Wednesday, December 20, 2017

Your retirement nest egg will stretch the most in these states


Lorie Konish, CNBC usatoday.com


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You might want to rethink the state where you're living if financial comfort is your first priority in retirement.
Personal finance website GoBankingRates compiled a ranking of states where your money will go farthest in retirement including all 50 states and Washington, D.C.
The website looked at the following criteria: Per-capita spending on gas and fuel, groceries, health care, housing and utilities and other expenditures. The ranking is based on the retirement income it would take to cover all of those expenses plus 20 percent for additional spending, or comfort.
This chart shows the 10 states where retirees will find their income stretches the farthest:
STATE
YEARLY RETIREMENT INCOME NEEDED
RETIREMENT SAVINGS NEEDED
Mississippi
$37,750
$755,000
Arkansas
$38,896.25
$777,925
Alabama
$39,170
$783,400
Oklahoma
$41,222.50
$824,450
S. Carolina
$41,582.50
$831,650
Kentucky
$41,610
$832,200
Idaho
$42,066.25
$841,325
N. Carolina
$42,223.75
$844,475
Louisiana
$42,726.25
$854,525
Tennessee
$42,773.75
$855,475
Source: GoBankingRates
This chart shows the 10 states where retirees' income will not go very far:
STATE
YEARLY RETIREMENT INCOME NEEDED
RETIREMENT SAVINGS NEEDED
District of Columbia
$71,053.75
$1,421,075
Massachusetts
$64,976.25
$1,299,525
Alaska
$61,933.75
$1,238,675
New Jersey
$61,215
$1,224,300
New Hampshire
$61,012.50
$1,220,250
Connecticut
$60,621.25
$1,212,425
N. Dakota
$60,281.25
$1,205,625
Vermont
$59,560
$1,191,200
New York
$58,632.50
$1,172,650
Hawaii
$56,403.75
$1,128,075
Source: GoBankingRates
© CNBC is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

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