Cost to retire each state

[hurleyjd]

Open and scroll through to see if you have enough to retire in your state or any other.

https://www.msn.com/en-us/money/retirem ... hp#image=1

 

[Dave]

Who and how did they come up with these numbers? According to this thing I need 1.6 mil to retire in Oregon. I am retired and living very comfortably with a whole lot less than 1.6 mil. An annual housing cost of $31,083? What they figure you need to buy a $400,000 home with no down payment? A $3,183 annual utility bill? I guess it takes a lot of power to heat that $400,000 home. I have a 1,850 sq foot home in one of the colder parts of the state and my utility bill is a third of that. These internet experts maybe aren't so expert.

 

[Lucky]

Yestery I read a break down on the cost to keep a horse for a year, the article said around $3,600 not including boarding cost. Think I'm at $225 for the year. All these articles are flawed. Some people could spend 1.6 million in a year some couldn't do it in 30 years.

 

[jltrent]

I have some neighbors that are up in years who live on a $400/mo SS check. They have worked hard all their life also. Just didn't get the perks and big money. I see a lot of this in the future for people.

 

[Caustic Burno]

Last I read the national average is 45k a year for retired households.

 

[backhoeboogie]

Last I read the national average is 45k a year for retired households.

That'll make a whole lot of people good for at least 15 or 20 minutes.

I've never understood people who live beyond their means. Then there are the folks who think they can borrow themselves out of debt.

Wants and needs are two different things.

Property taxes, insurance and utilities.

 

[hurleyjd]

I have some neighbors that are up in years who live on a $400/mo SS check. They have worked hard all their life also. Just didn't get the perks and big money. I see a lot of this in the future for people.[/quot

They may need to do some checking if over 65. They may be able to get rental assistance also. Plus here is what they should have been getting in 2017.

he SSI program (or Title XVI of the Social Security Act 1611) provides monthly federal cash assistance of up to $735 for an individual and $1,103 for a couple (as of 2017)[35] to help meet the costs of basic needs of food, shelter, and clothing. In most states, SSI eligibility usually assures concurrent access to important medical coverage under the various state Medicaid programs and sometimes access to Section 8 housing benefits. In some states, supplemental payments are made by the state, increasing the cash assistance available through SSI. For example, the state of California (through its State Supplementation Program or SSP) increases the cash assistance, making the total 2015 SSI benefit $889.40 per month

 

[Caustic Burno]

Last I read the national average is 45k a year for retired households.

That'll make a whole lot of people good for at least 15 or 20 minutes.

I've never understood people who live beyond their means. Then there are the folks who think they can borrow themselves out of debt.

Wants and needs are two different things.


Property taxes, insurance and utilities.

Most retired households are more than 1k a month behind working households.
That's the average

 

[Brute 23]

Who and how did they come up with these numbers? According to this thing I need 1.6 mil to retire in Oregon. I am retired and living very comfortably with a whole lot less than 1.6 mil. An annual housing cost of $31,083? What they figure you need to buy a $400,000 home with no down payment? A $3,183 annual utility bill? I guess it takes a lot of power to heat that $400,000 home. I have a 1,850 sq foot home in one of the colder parts of the state and my utility bill is a third of that. These internet experts maybe aren't so expert.

$31,083 is about right... actually seems a little cheap... if you are still paying a mortgage or renting. When you factor in a mortgage, rent, utilities, maintenance, property taxes, insurance, etc. That's only $1300 a month.

$31K a year won't get you any where near a $400K home either.

 

[Caustic Burno]

Most will be shock in retirement .

https://www.google.com/amp/s/www.fool.c ... pared.aspx

 

[Dave]

Who and how did they come up with these numbers? According to this thing I need 1.6 mil to retire in Oregon. I am retired and living very comfortably with a whole lot less than 1.6 mil. An annual housing cost of $31,083? What they figure you need to buy a $400,000 home with no down payment? A $3,183 annual utility bill? I guess it takes a lot of power to heat that $400,000 home. I have a 1,850 sq foot home in one of the colder parts of the state and my utility bill is a third of that. These internet experts maybe aren't so expert.

$31,083 is about right... actually seems a little cheap... if you are still paying a mortgage or renting. When you factor in a mortgage, rent, utilities, maintenance, property taxes, insurance, etc. That's only $1300 a month.

$31K a year won't get you any where near a $400K home either.

