When it comes to retirement planning, seniors take a lot of factors into consideration. If they lived in one place in their adult lives, chances are they’ll remain there. Those thinking of relocating will evaluate such concerns as cost of living, climate, access to healthcare, taxes, and crime rate.
Out of all those, the cost of living will likely prove the key consideration. World Population Review has analyzed all 50 states and determined what it considers the average yearly cost of living expenses. Here are the 10 most expensive retirement locations based on that metric:
- Hawaii $99,170
- California $71,809
- New York $69,847
- Massachusetts $69,279
- Oregon $68,712
- Maryland $67,214
- Alaska $66,956
- Connecticut $66,543
- New Jersey $64,736
- Rhode Island $62,413
Analysts also determined the amount of retirement savings seniors would need to cover that level of expenses for about 20 years. Estimates ranged from around $1.8 million for Hawaii to $1.2 million for Rhode Island.
Council of Seniors Works to Enhance Your Benefits
Retirees sometimes find they just don’t have enough income to meet their needs. That’s one reason why Council of Seniors is working tirelessly to get Congress to pass The SAVE Benefits Act. Meager Social Security cost of living adjustments (COLAs) in some recent years withheld $581 from seniors. The passage of this bill will ensure that this money is returned.
Signing our petition today is the first step you can take to help.
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