Then, after calculating the retirement income needed to cover living expenses state by state, the report added an additional 20% to account for a “comfortable” retirement.
“In some places, you can get by on even a small nest egg, while in others, even $2 million won’t be enough. Your age at retirement also plays a factor,” the report notes.
GoBankingRates also based the numbers on a 20-year retirement.
After crunching the numbers, they determined that a comfortable retirement in Georgia costs $57,051 a year.
That makes Georgia the 11th most affordable state for comfortable retirement in country. GoBankingRates reported that total expenditures are $45,641 in the Peach State and the 20% comfort buffer was $11,410.
How much does it cost to have a comfortable 20-year retirement in Georgia? GoBankingRates says $1,141,020.
The report determined that Hawaii, the District of Columbia, California, New York and Massachusetts are among the most expensive places to have a comfortable retirement. In Hawaii, it requires $120,909 annually.
While the report notes that “the state in which you live can play a big role in how early you can retire, as evidenced by the low average retirement ages across wide swaths of the South and Midwest.”
Mississippi is the cheapest state in the nation to have a comfortable retirement — at $46,993 per year.