According to a GoBankingRates study, retiring comfortably in California requires careful financial planning, as $1 million in savings and Social Security benefits lasts approximately 16.2 years. This reflects California's high cost of living, being the second most expensive state to retire in after Hawaii. The average monthly expenditures for a Californian are around $2,269, further emphasizing the financial strain on retirees. With retirement savings needs rising, individuals must reassess their financial strategies or consider moving to more affordable states.
"Not too long ago, it was considered bold to claim that people need $1 million for a comfortable retirement," GoBankingRates writer Heather Taylor wrote in a Feb. 13 article.
"As the cost of living continues to rise and more retirees lead longer lifespans, those approaching retirement will either need to start saving more money or relocate to a state where their savings and Social Security benefits can last," Taylor wrote.
In California, $1 million in retirement savings along with Social Security benefits would last about 16.2 years, according to GoBankingRates.
The average Californian pays $2,269 per month for expenditures, highlighting the significant costs retirees face in the Golden State.
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