The article addresses concerns about running out of money in retirement, particularly in the context of economic uncertainty. It emphasizes the importance of careful planning, as most retirees need approximately 10 times their annual salary saved. Data reveals that Americans aged 55-64 have saved an average of $537,650, but there’s a stark variance in savings. Costs of living vary significantly between states, which profoundly affects how long retirement savings will last. Therefore, selecting a state with lower living costs can be critical for financial stability in retirement.
Running out of money in retirement is a major concern for Americans, driven by economic uncertainty and rising living costs. Choosing the right state can prolong retirement savings.
Remitly's analysis indicates the need for careful retirement planning that accommodates fluctuating living costs by state, impacting how far savings stretch in retirement.
The financial landscape suggests that individuals should have about 10 times their salary saved by retirement, yet savings vary significantly, highlighting economic disparities among retirees.
With average retirement savings around $537,650 and a median of $185,000 for ages 55-64, retirement security greatly varies, underscoring the importance of geographical planning.
Collection
[
|
...
]