According to a recent AARP survey, about 20 percent of adults age 50 and older have no retirement savings, and roughly 61 percent are worried they will not have enough money to support themselves in retirement.
Newsweek recently reported that more Americans worry more about running out of money than dying, Kiplinger, a publisher of business forecasts and personal financial advice, compiled a list of states where your money will go the longest in retirement. Minnesota is #6 on the list of top states where you need the least savings to retire comfortably.
The top 10 states where you need the least savings to retire…
- #1 – West Virginia – $712,913
- #2 – Kansas – $741,455
- #3 – Mississippi – $753,472
- #4 – Pennsylvania – $864,633
- #5 – South Carolina – $869,140
- #6 – Minnesota – $870,642
- #7 – Wyoming – $872,144
- #8 – Illinois – $873,646
- #9 – North Carolina – $905,192
- #10 – Maryland – $924,720
The top 10 most expensive states where you need savings to retire…
- #1 – Hawaii – $2,212,084
- #2 – Massachusetts – $1,645,764
- #3 – California – $1,612,716
- #4 – Alaska – $1,292,753
- #5 – New York – $1,292,753
- #6 – New Jersey – $1,163,566
- #7 – Vermont – $1,153,051
- #8 – Washington – $1,145,540
- #9 – Maine – $1,144,038
- #10 – Arizona – $1,133,522
Preparing for retirement is no longer just about how much you save, but also about how you spend those savings… which means also thinking strategically about location.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
