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On Track to Retire?

Do you know where you want to retire? The fact is, most of us don’t. Shawn Langlois, a social-media editor for Market Watch, breaks down some of the best states to retire in based on financials. Nationwide, the average yearly expenses for someone over the age of 65 is $51,624. Mississippi has the lowest annual expenses at $44,758, while Hawaii has the highest annual expenses at $99,170.  Taking into account life expectancy as well as yearly expenses, the average savings required for retirement in the U.S. is $904,452. States in the Northeast and the West require the highest savings for retirement, at over $1 million, while states in the South and the Midwest require the lowest savings. What steps are you taking to save for your retirement, and what policies do you think should be put in place to help Americans retire comfortably? Please let us know. If you’re looking for a bit more information about this topic, visit this more detailed analysis of the costs of retiring in each state.  11.05.19