This is how much money you need for a ‘comfortable’ retirement in NC, report says
Cost of living varies across the country, and a new report reveals just how much is needed to comfortably retire in North Carolina.
GoBankingRates, a personal finance website, compiled the average retirement income for each state based on multiple factors, including the costs for groceries, healthcare, housing, utilities and transportation, along with an additional 20% to account for a “comfortable aspect of retirement.”
“There’s not a one-size-fits-all answer. There are several rules of thumb to help you figure out how much to save to retire,” the report says. “But the exact dollar amount you need will depend on a variety of factors — especially where you plan to live in retirement. That’s because the cost of living varies from state to state. In some places, you can get by on a small nest egg, while in others, even $2 million won’t be enough.”
According to the report, you’ll need $69,237 annually to retire in North Carolina, based on total expenditure of $55,390 and a 20% buffer of $13,847.
But some states are cheaper to retire in, and others are even more expensive — at nearly double the cost needed to settle down in NC.
Here’s a look at how North Carolina compares to other states across the U.S., based on the total cost needed annually to retire comfortably, according to the report:
Alabama: $63,744
Alaska: $90,557
Arizona: $77,404
Arkansas: $65,118
California: $100,965
Colorado: $75,742
Connecticut: $82,680
District of Columbia: $108,192
Delaware: $74,657
Florida: $73,646
Georgia: $64,539
Hawaii: $131,175
Idaho: $71,694
Illinois: $66,563
Indiana: $66,129
Iowa: $64,973
Kansas: $63,022
Kentucky: $68,298
Louisiana: $66,635
Maine: $81,307
Maryland: $87,233
Massachusetts: $103,422
Michigan: $66,563
Minnesota: $69,092.51
Mississippi: $62,154
Missouri: $64,973
Montana: $74,441
Nebraska: $65,985
Nevada: $73,501
New Hampshire: $82,824
New Jersey: $80,728
New Mexico: $68,008
New York: $91,497
North Carolina: $69,237
North Dakota: $69,382
Ohio: $66,057
Oklahoma: $62,805
Oregon: $83,981
Pennsylvania: $70,104
Rhode Island: $80,801
South Carolina: $69,671
South Dakota: $67,503
Tennessee: $65,334
Texas: $67,141
Utah: $74,224
Vermont: $83,547
Virginia: $74,152
Washington: $83,475
West Virginia: $64,539
Wisconsin: $68,731
Wyoming: $66,563
▪ Methodology: For the report, the costs were determined based on data from the Bureau of Labor Statistics, the Missouri Economic Research and Information Center. You can find more information about the methodology for the spending estimates in the full report online at gobankingrates.com.