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Sunday, June 23, 2019

Retirement costs
A comfortable retirement doesnít come cheap. While you may hear stories of people retiring on as little as $2,000 a month, the reality for most of us is likely to be much different. Indeed, according to data from the Bureau of Labor Statistics, the average over-65 household will spend nearly $50,000 a year. The biggest chunk of that is on housing at more than $16,000 a year, but health care is high on the list too (about $6,600). Hawaii topped the list of the most expensive states: To retire comfortably there, you will need to spend upwards of $117,000 a year. Mississippi is the cheapest place to retire comfortably at about $53,000 a year, thanks in part to having the cheapest housing and groceries of any state; you can live well there with a nest egg of about $1 million. In Tennessee the annual cost is estimated at $55,425, North Carolina is about $3,000 more expensive a year, while Virginia's cost tops $63,000.


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