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Spending estimates were adjusted to the state level by multiplying each cost category by its corresponding cost-of-living index score in each state, sourced from the Missouri Economic Research and Information Center’s 2021 Q2 cost of living index data.
#How much does you need a budget cost full
Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) most recent Consumer Expenditure Survey release for the full year of 2020: (1) annual spending on groceries, defined as “food at home ” (2) annual spending on housing, defined as “shelter ” (3) annual spending on transportation, defined as “gasoline, other fuels and motor oil” AND “other vehicle expenses ” (4) annual spending on healthcare (5) annual spending on utilities, defined as “utilities, fuels and public services ” and (6) overall average annual expenditures. John Csiszar contributed to the reporting for this article.
The Top 10 Best Travel Hacks To Save the Most Money. Top Bank Account Promotions for January 2022 – Avoid Fees and Earn Up To $1,500. How Much You Need To Be ‘Rich’ in 50 Major US Cities. The 5 Fastest Ways To Become Rich, According To Experts. Cost of a comfortable retirement annually: $93,076. It should be noted that the suggested annual savings don’t include Social Security payouts, potential pension income or interest earned on savings.įind out exactly how much you’ll need to retire comfortably in your state. Then, the annual retirement income needed to cover these living expenses was calculated, with an additional 20% to account for the “comfortable” aspect of retirement. The states are ranked from least to most expensive.ĭiscover: Most Tax-Friendly States To Retire To pinpoint the average retirement income you would need to live comfortably throughout the U.S., GOBankingRates looked at five factors in all 50 states and the District of Columbia: an individual’s spending on groceries, healthcare, housing, utilities and transportation. Read: Costco and 23 More Companies With Surprisingly Great 401(k) Plans Your age at retirement also plays a factor. In some places, you can get by on even a small nest egg, while in others, even $2 million won’t be enough. That’s because the cost of living varies from state to state. But the exact dollar amount you need will depend on a variety of factors - especially where you plan to live in retirement. There are several rules of thumb to help you figure out how much to save to retire. Unfortunately, there’s not a one-size-fits-all answer. How much do you need to retire comfortably? It’s a question in the mind of every American saving for retirement.
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