Where did you come up with $1,300 a month? $31,083 is $2,590 a month. The mortgage payment on $400,000 at 5% is $2,147 a month or $25,764 annually. Taxes will vary some depending on the community but I paid way more than that for my place and the property taxes are about $2,500 a year. Again based on my cost for insurance which are high because the nearest fire district is over 30 miles away, $1,600 annually. So that is still under $30,000 annually for that $400,000 home with no down payment. Utilities were listed as a separate item. So a retired couple buys a $200,000 place which there are lots of nice places for $200,000 and less their cost to retire are a whole lot lower than the amount listed. And renting is a lot less. No taxes, maintenance, renters insurance is cheap because you are only insuring contents. You can rent some of the nicest places in town for $1,500 a month.

 

[TennesseeTuxedo]

You'd better be 100% debt free with your home/land and all equipment or toys paid for to retire on the numbers in that article.

 

[Caustic Burno]

Who and how did they come up with these numbers? According to this thing I need 1.6 mil to retire in Oregon. I am retired and living very comfortably with a whole lot less than 1.6 mil. An annual housing cost of $31,083? What they figure you need to buy a $400,000 home with no down payment? A $3,183 annual utility bill? I guess it takes a lot of power to heat that $400,000 home. I have a 1,850 sq foot home in one of the colder parts of the state and my utility bill is a third of that. These internet experts maybe aren't so expert.

$31,083 is about right... actually seems a little cheap... if you are still paying a mortgage or renting. When you factor in a mortgage, rent, utilities, maintenance, property taxes, insurance, etc. That's only $1300 a month.

$31K a year won't get you any where near a $400K home either.

Where did you come up with $1,300 a month? $31,083 is $2,590 a month. The mortgage payment on $400,000 at 5% is $2,147 a month or $25,764 annually. Taxes will vary some depending on the community but I paid way more than that for my place and the property taxes are about $2,500 a year. Again based on my cost for insurance which are high because the nearest fire district is over 30 miles away, $1,600 annually. So that is still under $30,000 annually for that $400,000 home with no down payment. Utilities were listed as a separate item. So a retired couple buys a $200,000 place which there are lots of nice places for $200,000 and less their cost to retire are a whole lot lower than the amount listed. And renting is a lot less. No taxes, maintenance, renters insurance is cheap because you are only insuring contents. You can rent some of the nicest places in town for $1,500 a month.

Y'all are leaving off the biggest cost.
Medical will eat more of the budget yearly.
It will surely be an eye opener. You have to remember most are on a fixed income that doesn't keep up with COL.

 

[Brute 23]

Who and how did they come up with these numbers? According to this thing I need 1.6 mil to retire in Oregon. I am retired and living very comfortably with a whole lot less than 1.6 mil. An annual housing cost of $31,083? What they figure you need to buy a $400,000 home with no down payment? A $3,183 annual utility bill? I guess it takes a lot of power to heat that $400,000 home. I have a 1,850 sq foot home in one of the colder parts of the state and my utility bill is a third of that. These internet experts maybe aren't so expert.

$31,083 is about right... actually seems a little cheap... if you are still paying a mortgage or renting. When you factor in a mortgage, rent, utilities, maintenance, property taxes, insurance, etc. That's only $1300 a month.

$31K a year won't get you any where near a $400K home either.

Where did you come up with $1,300 a month? $31,083 is $2,590 a month. The mortgage payment on $400,000 at 5% is $2,147 a month or $25,764 annually. Taxes will vary some depending on the community but I paid way more than that for my place and the property taxes are about $2,500 a year. Again based on my cost for insurance which are high because the nearest fire district is over 30 miles away, $1,600 annually. So that is still under $30,000 annually for that $400,000 home with no down payment. Utilities were listed as a separate item. So a retired couple buys a $200,000 place which there are lots of nice places for $200,000 and less their cost to retire are a whole lot lower than the amount listed. And renting is a lot less. No taxes, maintenance, renters insurance is cheap because you are only insuring contents. You can rent some of the nicest places in town for $1,500 a month.

Ya tring to do too many things at once you are correct but I still dont think its that much if all you stuff is not already paid off like TT said.

 

[Caustic Burno]

You'd better be 100% debt free with your home/land and all equipment or toys paid for to retire on the numbers in that article.

You are 100% correct also if your living paycheck to paycheck you better hang on to that job.

 

[Silver]

I have enough saved up to retire tomorrow.


As long as I get shot tonight. :banana:

 

[hurleyjd]

I know quite a few folks that have retired around Lake Fork. Most of the men either play golf or fish. And the wife goes to work to help buy groceries.

 

[76 Bar]

I have enough saved up to retire tomorrow.


As long as I get shot tonight. :banana:

Macabre aside, love your sense of humor... :roll: :roll: :roll:

 

[Jogeephus]

I'm planning on working the rest of my life so I can leave my children some of that white privilege that offends so many these days.

 

[True Grit Farms]

The dead and freeloaders have lived rent free and ate off the taxpayers that are still trying to pay their mortgage off on SS. That's a bunch of bs.