"Seniors in 41 states are projected to have more expenses than income during their golden years, putting them at risk for outliving their retirement savings, according to a new study by Seniorly, an assisted living online marketplace. The amount they're missing, on average, over the course of their retirement years: $115,000. RELATED: Leaving California: Where's the best state to move to in 2025? In California, the gap between projected income and expenses for retirees is far higher: $337,000. Along with the Golden State, three other states New York, Hawaii and Alaska have the nation's highest retirement gaps, where people's income likely can't keep up with expenses."
"But states with a lower cost of living didn't necessarily mean a better financial situation for their seniors, in this analysis. Mississippi, for example, is second the cheapest to live, according to Seniorly's findings, but it ranks No. 12 for a retirement gap. Its retirees need $162,000 in retirement savings to match their expenses over the course of retirement. That is almost $50,000 larger than the national average gap. West Virginia and Alabama are in a similar position, with some of the nation's lowest costs during retirement, but savings so low they create a gap."
Forty percent of baby boomers fear they will outlive their retirement savings. Retirees in 41 states are projected to have expenses that exceed income during retirement, producing an average shortfall of $115,000 over retirees' later years. California shows a much larger gap of $337,000, with New York, Hawaii and Alaska also among the largest shortfalls. Low cost of living does not guarantee financial security; states like Mississippi, West Virginia and Alabama show large gaps due to low savings. Some states, such as Washington, are projected to have financial surpluses for retirees. Average life expectancy after 65 is about 18.2 years.
Read at www.mercurynews.com
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