Can you retire on less than $1 million in Ohio? Here's how much you'll need
American workers now believe they'll need an average of $1.8 million for retirement, compared to $1.7 million the previous year, according to a Charles Schwab survey. But only 37% of workers think it's very likely they'll achieve this target.
Depending on which state you live in, you might need more than a million dollars to retire. Residents in more than a dozen states should save at least that much for retirement, according to a new report from GOBankingRates.
But Ohio still remains one of the states where you don't have to save a million dollars to be able to retire, according to the report.
To calculate the amount needed for retirement, the site determined the annual expenses for housing, food, utilities, transportation and health care for each state using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center. Those numbers were multiplied by 25 or 30 years, excluding social security rates.
Here's a look at just how much you need to retire in Ohio and how far that money will last.
Ohio life expectancy: After declines in U.S. life expectancy, how long can Ohioans expect to live?
How much do you need to retire in Ohio?
Here's how much money you need annually to retire comfortably in Ohio, according to GOBankingRates.
Annual cost of living: $53,308.20
Cost of living after using Social Security income: $31,171.08
How much you need in savings to retire: $779,276.90 (cost of living after using Social Security income multiplied by 25).
Ohio is No. 17 for retirement savings, just ahead of No. 18 Texas ($790,840.50) and No. 19 Kentucky ($793,731.40). The Buckeye State came in just behind No. 16 South Dakota ($773,495.10) and No. 15 Illinois ($773,495.10).
Retirement comes earlier than many think Here's why, how much you should have saved.
How long does $1 million in retirement savings last in Ohio?
However, with the following expenditures, $1 million in Ohio will last a little over 18 years, according to a different GOBankingRates analysis.
Annual groceries cost: $4,816
Annual housing cost: $9,167
Annual utilities cost: $4,151
Annual transportation cost: $4,745
Annual health care cost: $7,630
Total annual expenditures: $53,308
What is the average retirement age in Ohio?
The average retirement age in Ohio is 63 years old, according to MoneyTalksNews survey.
What are the best Ohio cities to retire to?
In another GOBankingRates report, 136 U.S. cities were analyzed to see where the monthly average total cost for retirees was equal to or less than $3,500, along with other factors like livability and home values in the area. Here are the top Ohio cities on the list, and their total expenditures cost:
Akron: $1,662
Kent: $1,669
Tiffin: $1,550
University Heights: $1,682
Bowling Green: $1,678
Steubenville: $1,733
Alliance: $1,624
Athens: $1,668
Marietta: $1,760
Top 3 most expensive states to retire:
Here are the most expensive states to retire in the United States, according to GObankingrates.
Hawaii: How much you need to save to retire: $2,036,818
Massachusetts: How much you need to save to retire: $1,585,838
California: How much you need to save to retire: $1,418,165
Top 3 least expensive states to retire:
West Virginia: How much you need to save to retire: $678,095
Mississippi: How much you need to save to retire: $699,777
Oklahoma: How much you need to save to retire: $701,222
What do Ohioans need for retirement? Retirement comes earlier than many think. Here's why, how much you should have saved.
This article originally appeared on Milwaukee Journal Sentinel: How much money do you need to comfortably retire in Ohio?
