Based on a new analysis, seniors will probably miss their pension savings in the 41 state.
Americans are afraid to transfer their money as much as any other possible pension failure, including health failure, according to a non -profit transamerica pension study center in June. In the report.
Another latest survey of Allianz Life shows that we are afraid that there will be more money than death itself.
In its new report, the Senior Living Platform Seniorly publishes is provided by the expected pension income and expenses in each state, starting at 65.
Here’s what the analysis found:
On average, an American pensioner can expect about $ 762,000 from social security and other benefits, saving and investment.
A typical pensioner can expect living costs to be $ 877,000 in retirement.
This leaves the average pension deficiency of $ 115,000.
“Where you retire can be equally important as you save how much you save,” said Christine Healy, a senior growth officer.
The report is based on the calculations of the lifespan of the state at the age of 65 (on average about 18 years), on average pension benefits, average net value and expected pension costs.
Retirees are usually based on social security to cover many of their expenses as well as retirement savings. Social security benefits will not disappear, but savings can. That is why many Americans talk about $ 1 million. USD or more to save the need for a pension that can last 30 or 40 years.
“In some states,” the senior report found, ‘your affordable subsistence costs and modest costs make it easier to save your savings and maintain your proper quality of life. In other cases, high prices may drain those savings for a long time before a person’s needs begin to decline. “
Not surprisingly, seniors are more prone to their savings in states with loud cost of living, including New York, California, Massachusets, Alaska and Hawaii.
On the contrary, retirees have a financial advantage in Washington, Utah, Montana and Colorado, where residents use high pension income and expenses that, although not low, are quite controlled.
“The results emphasize that the place is very important – not only the level of income, but how those dollars interact with the needs of livelihood, longevity and health care,” Hely said.
Here are 10 states, including Colombia County, where seniors usually miss their savings:
The view of Manhattan at night from the top of the rock watching deck 30 in the center of the Rockefeller in New York.
New York; The average elder can expect about $ 1.1 million. USD and $ 670,000 revenue in 19.4 years of pension life expectancy. Forecast disadvantage: $ 448,000.
Hawaii. Seniors can expect $ 1.3 million. USD revenue and $ 1.7 million. USD costs over 20.6 years of retirement. Forecast disadvantage: $ 417,000.
Columbia County. Averaged $ 1.1 million. USD, and income is $ 736,000 in a 18.3 year pension. Expected disadvantage: $ 407,000.
The image of the new Bering Sea ice, which has just been formed at Nome, Alaska, USA, 2018. December 21, the winter solstice.
Alaska. Income on average is $ 712,000 and an average cost of $ 1.1 million. USD compared to 17.9 years of pension. Disadvantage: $ 342,000.
California. Seniors can expect $ 926,000 and $ 1.3 million. USD spending on retirement at 19.3 years. Disadvantage: $ 337,000.
Massachusetts. Income on average is $ 1 million. USD, with an average cost of $ 1.3 million. USD compared to 19.6 years. Forecast disadvantage: $ 294,000.
Rhode Island. Seniors can expect that income will be $ 676,000 and expenses to $ 960,000 in 19 years of retirement. Forecast disadvantage: $ 284,000.
The Lyman Bridge includes the Connecticut River to connect the cities of Hartford, Vermont and Lebanese, the new Hampshire.
Vermont. Retirees can expect income to be $ 771,000 and $ 1 million. USD-PER 19.4 year pension. Forecast disadvantage: $ 248,000.
Louisiana. On average, a 16.8-year pension is $ 479,000 and $ 724,000 costs. Expected disadvantage: $ 244,000.
Connecticut. Retirees can expect income to be $ 851,000 and $ 1 million. USD-PER 19.9 year pension. Disadvantage: $ 193,000.
The report states that only nine states where pensioners can expect retirement financial surplus, a certain combination of lower costs and higher income.
Here is the “excess” pension states:
Haze hangs over Seattle’s panorama when Washington’s ferry wenatchee and sailboat browsing the waters of the Bainbridge Island Rockaway Beach Wednesday, 2020. September 30th
Washington. Retirees can expect a huge average income of $ 1.1 million. USD and expenditure is $ 989,000 in a 19.1 year pension. Predicted excess: $ 146,000.
Utah. Seniors can expect revenue to be $ 944,000 and expenditure at $ 873,000 in retirement in 18.8 years. Predicted excess: $ 121,000.
Montana. On average, $ 820,000 and $ 863,000 in 18.4 years’ pension. Predicted excess: $ 43,000.
The first light shines in the distant mountains and brushes wild flowers along the path Ridge Rocky Mountain National Park in Colorado.
Colorado. Income on average is $ 956,000 and an average pension of $ 918,000 compared to 19.1 years. Predicted excess: $ 38,000.
Ajova. Retirees can expect income to be $ 802,000 and expenses to $ 770,000 in a 18.6-year pension. Predicted excess: $ 32,000.
Minnesota. Averages of $ 840,000 on average and $ 863,000 in revenue compared to a 19.4-year pension. Predicted excess: $ 23,000.
Maryland. Seniors can expect income to be $ 1 million. USD and expenditure is $ 993,000 in a 18.7 year pension. Predicted excess: $ 13,000.
Kansas. Retirees can expect income to be $ 755,000 and expenses to $ 746,000 in 18 years of pension. Predicted excess: $ 8,000.
South Carolina. Seniors can expect revenue to be $ 763,000 and expenditure is $ 761,000 in 17.4 years. Predicted excess: $ 2,000.
Here are some tips to avoid retirement savings:
The life expectancy of America is about 78 years. However, when you reach a retirement age, your life expectancy is longer. For example, a 70 -year -old woman can expect to live up to 87.
Many older Americans do not know how long their pension will last: in other words how long they will live.
Long -term literacy is important when planning a pension. If your retirement budget is assumed that you will live up to 75 and you will reach 95, you will probably run out of money.
One of the assured fire methods to build a pension is an aggressive contribution to a workplace pension account.
The most successful retirement savings usually start saving early, at least 10% of their income accounts for up to 401 (K) and constantly saves until they retire.
And try not to save your pension savings for household costs. Instead, open an emergency savings account.
The longer you wait for social security, the higher your monthly benefits checks will be.
Based on the longevity data above, it is usually better to demand social security later if you can afford to wait. Ideally, wait up to 70 years when your monthly benefits disappear.
In the recent story, USA Today explained mathematics of this thumb rule.
This article initially appeared in USA Today: In these 41 states, pensioners risk saving their savings
