I will have about 1/2 of this figure (not counting SS, and pension) and hope to be better off than they were. Living frugally in a LCOL area helps immensely.
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The dumbest thing about this article (and there are so many dumb things):
Doesn't define if this is for an individual or a more typical couple, or how to compare since most couples don't have double an individual cost
Doesn't differentiate if your primary home is paid off before retirement or if housing costs are still needed (which, also helps balance COL in a lot of places)
Doesn't define starting age - just duration, and that's only 20 years.
Grats to us we all just read a sponsored piece from a marketing team...
Doesn't define if this is for an individual or a more typical couple, or how to compare since most couples don't have double an individual cost
Doesn't differentiate if your primary home is paid off before retirement or if housing costs are still needed (which, also helps balance COL in a lot of places)
Doesn't define starting age - just duration, and that's only 20 years.
Grats to us we all just read a sponsored piece from a marketing team...
I view articles like this as entertainment. Fun to read, compare/contrast. AARP prints articles like this. Kind of fluff finance. What concerns me is when "US News and World Report" prints crap like best...college, hospital etc. I find this article concerning, especially when people really take these ratings seriously.
https://www.forbes.com/sites/michae...nking-heres-whats-wrong-with-it/#57a548caa5c1
ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Pretty Close to where we live in Florida with home owned. Some places are even more expensive.
Florida:
A comfortable retirement costs: $61,246.30 a year
Although Florida isn’t among the states where a comfortable retirement costs the least, it’s one of the states with no income tax, meaning residents can hang onto more of their money. Florida’s healthcare costs are a bit below average, but most other expenses are right in line with national averages. A comfortable 20-year retirement can be had in Florida with $1,224,925.95.
Florida:
A comfortable retirement costs: $61,246.30 a year
Although Florida isn’t among the states where a comfortable retirement costs the least, it’s one of the states with no income tax, meaning residents can hang onto more of their money. Florida’s healthcare costs are a bit below average, but most other expenses are right in line with national averages. A comfortable 20-year retirement can be had in Florida with $1,224,925.95.
Hello fellow Illinoisian. The Illinois figure is through the roof compared to what I spend now or what I would need to in retirement. I'm well west of C-U, and my my estimated non-discretionary retirement expenses are $22,000/yr (average, including long term expenses like new roof, HVAC), but I would need at least some discretionary spending and a little bit of a budget cushion to feel truly comfortable, so I'll say $25,000/yr to be comfortable. That's as a single guy. I could drop those figures a few thousand by downscaling to a smaller house or getting a low cost apartment and still be comfortable. Having said that, my planned retirement budget is $50,000/yr at the low end of my planning range due to much higher discretionary spending allowances.
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jazz4cash
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I wish....
They’ve scored on a curve by excluding SS and defining a 20 yr. retirement. A couple w/ 2 SS checks put a huge dent in their number
They’ve scored on a curve by excluding SS and defining a 20 yr. retirement. A couple w/ 2 SS checks put a huge dent in their number
I have to agree, in California or any other state. I'm familiar with Maryland, having grown up and worked most of my life there. Chevy Chase and Bethesda, MD are right up there with anyplace in California or New York for COL, and go across the Potomac river to Virginia in Alexandria or Fairfax and it's the same.
But head to Garrett County in western MD or to southern VA and you can find a habitable single family house for five figures. Not luxurious, mind you, but certainly livable and by many standards very comfortable. You will need a car though, public transportation is non-existent.
Calico
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Earlier thread about the same thing (June 2019). Possibly the same study; I didn't compare too closely.
http://www.early-retirement.org/forums/f28/costs-to-retire-comfortably-in-each-state-98433.html
Edited to add: I live very well on far, far less than the amount quoted for North Carolina.
http://www.early-retirement.org/forums/f28/costs-to-retire-comfortably-in-each-state-98433.html
Edited to add: I live very well on far, far less than the amount quoted for North Carolina.
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W2R
Moderator Emeritus
But if you were to go to Commander's Palace 2 or 3 times a month, the price would be about right
Well gee, then we'd have to dress up and all that.... hardly retiring comfortably.
teejayevans
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Florida, like other states, has its expensive areas and less expensive areas.
