The Worst States To Retire. Avoid At All Cost

How well do you save for rainy days? Do you have savings in your retirement account? If you don't, then you are one of those who are poorly unprepared for retirement. Well, you are not alone; on our list, we have fifteen American states whose residents are relaxed about their retirement years.

Image Credits: Pixabay

Image Credits: Pixabay

We understand that it is quite challenging to reduce spending to save up for our golden years. Nonetheless, these statistics and facts from these states will inspire to cut down your expenditure and intentionally start saving up for retirement today.

15. PENNSYLVANIA

  • Mean retirement life savings: $237,754
  • The yearly numerical value of a secure retirement: $51,108
  • Proposed duration of the savings: 4.7 years

The average retirement savings seems fair enough. However, when you factor in the assumed duration of retirement, which is tentatively twenty years, you will notice that a regular Pennsylavian has only a few years (a quarter) accounted for.

Pensioners can, at the very least, be grateful that they stay in a state whose retirement price is around the center of the pack. Nonetheless, approximately one-third of inhabitants in the state have been disclosed to have lower than $10,000 saved.

Image Credits: Pixabay

Image Credits: Pixabay

14. CONNECTICUT

  • Mean retirement life savings: $279,367
  • The yearly numerical value of a secure retirement: $60,621
  • Proposed duration of the savings: 4.6 years

The amount of money saved for retirement differs chiefly among Connecticut natives. Nevertheless, many of them have saved far too little. What led to the low average retirement savings is the estimated 24% of residents who have absolutely nothing saved up for retirement. Connecticut is rated the second among all the states whose occupants who have no retirement savings. Sadly, it is one of the most expensive communities in the U.S to retire in.

Image Credits: Pixabay

Image Credits: Pixabay

13. BALTIMORE

  • Mean retirement life savings: $272,919
  • The yearly numerical value of a secure retirement: $61,215
  • Proposed duration of the savings: 4.5 years

Residents in New Jersey are performing better than other states when it comes to saving. However, they are going to experience about 20% higher retirement costs than other federations (for example, Pennsylvania). This fact has removed any modest advantage they have over other states. Notably, they have the second lowest rate of citizens who claim not to have any form of savings. Conclusively, there is lower diversification amongst the group, and more people are in the same, unprepared situation.

Image Credits: Pixabay

Image Credits: Pixabay

12. MARYLAND

  • Mean retirement savings: $244,690
  • The yearly numerical value of a secure retirement: $55,935
  • Proposed duration of the savings: 4.4 years

Similar to New Jersey, Maryland is another state where the inappreciable higher standard savings is not close to increased retirement prices — most notably in housing. The situation is the same in Connecticut, though, there's also a vast disproportion among natives. Fortunately, Maryland is still performing well than other states.

Image Credits: Pixabay

Image Credits: Pixabay

11. CALIFORNIA

  • Mean retirement savings: $227,290
  • The yearly numerical value of a secure retirement: $52,284
  • Proposed duration of the savings: 4.3 years

Let's discard the Beverly Hills thrill, and tech money; about 37% of residents in California possess lower than $10,000 for retirement savings. This will not only affect those who stay in the sophisticated and high-end areas like Los Angeles, Bay area, or San Diego. But people who stay in less pricey regions are also not going to own enough to take care of their retirement costs. Thankfully, the beaches require no price charge. That's a plus at least!

Image Credits: Pixabay

Image Credits: Pixabay

10. ILLINOIS

  • Mean retirement savings: $223,238
  • The yearly numerical value of a secure retirement: $52,215
  • Proposed duration of the savings: 4.3 years

The Prairie State residents need to step up their saving game. They are indeed performing well than the national mean regarding those with savings. However, they are still on the list of the top ten least equipped states when it comes to retirement savings. Coupled with the price of a conducive retirement, even $500,000 would not be adequately sustainable for ten years for retirees in Illinois.

Image Credits: Pixabay

Image Credits: Pixabay

9. NEVADA

  • Mean retirement savings: $183, 946
  • The yearly numerical value of a secure retirement: $45,221
  • Proposed duration of the savings: 4.1 years

Assuming regular residents increase their savings twice in Vegas, they would still need more to oversee half of their supposed retirement years. We haven't taken into account the 20% of individuals who have nothing saved for retirement costs. Regrettably, for occupants, the comparatively small retirement costs aren't sufficient to compensate for the low accounts.

