The average American’s lack of savings paints a fairly discouraging picture of retirement. A 2019 GOBankingRates survey found that 64% are expected to retire with less than $10,000 in savings. In fact, a separate GOBankingRates’ survey found that a common obstacle to saving money is a high cost of living. And a more recent survey also found that cost of living and low wages are When you factor in the average monthly Social Security benefit of $1,381.79 and consider the average cost of living in the United States, $1 million could actually last as long as 29 years, 1 “Of the 50 cities in this study, Fresno’s cost of living is among the lowest,” the survey said. Other comparable cities include Detroit, where the comfort-level salary is $42,161, and Albuquerque, where it is $42,445. For purposes of this survey, GOBankingRates assumed that retirement would last for 20 years. These costs were then adjusted to every state’s itemized cost of living index, sourced from the GOBankingRates found 13 states where respondents spend much less than 50 percent of their monthly income on necessities. In some cities, GOBankingRates found prices for the basics have gone up by more than $17,000 in one year. That’s 35 percent.
23 Dec 2019 housing and taxes, another GOBankingRates survey found. Not considering the cost of living can really hurt your ability to thrive in retirement,
15 May 2019 GOBankingRates analyzed U.S. cities where paychecks are getting bigger and higher salaries, affordable cost of living, according to GOBankingRates from the U.S. Census Bureau's 2017 American Community Survey. 27 May 2019 According to finance news and features website GOBankingRates' newly older, drawn from a 2015 survey by the U.S. Bureau of Labor Statistics, city to retire in on the 50-city list, Birmingham boasts a cost of living that's a 19 Apr 2019 As a result, the local cost of living is either at or somewhat above the national average for the first A new study by GOBankingrates.com found that a Colorado Springs resident making the 3 in 'Best Places to Live' survey. 8 Feb 2018 A GOBankingRates survey found that the most common obstacle to saving is a high cost of living, followed by low salaries. High debt balances
On the other hand, the survey found that the majority of Americans have more than $10,000 saved for retirement. – Nearly 7 percent said they have $10,000 to $49,999 saved. – Nearly 13 percent said they have $50,000 to $99,999. – More than 12 percent said they have $100,000
7 Jan 2020 High taxes, low wages and above-average transportation costs can all contribute to a high cost of living for residents. GOBankingRates crunched 30 Sep 2019 GOBankingRates looked at costs of living from the 2018 second quarter Consumer Expenditure Survey from the Bureau of Labor with each city's annual cost of living from GOBankingRates and average rent costs per month. 14 Feb 2020 To help you choose the perfect place to retire, GOBankingRates Utah's cost of living comes in at 3.4 percent below the U.S. average, which The Worldwide Cost of Living Survey compares more than 400 individual prices across 160 products and services in cities around the world. 23 Sep 2019 annual cost-of-living expenses and whether there are taxes on Social Security or retirement income, GOBankingRates found 30 cities you
When you factor in the average monthly Social Security benefit of $1,381.79 and consider the average cost of living in the United States, $1 million could actually last as long as 29 years, 1
7 Jan 2020 High taxes, low wages and above-average transportation costs can all contribute to a high cost of living for residents. GOBankingRates crunched 30 Sep 2019 GOBankingRates looked at costs of living from the 2018 second quarter Consumer Expenditure Survey from the Bureau of Labor with each city's annual cost of living from GOBankingRates and average rent costs per month.
Total leftover income after cost of living expenses: $635.87 Percentage of leftover income: 28.32%. Residents of the smallest state have a smaller percentage of their paychecks left over after expenses than residents of most states.
And a more recent survey also found that cost of living and low wages are keeping Americans from saving more money each month. ©© GOBankingRates This might explain why GOBankingRates found in its 2018 annual savings survey that 58 percent of Americans have less than $1,000 in savings . But the cost-of-living index is through the roof, with housing alone costing residents over $23,000 annually, which is double the national average. Also, in all fairness to New Mexico, New York has its own monstrous creatures to contend with: New Yorkers. Cost of living had an average rank of 2.77 on a scale of 1 to 6, with 1 being the primary concern and 6 being the least concerning. Americans also said high costs of living are their top financial issue more often than other financial burdens, with 24 percent naming this as their No. 1 financial challenge. On the other hand, the survey found that the majority of Americans have more than $10,000 saved for retirement. – Nearly 7 percent said they have $10,000 to $49,999 saved. – Nearly 13 percent said they have $50,000 to $99,999. – More than 12 percent said they have $100,000 The survey also found that Americans are more likely to be saving for a vacation than for a car, home or an education. Cost of Living Is Keeping Americans Down. One of the top reasons respondents said they aren’t saving more is because the cost of living is high where they are.