Tue, Dec 21, 2021 10:47 AM
By Samuel Stebbins, 24/7 Wall St. via The Center Square, The Center Square
A 2019 report from the Federal Reserve found that nearly one in every four American adults have no retirement savings. During the economic crisis brought on by the COVID-19 pandemic, that share has likely grown. Despite stimulus payments and enhanced unemployment benefits, millions of Americans have reduced retirement account contributions or stopped them entirely -- some have even been forced to make withdrawals. Here is what you can do if the coronavirus is threatening your retirement.
At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year. Multiply those figures, and add in a little extra for unforeseen expenses and additional financial security, and a comfortable retirement costs an estimated $1,120,408 in the United States.
The average 65 year old living in Oregon can expect to spend a total of $1,150,960 to retire comfortably -- about $30,550 more than the typical American. Life expectancy at age 65 in Oregon is in line with the national average, and the higher retirement costs are attributable primarily to a higher than average cost of living in the state.
Goods and services are 2.2% more expensive in Oregon than they are on average nationwide. As a result, the average annual expenditure of a retirement age state resident is about $1,100 more than it is across the U.S.
State level calculations in this story are based on the average annual expenditure of $50,220 for Americans 65 years and older in 2019, as reported in the BLS Consumer Expenditure Survey. This figure is adjusted by state to account for both cost of living and life expectancy at age 65, and then multiplied by 115% in order to reflect greater financial stability and comfort in retirement. All data in this story is from the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Institute for Health Metrics and Evaluation.
RankStateHow much you need to comfortably retireLife expectancy at age 65 (yrs.)Cost of living1Hawaii$1,481,33686.519.3% more than avg.2California$1,391,54785.716.4% more than avg.3New York$1,383,63585.616.3% more than avg.4New Jersey$1,359,96885.316.0% more than avg.5Massachusetts$1,268,81084.910.4% more than avg.6Washington$1,245,82584.98.4% more than avg.7Connecticut$1,237,06985.45.0% more than avg.8Maryland$1,219,12084.67.7% more than avg.9Florida$1,184,11085.31% more than avg.10New Hampshire$1,180,93384.26.5% more than avg.11Vermont$1,178,95884.83.1% more than avg.12Colorado$1,177,00685.01.9% more than avg.13Alaska$1,159,33984.15.1% more than avg.14Oregon$1,150,96084.52.2% more than avg.15Minnesota$1,148,93885.32.0% less than avg.16Rhode Island$1,146,67484.61.3% more than avg.17Virginia$1,140,82484.51.3% more than avg.18Arizona$1,117,88485.13.7% less than avg.19Delaware$1,113,68684.40.6% less than avg.20Illinois$1,096,90384.52.6% less than avg.21Utah$1,086,76784.53.5% less than avg.22Maine$1,072,42183.70.7% less than avg.23Texas$1,070,04884.23.5% less than avg.24Pennsylvania$1,064,38884.03.0% less than avg.25Nevada$1,063,15283.92.6% less than avg.26Wisconsin$1,045,57884.78.1% less than avg.27New Mexico$1,036,47684.78.9% less than avg.28Idaho$1,033,01684.47.8% less than avg.29Wyoming$1,029,02084.27.2% less than avg.30Michigan$1,007,48483.97.7% less than avg.31North Dakota$1,005,68284.510.7% less than avg.32Nebraska$1,002,76584.410.5% less than avg.33Iowa$1,002,30384.511.0% less than avg.34North Carolina$1,000,93583.98.3% less than avg.35Montana$998,98383.56.5% less than avg.36Georgia$995,77783.56.8% less than avg.37South Dakota$983,71884.412.2% less than avg.38Kansas$978,79884.010.8% less than avg.39South Carolina$967,04583.38.5% less than avg.40Missouri$952,82183.611.3% less than avg.41Indiana$942,57583.411.3% less than avg.42Tennessee$937,66083.110.3% less than avg.43Ohio$929,17683.211.6% less than avg.44Louisiana$918,84483.112.1% less than avg.45Oklahoma$901,45582.912.8% less than avg.46Kentucky$883,33282.512.6% less than avg.47West Virginia$880,30082.512.9% less than avg.48Alabama$877,07282.714.2% less than avg.49Arkansas$875,61182.915.3% less than avg.50Mississippi$857,88682.615.6% less than avg.