Research indicates that retirees in New York require an average of $50,997 annually to meet their living costs, even after accounting for Social Security benefits.
To arrive at this significant number, GOBankingRates utilized data on national average yearly expenditures for individuals aged 65 and above, sourced from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center.
Thus, for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings.Â
A 2024 survey showed that many Americans think they need about $1.46 million in savings before retiring — a number not too far from the truth if residing in New York.
However, most Americans have less than $89,000 saved for retirement, according to a Northwestern Mutual study released last year.
New York is the fifth most expensive state in which to retire, according to the study.Â
New Yorkers looking for cheaper places to retire will have to go further than the tri-state area, because your money won’t stretch much further there.
New Jersey retirees need $45,829 per year after Social Security to cover expenses, while Connecticut residents should budget $43,697 annually.
Hawaii is the most expensive state for retirees, where an eye-popping $87,770 is needed for annual expenses after factoring in Social Security.Â
There, $2 million in savings wonât even stretch for 23 years of retirement.
Meanwhile, Massachusetts and California came in as the second and most expensive states for retirees, respectively.
On the other end of the spectrum, West Virginia was crowned as the cheapest state in which to retire.
In the Mountain State, annual expenditures after Social Security are estimated to be just $27,803 â nearly half the estimated costs incurred in New York.
Kansas was named the second least expensive state for retirees, followed by Mississippi, Oklahoma and Alabamba.
Â
