The size of your Social Security check changes the nest egg you need more than any differences between states.
Under the 4% rule, each additional $100 a month in benefits cuts the savings a single retiree needs by about $30,000, regardless of state.
A maximum earner who delays to 70 can cover the average comfortable budget on Social Security alone, with essentially nothing saved—but very few qualify for the maximum benefit.
For a single retiree, your monthly Social Security benefit shapes the savings you need more than your address does—there's no second check to fall back on.
But regional costs of living matter, too. An Investopedia ******* ysis of federal cost and benefit data found that the savings a typical single American age 65 or older needs for a comfortable retirement is about $898,000. The least expensive state, North Dakota, runs about $644,000, while the priciest, New Jersey, costs about $1.02 million—a spread of about $375,000.
#security #check #retiree
Under the 4% rule, each additional $100 a month in benefits cuts the savings a single retiree needs by about $30,000, regardless of state.
A maximum earner who delays to 70 can cover the average comfortable budget on Social Security alone, with essentially nothing saved—but very few qualify for the maximum benefit.
For a single retiree, your monthly Social Security benefit shapes the savings you need more than your address does—there's no second check to fall back on.
But regional costs of living matter, too. An Investopedia ******* ysis of federal cost and benefit data found that the savings a typical single American age 65 or older needs for a comfortable retirement is about $898,000. The least expensive state, North Dakota, runs about $644,000, while the priciest, New Jersey, costs about $1.02 million—a spread of about $375,000.
#security #check #retiree
17 hours ago
