Retirees in 41 U.S. states and Washington, D.C., lack sufficient financial resources to cover retirement expenses. Retirees have an average life expectancy of 18.2 years at age 65 and are expected to receive $762,000 from Social Security, savings, and investments over their retirement lifetime. Average living expenses total $877,000, producing an average shortfall of $115,000. New York shows the largest shortfall, with expenses of $1.1 million versus income of $670,000, leaving a $430,000 gap. Washington state shows a surplus of about $146,000. Many Americans believe they need $1.26 million to retire comfortably, and 51% expect they may lack sufficient funds.
The study found that in 41 U.S. states and in Washington, D.C., seniors do not have enough financial resources saved up for retirement. Retirees have an average life expectancy of 18.2 years at retirement age (65 years old) and are expected to bring in $762,000 across their retirement lifetime from Social Security, savings, and investments. However, their average living expenses are $877,000, leaving a gap of $115,000.
The study found that New York was the highest risk state for retirees running out of funds. Expenses in the state were $1.1 million, and income was $670,000, leaving a shortfall of $430,000. Washington is the top state where seniors are least likely to outlive their savings, with a surplus of about $146,000. A Northwestern Mutual report added to the findings by discovering that Americans believe they need $1.26 million to comfortably retire - that's the magic number for retirement savings.
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