If you’re one of the majority of Americans who struggle with retirement saving, and your target balance just seems completely unattainable, you might consider retiring to a cheaper state.
Website HowMuch has looked at the dilemma, and calculated a “comfortable” retirement savings balance for all 50 states.
Of course, there are lots of factors that go into a comfortable retirement: the age at which a person leaves the workplace, the amount of money saved, the cost of living in the state of residence, and lots more besides.
While the Bureau of Labor Statistics 2018 Consumer Expenditure Survey provided costs for people who retired at the usual age of 65, the element of “comfort” required the addition of a 20 percent cushion above that—plus a number of other calculations.
The results ranked all 50 states, from the most expensive to the cheapest for a comfortable retirement.
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