Your retirement savings go furthest in this state, analysis says
If you are looking to get the best bang for your retirement bucks, a new analysis suggests looking south.
Mississippi, long considered one of the poorest states in the U.S., is actually the best state to stretch retirement funds, according to new data released by GOBankingRates.
A “comfortable” retirement in The Magnolia State costs around $53,000 annually, the survey estimated. For context: $1 million saved for your golden years would stretch approximately 19 years in Mississippi — and that’s without any investing.
Other states in which retirees could max out retirement funds include Oklahoma ($54,558 annually, second on the list), Arkansas ($54,743, third) Missouri ($54,991, fourth) and Michigan ($55,301, fifth on the list).
The analysis was completed by reviewing cost-of-living information from the Missouri Economic Research and Information Center. GOBankingRates also included data from the Bureau of Labor Statistics. The average household age assumed was 65 and higher, with 1.8 people per household. The analysis also accounted for yearly consumption expenses like health care, food and housing.
The state most likely to hurt retirement savings was Hawaii, with an average annual estimate of $117,724 needed to live comfortably.
“The state has by far the most expensive housing and transportation costs of any state in the nation — at $51,837 and $10,571, respectively — and grocery costs are second-highest,” the survey said. “That housing cost is more than triple the national average.”
CLICK HERE TO GET THE FOX BUSINESS APP
Other rough states to retire in included District of Columbia ($100,879 annually), California ($85,893 annually), New York ($84,035 annually) and Massachusetts ($82,859 annually).