Unlocking Retirement: How Much Money Do New Yorkers Really Need for a Comfortable Future? Insights from a New Study

Retired New Yorkers need around $51,000 each year to cover living costs once Social Security kicks in, according to recent research. This figure comes from a study by GOBankingRates, which analyzed data from the Bureau of Labor Statistics and other sources.

That means for a comfortable retirement lasting 25 years, New Yorkers should aim to save about $1.27 million. A 2024 study found that many Americans think they need roughly $1.46 million for retirement, a figure that seems realistic for those in New York.

However, most people aren’t quite there—many have less than $89,000 saved for retirement, as reported by Northwestern Mutual.

New York ranks as the fifth most expensive state for retirees. If you’re looking for more affordable options, you might want to look beyond the tri-state area. For example, retirees in New Jersey need about $45,829 a year while those in Connecticut should budget around $43,697.

In contrast, Hawaii tops the list as the most expensive state for retirement, where annual costs soar to $87,770. Interestingly, even with $2 million saved, that might not last even 23 years there.

Massachusetts and California follow closely as the second and third most expensive states. On the flip side, West Virginia shines as the most affordable state for retirees, with annual expenses estimated at only $27,803—nearly half of what you’d need in New York.

Kansas, Mississippi, Oklahoma, and Alabama are also among the least expensive states for retirement.

Understanding these figures helps frame retirement planning. Many retirees are realizing that costs can vary greatly from state to state. It’s essential to consider where you might have the best quality of life within your budget.

Investing time in researching retirement costs can make a significant difference. Knowing the landscape helps guide smarter decisions for a secure and enjoyable retirement.

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