This Is What It Costs To Retire In Virginia

Norfolk VA

22 December, 2021

9:34 AM

Description

By Samuel Stebbins, 24/7 Wall St. Norfolk 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. In most Southern states, a comfortable retirement costs less than $1 million. Virginia is one of the exceptions, however. With a slightly higher than average cost of living, a comfortable retirement costs $1,140,824 in Virginia, about $20,416 more than the national average. Virginia has a slightly smaller than average retirement-age population. Just 15.9% of the state's 8.5 million residents are 65 or older, compared to the 16.5% share of all Americans nationwide. 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.