Key Takeaways
\nRetirees in 41 states and Washington, D.C. will run out of money in their lifetimes, according to a new analysis from Seniorly.New York, Hawaii, and Washington, D.C., top the list of places in the U.S. where retirees are most likely to outlive their savings.Conversely, retirees in Washington, Utah, and Montana are more likely to have a comfortable retirement savings cushion.<\/p>\n
Many Americans are expected to outlive their retirement savings, but where you live could drain your funds faster, according to a new report.\n<\/p>\n
Retirees in 41 states and Washington, D.C. will run out of money in their lifetimes, according to an analysis from Seniorly, an online marketplace for senior living, released Friday.\n<\/p>\n
The average shortfall between what retirees project they will spend during retirement and what they are likely to bring in from Social Security, savings, and investments is about $115,000, the company found.\u00a0\u00a0\n<\/p>\n
Factors such as income, local cost of living and life expectancy play important roles in a comfortable retirement, and this analysis highlights just how much where you live can affect your outcome.\n<\/p>\n
Simply put, retirees must plan to save more in order to live in a high-cost area.\n<\/p>\n
Where Retirees Are Most Likely To Outlive Their Savings <\/p>\n
New York tops the list of places in the U.S. where retirees are most likely to outlive their savings. There, the gap between what retirees will need (about $1.12 million) and their expected income\u00a0 ($670,000) is a staggering $448,000. The average life expectancy after retirement (which is measured in this analysis as after turning 65) is more than 19 years, one of the largest in the list.\n<\/p>\n
Because\u00a0 New Yorkers live longer than those in other areas of the country, they\u2019ll need to be prepared with more savings to cover that extra time.\n<\/p>\n
Retirees living in Hawaii will experience a $417,000 shortfall, while Washington, D.C. retirees are close behind in third, with a $407,000 gap. Alaska and California round out the top of the list of places retirees are most likely to outlive their savings, with shortfalls of $342,000 and $337,000, respectively. Retirees living in these five areas face staggeringly high living costs as well as steep health care expenses.<\/p>\n
\nThe map shows how retirees in each state (and Washington, D.C.) might fare based on average income and expenses in retirement.<\/p>\n
On the other hand, residents in nine states will likely have more than enough saved for retirement.\n<\/p>\n
Retirees in Washington tend to fare best as far as their savings cushions go. On average, they have a $146,000 surplus between what they are projected to earn and what they will need to spend in retirement. That\u2019s thanks to both a higher average retirement income of $1.13 million and relatively lower expenses.\u00a0\n<\/p>\n
Washington ranks as the state with the second-largest income for retirees, giving residents a hefty nest egg that can ensure financial stability.\n<\/p>\n
Retirees in Utah follow closely behind Washington, and are expected to have a surplus of about $121,000. The state also offers a much lower cost of living than Washington.\n<\/p>\n
Montana, Colorado, and Iowa round out the top five places where retirees\u2019 savings are most likely to last.<\/p>\n","protected":false},"excerpt":{"rendered":"Key Takeaways Retirees in 41 states and Washington, D.C. will run out of money in their lifetimes, according…\n","protected":false},"author":2,"featured_media":33360,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530],"class_list":["post-33359","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/33359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=33359"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/33359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/33360"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=33359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=33359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=33359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}