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The Only 3 States Where Retirees Actually Have Enough Money
The general rule of thumb is that when you retire, you need to replace at least 70 percent of the income you had when you were working. But in a Bankrate.com report released Monday only seniors in three states are meeting that threshold.
The real kick in the pants is which states — Hawaii, Alaska and South Carolina.
“These numbers help illustrate how underprepared many Americans are for retirement,” said Greg McBride, CFA, Bankrate.com’s chief financial analyst, in a press release. “It’s especially important for millennials to save aggressively because they face the biggest retirement savings burden of any generation in American history.”
To come up with these results, Bankrate.com examined the U.S. Census Bureau’s 2014 American Community Survey. For each state and Washington, D.C., Bankrate divided the median annual household income for those who are 65 and older by the median annual household income for those between 45- and 64-years-old.
Income” was defined as wages, salaries, tips, Social Security, interest and dividends, pensions, income from defined contribution retirement plans (such as 401(k)s and IRAs, rental properties, royalties and other sources.
Not having enough money in retirement has become something of a rallying cry to encourage younger people to start saving earlier for their own retirement.
Almost 33 percent of Americans have no retirement savings at all and 23 percent say they have less than $10,000 saved.
.
The Only 3 States Where Retirees Actually Have Enough Money
The general rule of thumb is that when you retire, you need to replace at least 70 percent of the income you had when you were working. But in a Bankrate.com report released Monday only seniors in three states are meeting that threshold.
The real kick in the pants is which states — Hawaii, Alaska and South Carolina.
“These numbers help illustrate how underprepared many Americans are for retirement,” said Greg McBride, CFA, Bankrate.com’s chief financial analyst, in a press release. “It’s especially important for millennials to save aggressively because they face the biggest retirement savings burden of any generation in American history.”
To come up with these results, Bankrate.com examined the U.S. Census Bureau’s 2014 American Community Survey. For each state and Washington, D.C., Bankrate divided the median annual household income for those who are 65 and older by the median annual household income for those between 45- and 64-years-old.
Income” was defined as wages, salaries, tips, Social Security, interest and dividends, pensions, income from defined contribution retirement plans (such as 401(k)s and IRAs, rental properties, royalties and other sources.
Not having enough money in retirement has become something of a rallying cry to encourage younger people to start saving earlier for their own retirement.
Almost 33 percent of Americans have no retirement savings at all and 23 percent say they have less than $10,000 saved.
.
