Here Are the Top States Where Seniors Outlive Retirement Funds
Share this @internewscast.com

According to a June study from the nonprofit Transamerica Center for Retirement Studies, outliving savings and investments is among the most significant retirement fears confronting Americans.

This concern is underscored by a recent report from the senior living platform Seniorly, which found that retirees in nearly every state are expected to lack sufficient income to cover their retirement costs.

The research indicates that seniors in 41 U.S. states and Washington, D.C., have not saved enough for retirement. With an average life expectancy of 18.2 years starting at retirement age (65 years old), retirees are projected to generate $762,000 from Social Security, savings, and investments throughout their retirement. Yet, their average expenses total $877,000, resulting in a deficit of $115,000.

Seniorly compiled data from entities like the U.S. Social Security Administration and the Census Bureau to assess expected retirement income and expenses.

The study identified New York as the highest-risk state for retirees depleting their funds, with expenses totaling $1.1 million and income at $670,000, creating a $430,000 gap. Conversely, Washington state stood out as the least risky, with a surplus of about $146,000 for retirees.

Complementing these findings, a report from Northwestern Mutual revealed that Americans believe they need $1.26 million to retire comfortably. However, 51% of Americans feel it is somewhat or very likely that they will not have enough money to cover their retirement expenses.

Here are the 10 states where seniors are most at risk of outliving their retirement savings, according to Seniorly, based on average income across a retirement lifetime and average expenses across a retirement lifetime for each state.

1. New York

Expenses Across Retirement Lifetime: $1.1 million

Income Across Retirement Lifetime: $670,000

Shortfall: $430,000

2. Hawaii

Expenses Across Retirement Lifetime: $1.7 million

Income Across Retirement Lifetime: $1.3 million

Shortfall: $400,000

3. District of Columbia

Expenses Across Retirement Lifetime: $1.1 million

Income Across Retirement Lifetime: $736,000

Shortfall: $364,000

4. Alaska

Expenses Across Retirement Lifetime: $1.1 million

Income Across Retirement Lifetime: $712,000

Shortfall: $388,000

5. California

Expenses Across Retirement Lifetime: $1.3 million

Income Across Retirement Lifetime: $926,000

Shortfall: $374,000

6. Massachusetts

Expenses Across Retirement Lifetime: $1.3 million

Income Across Retirement Lifetime: $1 million

Shortfall: $300,000

7. Rhode Island

Expenses Across Retirement Lifetime: $960,000

Income Across Retirement Lifetime: $676,000

Shortfall: $284,000

8. Vermont

Expenses Across Retirement Lifetime: $1 million

Income Across Retirement Lifetime: $771,000

Shortfall: $229,000

9. Louisiana

Expenses Across Retirement Lifetime: $724,000

Income Across Retirement Lifetime: $479,000

Shortfall: $245,000

10. Connecticut

Expenses Across Retirement Lifetime: $1 million

Income Across Retirement Lifetime: $851,000

Approximate shortfall: $149,000

One of the greatest retirement fears Americans face is outliving their savings and investments, according to a June study from the nonprofit Transamerica Center for Retirement Studies.

A new report published earlier this month by the senior living platform Seniorly highlights these concerns by finding that retirees in nearly every state are expected to fall short of enough income to cover their retirement costs.

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 rest of this article is locked.

Join Entrepreneur+ today for access.

Share this @internewscast.com
You May Also Like

Safeguarding Your Business Against Deepfake Scams

Opinions expressed by Entrepreneur contributors are their own. In 2024, a scammer…

Carson Beck and Fellow Transfers Propel Miami to Triumph Over Notre Dame

MIAMI GARDENS, FL – AUGUST 31: Miami Hurricanes quarterback Carson Beck (11)…

Disneyland to Potentially Open Park in Emirates – Name Registration Uncovered

Could the Middle East’s first Disney resort be known as Emirates Disneyland?…

What Should the Indiana Pacers Focus on During Their ‘Rebuilding Year’?

CLEVELAND, OHIO – JANUARY 12: Jarace Walker #5 Andrew Nembhard #2 and…

Daniil Medvedev Concludes Long-Standing Collaboration With Coach Gilles Cervara After Eight Years

Daniil Medvedev of Russia and his coach Gilles Cervara pose with the…

MONSTA X Marks a Decade Together with the Release of Their New Album “THE X”.

MONSTA X – THE X – Forbes Exclusive Starship Entertainment It seems…

Today’s Hints and Answers for NYT Puzzles – Monday, September 1st

Happy Labor Day everyone! I hope you have the day off, and…

Compare All AI Models in One Convenient Location Without Switching Tabs

Disclosure: Our goal is to feature products and services that we think…

From Pizza Delivery Driver to Owner of 270 Shops: A Success Story

Over the course of just over thirty years, Nadeem Bajwa transformed from…