Hawaii at $1.8 million or Mississippi at $617,661?
The “fattest state” in the country also sounds like a pretty great place to go out to pasture, if getting the biggest bang for your retirement buck is the priority.
According to BLS data cited by cost-estimating website HowMuch.net, Mississippi, at $617,661 in savings needed, is the most affordable state to spend your golden years. The average across the U.S. comes in at $904,452.Along with the “fattest” crown, for instance, the Magnolia State also has the dubious distinction of the lowest life expectancy at 74.5 years. On the flip side, Hawaii, which is the most expensive place to retire, comes in at 81.5 years, the highest.
The average yearly expenses across the country for someone over the age of 65 is $51,624, but that figure comes in at $44,758 in the low-cost-of-living Mississippi and a whopping $99,170 on the other end of the spectrum in the Aloha State. ‘ To account for a “comfortable retirement,” HowMuch.net added an extra 20% on those expenses, and then adjusted by each state’s cost of living index.
“Regardless of where they live, most Americans are not saving enough in order to fund their retirement,” HowMuch.net’s Juan Carlos wrote.Shawn Langlois Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.
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