The US states where retirement savings run out the fastest

At the time of thinking about retirement in the United States, the dream of workers is to arrive with enough money to not have to worry about economic support. In that sense, there is a figure on which there is usually consensus that it will be sufficient support. However, A recent study finds that in many states, retirement savings must be larger or they will be depleted quickly..

The report was carried out by GoBankingRates and compares the performance of US$1,000,000, a figure usually considered enough retirement savings to live without problems, in different states. Along with the variables, the result of how long one can reside in each location with that money was added. To carry it out, data from the Bureau of Labor Statistics (BLS) for 2020 was analyzed and the annual costs of factors such as housing, transportation, health services and groceries, among others, were taken into account.

New York and California, among the states with the highest cost of living

The conclusion of the analysis was that In many places, a million dollars does not cover twenty years of life. The state with the most expensive cost of living was Hawaii, where that amount would cover just over ten years. Next, Massachusetts, California and New York were present on the list. The first five positions, that is, the most expensive states, and the time you can live with US$1,000,000 in each one are:

For its part, the report also cited a survey by the consulting firm Schwab Retirement Plan Services that reveals that Currently, an American needs to save about US$1,900,000 to be able to think about retiring and living comfortably.. If the calculation does not provide favorable results, the options are to find a way to generate more money or extend the working life and postpone retirement.