Can you retire on less than $1 million in Wisconsin? 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.com.
But Wisconsin 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 Wisconsin and how far that money will last:
RELATED: Life expectancy has been declining in the U.S. How long can Wisconsinites expect to live?
How much do you need to retire in Wisconsin?
Here's how much money you need annually to retire comfortably in Wisconsin, according to GOBankingRates.com.
Annual cost of living: $55,158.37
Cost of living after using Social Security income: $33,021.25
How much you need in savings to retire: $825,531.30
How long does $1 million in retirement saving last in Wisconsin?
However, with the following expenditures, $1 million in Wisconsin will last a little over 18 years, according to GOBankingRates.com.
Annual groceries cost: $4,792
Annual housing cost: $9,868
Annual utilities cost: $4,215
Annual transportation cost: $4,913
Annual health care cost: $8,226
Total annual expenditures: $55,158
What is the average retirement age in Wisconsin?
The average retirement age in Wisconsin is 64 years old, according to MoneyTalksNews survey.
What are the best Wisconsin cities to retire to?
In a new GOBankingRates.com 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 Wisconsin cities on the list, and their total expenditures cost:
Wausau: $1,720
Stevens Point: $1,691
Kaukauna: $1,734
Manitowoc: $1,594
Oshkosh: $1,703
Racine: $1,808
Top 3 most expensive states to retire:
Here are the most expensive states to retire in the United States, according to GObankingrates.com.
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
RELATED: Are you in the middle class in Wisconsin? Here's how much money you'd have to make
This article originally appeared on Milwaukee Journal Sentinel: How much money you do you need to comfortably retire in Wisconsin?
