US EditionHow Much Money You Need to Retire in Your State – without Social Security
- A GoBankingRates study released this week calculated the savings needed to retire comfortably without Social Security in all 50 U.S. states.
- This study responds to a June 18 report that Social Security trust funds will be depleted by 2034, causing benefits to be cut automatically by 19%.
- The study defines a comfortable retirement as twice the annual cost of living, showing Hawaii requires $3.7 million while West Virginia requires the least savings.
- Social Security recipients will receive only 81% of scheduled benefits after 2034, increasing the importance of maximizing pension contributions and adjusting investment strategies.
- Experts recommend using the decade before retirement to increase savings, review portfolios, and plan for care costs to strengthen retirement readiness amid benefit uncertainties.
12 Articles
12 Articles
Americans face vastly different retirement costs across states as Social Security cuts loom
Retirement remains top of mind for many Americans, whether they are approaching their so-called "golden years" or have many years to go before leaving the workforce. How much money a person needs to have saved to retire without financial stress is an important consideration in the retirement preparation process, and that can vary depending on various factors, including where someone intends to live and their retirement income sources.A study rel…
New professions will be able to retire early in Spain without adversely affecting their pension.This is what the government has decided today, which has given the ok to the process to expand the catalogue of professionals who can retire earlier without being economically harmed.The Minister of Inclusion, Social Security and Migration, Elma Saiz, announced today, Tuesday, May 27, the new system of coefficients that will allow some professional pr…
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