Retired New Yorkers need an average of $50,997 per year to cover their living expenses after factoring in Social Security payments, new research has found.
GOBankingRates gathered national average annual expenditures data for people 65 and older from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center in order to calculate the eye-popping figure.
Thus, for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings.
A 2024 study revealed many Americans believe they should have about $1.46 million stashed away before giving up work — and that figure isn’t far removed from reality if you live in the Empire State.
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.
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.
There, $2 million in savings won’t 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 — 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.
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