According to data from GOBankingRates, the average savings at retirement age in America is over $600,000, but $500,000 can still go a long way with smart planning and lifestyle adjustments. Factors such as inflation, housing costs, health insurance, and location can all affect how long your savings will last. At older than 65, the risk of running out of savings decreases as you begin to receive Social Security benefits. The GOBankingRates data ranks each state by how long $500,000 in savings plus Social Security can last, with Oklahoma ranked at the top, lasting 18.22 years.
Earning passive income can help stretch your savings further, and it doesn’t have to be difficult to start. States like Mississippi and Kansas also offer relatively long periods of time that $500,000 in savings can last when combined with Social Security benefits. Making smart financial decisions in retirement, such as avoiding keeping unnecessary expenses in your budget, can also help make your savings last longer. Consult with a financial advisor before making any decisions about retiring to ensure that you are making the best choices for your financial future.
The data reveals that states like West Virginia, Alabama, and Missouri have a medium range of how long $500,000 in savings will last when combined with Social Security benefits. Factors such as annual expenditure, cost of living, and other financial considerations play a role in determining how long your savings will last. It is important to be aware of your spending habits and have a clear understanding of your financial situation to make informed decisions about retirement.
States like Iowa, Tennessee, and Michigan offer shorter periods of time that $500,000 in savings can last when combined with Social Security benefits. It is essential to carefully consider your retirement plans and budgeting to ensure that you can comfortably live on your savings. Making adjustments to your lifestyle and financial habits, such as prioritizing essential expenses and cutting back on unnecessary spending, can help make your savings last longer and provide financial security in retirement.
States like Idaho, Florida, and Nevada have the shortest periods of time that $500,000 in savings will last when combined with Social Security benefits. These states may have higher costs of living and expenses, making it more challenging to stretch your savings. It is crucial to carefully plan and budget for retirement, considering factors like healthcare costs and inflation to ensure that you can maintain a comfortable lifestyle throughout your retirement years.
In order to determine how long $500,000 will last in each state, GOBankingRates used data from the Bureau of Labor Statistics, the Social Security Administration, and the Missouri Economic Research and Information Center. By considering factors such as cost of living, average annual expenditures, and state-specific data, GOBankingRates was able to rank all 50 states by how far $500,000 in savings plus Social Security benefits can go. This data can help individuals make informed decisions about their retirement planning and budgeting to ensure financial security in their later years.
