This Is What It Costs To Retire In North Carolina

Charlotte NC

22 December, 2021

10:48 AM

Description

24/7 Wall St. Charlotte 2021-12-21 A 2019 report from the Federal Reserve found that nearly one in every four American adults have no retirement savings. During the economic crisis brought on by the COVID-19 pandemic, that share has likely grown. Despite stimulus payments and enhanced unemployment benefits, millions of Americans have reduced retirement account contributions or stopped them entirely — some have even been forced to make withdrawals. Here is what you can do if the coronavirus is threatening your retirement. At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year. Multiply those figures, and add in a little extra for unforeseen expenses and additional financial security, and a comfortable retirement costs an estimated $1,120,408 in the United States. For a 65 year old in North Carolina whose life expectancy aligns with the statewide average, a comfortable retirement will cost an estimated $1,000,935, $119,500 less than it does nationwide. The more affordable retirement is due both to the state's relatively low cost of living and lower than average life expectancy. Goods and services are about 8% less expensive in the state than they are nationwide. Additionally, the average 65 year old in North Carolina is expected to live another 19 years, about a half a year less than the national average life expectancy. State level calculations in this story are based on the average annual expenditure of $50,220 for Americans 65 years and older in 2019, as reported in the BLS Consumer Expenditure Survey. This figure is adjusted by state to account for both cost of living and life expectancy at age 65, and then multiplied by 115% in order to reflect greater financial stability and comfort in retirement. All data in this story is from the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Institute for Health Metrics and Evaluation.     Can't see the article's infographic? Click here to view the original story.This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.