Across America, the most affordable provinces are to retire in south Wales. Over 20 years of retirement In Mississippi, a middle -class couple only need about $ 270,000 after social security, according to recent Gobankingrates research.
Amount required for 20 years retirement with social security: $ 555,068
Amount required for 20 years retirement without social security: $ 1,017,227
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Middle class income range: $ 60,649 to $ 181,948
Amount required for 20 years retirement with social security: $ 750,828
Amount required for 20 years retirement without social security: $ 1,212,987
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Middle class income range: $ 38,611 to $ 115,834
Amount required for 20 years retirement with social security: $ 310,068
Amount required for 20 years retirement without social security: $ 772,227
Methodology: For this study, gobankingrates analyzed each state to find out how much you will need to save for retirement. First Gobankingrates found the total population, population aged 65 and over, total households, and home median income, all coming from the US Census American Community survey. Using living costs for each state, as accessed from the Missouri Research and Economic Information Center, and average living costs for retired residents, as brought to the Labor Consumer Expenditure Survey Office, the average spending costs for each state were calculated. The average family value of December 2024 was obtained from the Zillow home value index and the average mortgage cost was calculated (assuming a minimum 10% payment and using the average fixed mortgage rate of 30 years, as brought to the federal federal economic research). Using the average mortgage and average spending costs, average living costs were calculated. A middle class income is defined by the Pew Research Center as two -thirds to double the national median income. The minimum income needed to be a middle class was calculated and the savings needed to retire were calculated. The average income for one person from the Social Security Ministry was achieved for December 2024, and the retirement savings needed after social security benefits. All data was collected on and is up to date in January 24, 2025.