Apparently they assume your investment returns equals the inflation rate. Pretty pessimistic?
Focus
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First thing that popped out at me was that Oregon ($81,249) was shown as much more expensive than Washington ($67,811). Maybe things have changed, but Oregon used to be less expensive by about 15%. (Note: After writing that I did a Portland vs. Seattle comparison on Numbeo, and it showed Portland as 14.95% cheaper, surprisingly close to my guesstimate.)
Here's the article's description for Washington:
I'd say those categories are about right. Healthcare costs here are ridiculous. I think it's hilarious that they're including cents in the nest egg number. Don't forget that last quarter or your retirement will fail!
Here's the article's description for Washington:
I'd say those categories are about right. Healthcare costs here are ridiculous. I think it's hilarious that they're including cents in the nest egg number. Don't forget that last quarter or your retirement will fail!
ncbill
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Spending more than that in my state, but so much of that is discretionary...one kid still in undergraduate...the other just graduated but is paying their own bills.
Some HCOL areas are a nightmare of taxes while you're working but a relative bargain once you've retired...e.g. low (Hawaii) or essentially fixed (California) property taxes, retirement income (SS & pensions) exempted from state income tax, etc.
Some HCOL areas are a nightmare of taxes while you're working but a relative bargain once you've retired...e.g. low (Hawaii) or essentially fixed (California) property taxes, retirement income (SS & pensions) exempted from state income tax, etc.
Really. Defining a portfolios down to the quarter? Any portfolio over $500k will possibly vary thousands a week. The amounts are useless, I was just looking at rank. I find it hard to believe it is much more expensive to retire in Maine than in Virginia. I’d like to think the numbers are good, as my fixed income with no portfolio withdrawals will exceed the most expensive.
aja8888
Moderator Emeritus
It's the very high toll fee on the PA Turnpike that sticks out.
retiredunder50
Recycles dryer sheets
I wonder if these articles actually factor in variables concerning retirement-aged folks. As an example, in NJ, there are several age-specific financial benefits such as:
1. NJ never taxes social security nor military pensions.
2.Pension exclusion goes up to $100K next year for couples; $60K for singles. (although if you cross the threshold income level, the exclusion vanishes completely). This starts at 62.
3.NJ has a senior freeze property tax program that kicks in at 65 (only works for income below $90k). Basically, property taxes get frozen at a base amount and never goes up throughout the decades of retirement years.
4. NJ also has a homestead rebate of property taxes for those 65 or older who make under $150K.
5. There are plenty of other discounts/services https://www.state.nj.us/humanservices/doas/documents/statewide_benefit_2011.pdf
These types of 'best places' to retire articles seem mostly to be taking averages for residents of all ages.
1. NJ never taxes social security nor military pensions.
2.Pension exclusion goes up to $100K next year for couples; $60K for singles. (although if you cross the threshold income level, the exclusion vanishes completely). This starts at 62.
3.NJ has a senior freeze property tax program that kicks in at 65 (only works for income below $90k). Basically, property taxes get frozen at a base amount and never goes up throughout the decades of retirement years.
4. NJ also has a homestead rebate of property taxes for those 65 or older who make under $150K.
5. There are plenty of other discounts/services https://www.state.nj.us/humanservices/doas/documents/statewide_benefit_2011.pdf
These types of 'best places' to retire articles seem mostly to be taking averages for residents of all ages.
Independent
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This is their "method"
So what they are actually telling you is the average income of people who live in each state (because income and spending are closely related).
This has nothing to do with the cost of comparable goods. In a low income state, people buy lower priced cars than in a high income state. But, that has nothing to do with the price I'll pay, because I'll buy the same car regardless of the state I live in.
So what they are actually telling you is the average income of people who live in each state (because income and spending are closely related).
This has nothing to do with the cost of comparable goods. In a low income state, people buy lower priced cars than in a high income state. But, that has nothing to do with the price I'll pay, because I'll buy the same car regardless of the state I live in.
