Choosing the Right State Could Improve Your Long-Term Financial Security

Maximize your savings and boost your financial stability in retirement by wisely choosing where to live. As economic pressures heighten and many American citizens tap into their savings, certain states offer better financial security for retirees than others.

Facing Financial Instability

Many Americans are fearing bankruptcy over death in this era of financial instability. In the face of money woes, more individuals are turning to their retirement funds, making withdrawals at a rate higher than ever before.

Identifying Economic Worries

Economic fears for Americans spring from a variety of sources including concerns over recessions, inflation, healthcare, grocery and gas price increases, tariffs, and potential government cuts to Social Security and Medicaid. Personal finance advice provider Kiplinger, has prepared a list of states where your retirement savings will stretch the furthest.

Top 10 Affordable Retirement States

Check out these states where you need the least to retire, according to Kiplinger:

• West Virginia – $712,913
• Kansas – $741,455
• Mississippi – $753,472
• Pennsylvania – $864,633
• South Carolina – $869,140
• Minnesota – $870,642
• Wyoming – $872,144
• Illinois – $873,646
• North Carolina – $905,192
• Maryland – $924,720

Top 10 Costly Retirement States

The states where retirement savings need to be the highest are:

• Hawaii – $2,212,084
• Massachusetts – $1,645,764
• California – $1,612,716
• Alaska – $1,292,753
• New York – $1,292,753
• New Jersey – $1,163,566
• Vermont – $1,153,051
• Washington – $1,145,540
• Maine – $1,144,038
• Arizona – $1,133,522

Addressing the Retirement Savings Crisis

Shockingly, about 20 percent of adults aged 50 and above have no retirement savings according to a recent AARP survey. About 61 percent worry they won’t have enough funds to live on in retirement. With nearly 57 million people without access to a work-based retirement plan, more Americans are worrying about their financial future.

Changing the Retirement Landscape

John Tamny, founder and president of the Parkview Institute and senior fellow at the Market Institute, suggests that the Trump administration is making necessary changes to ensure long-term fiscal sustainability. He stresses the importance of planning retirement around resilience instead of fear in these increasingly uncertain times. Tamny also highlights the role of geography in retirement planning, particularly for Americans in high-cost states and coastal cities with high housing costs and climate-related pressures.

Choosing Where to Retire

Retirement planning isn’t just about how much you save, but also where you choose to spend those savings. For Americans living in high-cost states, relocating is a viable option thanks to the rise of remote work, more portable benefits, and expanding infrastructure.

Make Your Savings Last

Choose the right location and make your retirement savings last. With careful planning and strategic decisions, you can achieve financial stability and enjoy a worry-free retirement.