Image Credits: Pixabay

Image Credits: Pixabay

8. COLORADO

  • Mean retirement savings: $213,406
  • The yearly numerical value of a secure retirement: $53,310
  • Proposed duration of the savings: 4 years

Due to the high cost of housing in Colorado, the state is among the more high-priced locations to retire. What makes matters worse is that the states' residents are not ready to tackle those high expenses during retirement. Adding to their low mean savings total is 30% who have lower than $10,000 saved. Notably, $10,000 would only last for just a few months for a suitable retirement in this state.

Image Credits: Pixabay

Image Credits: Pixabay

7. WASHINGTON

  • Mean retirement savings: $209,783
  • The yearly numerical value of a secure retirement: $53,653
  • Proposed duration of the savings: 3.9 years

Thumbs up to the residents of Washington, your state is the first on our list whose median savings won't be enough for four years of retirement.

With the fact that Washington is one of seven states that pay no income tax, one would think that its residents would have more spare money to save. However, this isn't the case. About one in four claimed that they had smaller than $10,000 in their respective retirement accounts.

Image Credits: Pixabay

Image Credits: Pixabay

6. SOUTH DAKOTA

  • Mean retirement savings: $183,225
  • The yearly numerical value of a secure retirement: $49,344
  • Proposed duration of the savings: 3.7 years

This is quite unfortunate, one in three South Dakota residents have nothing in their retirement accounts. The state's standard of living is presumed to be low, but in reality, it isn't as small as most people think. Nonetheless, this is another state in which its residents are not required to pay income tax. So where did all the money go to? We are hoping a miracle will happen in this state and change the present condition.

Image Credits: Pixabay

Image Credits: Pixabay

5. MASSACHUSETTS

  • Mean retirement savings: $241,143
  • The Yearly numerical value of a secure retirement: $64,976
  • Proposed duration of the savings: 3.7 years

Massachusetts is one of the most upscale states to retire in the U.S; it is ranked second to D.C in terms of a high standard of living for retirees. It is another state with huge disproportion among its occupants. However, with an average as high as $241,143, it implies there are a couple of people with a significant amount of money in their retirement accounts.

Image Credits: Pixabay

Image Credits: Pixabay

4. NEW YORK

  • Mean retirement savings: $207,889
  • The Yearly numerical value of a secure retirement: $58,633
  • Proposed duration of the savings: 3.5 years

Over a quarter of New York occupants have lower than $10,000 kept for retirement. We can relate to this, as the standard of living is quite high, and this would mean residents often have little money to save. However, the situation is sadder than we expected. It has been speculated that the state is no longer going to become any more economical following retirement. Also, with high probability, it will be a haven to one of the most pricey urban regions in the country.

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Image Credits: Pixabay

Image Credits: Pixabay

3. MONTANA

  • Mean retirement savings: $168,755
  • The Yearly numerical value of a secure retirement: $51,505
  • Proposed duration of the savings: 3.3 years

Unimpressively, 37% of occupants in Montana, have less than $10,000 in their retirement accounts. Due to large expenses on groceries, and gas, Montana is one of the top-rated states for evaluated retirement costs. Of course, this will most likely lead to significant problems in the coming years.

Image Credits: Pixabay

Image Credits: Pixabay

2. WYOMING

  • Mean retirement savings: $153,182
  • The Yearly numerical value of a secure retirement: $50,409
  • Proposed duration of the savings: 3 years

About 10% of Wyoming's population disclosed that they have no savings in place for retirement.  This is quite unsettling, as their average savings will only last for three years, coupled with their massive expenditure on gas and groceries. Perhaps, people in Wyoming are not planning to retire at all.

Read More: 24 Business Ideas To Consider For Successful Future

Image Credits: Pixabay

Image Credits: Pixabay

1. DISTRICT OF COLUMBIA

  • Mean retirement savings: $177,865
  • The Yearly numerical value of a secure retirement: $71,054
  • Proposed duration of the savings: 2.5 years

We all know the District of Columbia isn't an actual state, but a federal district. It is still rated as the least prepared for retirement. 18% of the population has no money saved up for retirement, while others generally have low savings for their retirement costs. With this, an average occupant will only be able to afford  2.5 years of a comfortable retirement sufficiently. Now who says, there is something wrong with Pennsylvania's proposed duration of savings. 4.7 years?

Image Credits: Pixabay

Image Credits: Pixabay

We understand how tough it could be for people to save towards retirement, especially those living in high-cost areas. Nonetheless, the need to adequately save for retirement cannot be overemphasized. We hope to notice changes in the saving habits of residents in these states soon in the future. What do you think about these facts? Do you find them appalling? What do you think are the main reason for poor saving habits for retirement in these states? We'd love to know what you think in the comment section. If you enjoyed this article just as we did while compiling it feel free to share it with your friends who live in these states or those who need to start a savings plan for retirement today! 

Source: CheatSheet

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