A recent study reveals that retired individuals in New York require an average of $50,997 each year to manage their living expenses, even after accounting for Social Security payments.
To arrive at these figures, researchers analyzed national average annual spending data for people older than 65, sourced from the Bureau of Labor Statistics and the Missouri Center for Economic Research and Information.
This means that, for a secure 25-year retirement, New Yorkers should aim to save about $1.27 million.
In a 2024 survey, many Americans believe that approximately $1.46 million is necessary to retire comfortably.
Yet, most are falling short, with average savings coming in under $89,000, as noted in a survey released last year by Northwestern Mutual.
The findings indicate that New York ranks as the fifth most expensive state for retirement.
For those considering alternatives, New Jersey requires retirees to budget about $45,829 annually post-Social Security, while Connecticut residents need around $43,697.
Interestingly, Hawaii tops the list as the most expensive state for retirees, where annual costs after Social Security reach an astounding $87,770.
In Hawaii, even with $2 million saved, it would take about 23 years before those funds would begin to grow.
Massachusetts and California follow closely, being the second and third most expensive states for retirees, respectively.
Conversely, West Virginia is the least expensive state to retire in, with annual post-Social Security expenses estimated at just $27,803—nearly half of New York’s costs.
Kansas ranks as the second-cheapest, trailed by Mississippi, Oklahoma, and Alabama.
