Retired New Yorkers need an average of $50,997 per year to cover their living expenses after factoring in Social Security payments, new research has found. Nopphon – stock.adobe.com
Retired New Yorkers need an average of $50,997 per year to cover their living expenses after factoring in Social Security payments, new research has found.
GOBankingRates gathered national average annual expenditures data for people 65 and older from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center in order to calculate the eye-popping figure.
Thus, for a comfortable 25-year retirement, New Yorkers need a total of $1.27 million in savings.
A 2024 study revealed many Americans believe they should have about $1.46 million stashed away before giving up work — and that figure isn’t far removed from reality if you live in the Empire State.
However, most Americans have less than $89,000 saved for retirement, according to a Northwestern Mutual study released last year.
