A survey found that in New York and New Jersey, more than $50,000 per year is needed for retirement. According to the ‘2024 Retirement Living Costs by State’ report published by financial management company Landing Tree, retirees in New Jersey need $4,638 per month or $55,660 per year for retirement living.<\/p>\n
This is the third highest in the entire United States, following Hawaii ($56,757 per year) and California ($56,597). New York was ranked as the 5th highest state in the U.S. with the cost of living in retirement at $4,348 per month or $52,181 per year.<\/p>\n
On the other hand, the southern regions of the United States, such as West Virginia ($33,388 per year), Arkansas ($33,546), and Mississippi ($34,566), were selected as the places with the lowest cost of living after retirement. In detail, New York retirees were found to spend an average of $2,441 per month on housing, $655 on food, $733 on transportation, $217 on medical expenses (Medicare Part B\/C), $240 on entertainment, and $63 on personal care.<\/p>\n
New Jersey retirees spend an average of $2,728 per month on housing, $662 on food, $741 on transportation, $201 on medical expenses (Medicare Part B\/C), $242 on entertainment, and $64 on personal care. The expenses for most items are similar, but housing costs are higher in New Jersey than in New York.<\/p>\n
As prices rise, the cost of living for retirees is also increasing. New York rose 8.4% from $48,127 per year in 2021 to $52,181 in 2024. In New Jersey, the annual salary increased from $50,976 in 2021 to $55,660 in 2024. In the United States as a whole, the average annual spending for people aged 65 and older increased by 16.7% from $49,542 in 2017 to $57,818 in 2022. Additionally, according to the report, consumers aged 65 and older spend less than consumers overall.<\/p>\n
Those aged 65 or older spend an average of $57,818 per year, 20.8% less than the average annual spending of $72,967 for all consumers. In addition, the average retirement account savings of 65 to 74-year-olds across the U.S. was $609,230.<\/p>\n
Lending Tree said it prepared the report using data from the federal government’s labor and demographic statistics and the Medicare and Medicaid Administration.<\/p>\n","protected":false},"excerpt":{"rendered":"