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Report: How much will a comfortable retirement cost in NC?

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There are rules of thumb to help you figure out how much to save to retire, says a GoBankingRates report, but the exact dollar amount depends on several factors.

There are rules of thumb to help you figure out how much to save to retire, says a GoBankingRates report, but the exact dollar amount depends on several factors.

Cost of living varies across the country, and a new report reveals just how much is needed to comfortably retire in North Carolina.

GoBankingRates, a personal finance website, compiled the average retirement income for each state based on multiple factors, including the costs for groceries, healthcare, housing, utilities and transportation, along with an additional 20% to account for a “comfortable aspect of retirement.”

“There’s not a one-size-fits-all answer. There are several rules of thumb to help you figure out how much to save to retire,” the report says. “But the exact dollar amount you need will depend on a variety of factors — especially where you plan to live in retirement. That’s because the cost of living varies from state to state. In some places, you can get by on a small nest egg, while in others, even $2 million won’t be enough.”

According to the report, you’ll need $69,237 annually to retire in North Carolina, based on total expenditure of $55,390 and a 20% buffer of $13,847.

But some states are cheaper to retire in, and others are even more expensive — at nearly double the cost needed to settle down in NC.

There are rules of thumb to help you figure out how much to save to retire, says a GoBankingRates report, but the exact dollar amount depends on several factors.
There are rules of thumb to help you figure out how much to save to retire, says a GoBankingRates report, but the exact dollar amount depends on several factors.

Here’s a look at how North Carolina compares to other states across the U.S., based on the total cost needed annually to retire comfortably, according to the report:

Alabama: $63,744

Alaska: $90,557

Arizona: $77,404

Arkansas: $65,118

California: $100,965

Colorado: $75,742

Connecticut: $82,680

District of Columbia: $108,192

Delaware: $74,657

Florida: $73,646

Georgia: $64,539

Hawaii: $131,175

Idaho: $71,694

Illinois: $66,563

Indiana: $66,129

Iowa: $64,973

Kansas: $63,022

Kentucky: $68,298

Louisiana: $66,635

Maine: $81,307

Maryland: $87,233

Massachusetts: $103,422

Michigan: $66,563

Minnesota: $69,092.51

Mississippi: $62,154

Missouri: $64,973

Montana: $74,441

Nebraska: $65,985

Nevada: $73,501

New Hampshire: $82,824

New Jersey: $80,728

New Mexico: $68,008

New York: $91,497

North Carolina: $69,237

North Dakota: $69,382

Ohio: $66,057

Oklahoma: $62,805

Oregon: $83,981

Pennsylvania: $70,104

Rhode Island: $80,801

South Carolina: $69,671

South Dakota: $67,503

Tennessee: $65,334

Texas: $67,141

Utah: $74,224

Vermont: $83,547

Virginia: $74,152

Washington: $83,475

West Virginia: $64,539

Wisconsin: $68,731

Wyoming: $66,563

Methodology: For the report, the costs were determined based on data from the Bureau of Labor Statistics, the Missouri Economic Research and Information Center. You can find more information about the methodology for the spending estimates in the full report online at gobankingrates.com.

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