How Much Does It Cost To Retire Comfortably In The USA By State

Рет қаралды 20,982

22 күн бұрын

🔥 Azul's Newsletter: www.azulwells.com/
❓ Ask Azul a question ➡ forms.gle/85rVsosyqb4XikVB6
🔥 Follow Azul on Twitter: / azul_wells
💲 NEED FINANCIAL ADVICE? 💲
1) Google "fee-only financial adviser" or visit www.NAPFA.org (largest association of fee-only financial advisers). NOT an affiliate link
2) The first question to ask any financial adviser is, "Are you a fiduciary to me 100% of the time". Get the answer in writing
3) Please note that some people call themselves "fee-based". This is NOT the same as fee-only. Fee-only advisers have committed to being fiduciary to you 100% of the time.
4) Personally, I would only hire an adviser who is a fiduciary to me 100% of the time. This is not a suggestion on what you should do. Just sharing my personal preference.
⚠️ Azul's "Scammer" Warning ➡ PLEASE READ! ⚠️
Be careful of scammers. In the comments section, I will NEVER ask you to contact me, offer any investment products, recommend a stock broker, or anything similar. Some scam bot commenters 'ask' for investment help, and later, other comment bots reply with "how great X idea/investment/person is" in the replies. These are scam threads. Do not fall for them.
🚨 Azul's VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨
This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. To get professional financial advice from a fee-only financial advisor near you, please visit www.napfa.org.
The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors.
This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
Spoiler Alert: There are no "get rich" programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time.
025c{Selfie}No Edit How Much Does it cost to retire comfortably in the USA by state

Пікірлер: 153

@tatianastarcic 19 күн бұрын

Most people don’t realise it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.

@berniceburgos- 19 күн бұрын

This is really amazing though. I'm curious as to how he did it. Was it real estate? Or he was a market enthusiast?

@tatianastarcic 19 күн бұрын

Haha. Investing enthusiast? Not really. Our family got introduced to a financial advisor about four years before my dad retired. That was what changed things. I've been using the same now and I think my retirement income would be on the right track.

@Michaelparker12 19 күн бұрын

I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?

@tatianastarcic 19 күн бұрын

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

@BridgetMiller- 19 күн бұрын

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

@christopherpaul5 18 күн бұрын

The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?

@ritalorrigan 18 күн бұрын

Just get a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.

@ScottArmstrong12 18 күн бұрын

I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m

@KevinClarke9 18 күн бұрын

Who is your advsor please? if you don't mind me asking

@ScottArmstrong12 18 күн бұрын

Carol Vivian Constable is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@KevinClarke9 18 күн бұрын

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

@BardWannabe 21 күн бұрын

It’s actually refreshing that they based it on the costs of a single person. There are a lot of single people in retirement.

@liveandretireusa 19 күн бұрын

Why do they choose to be single and retire?

@hildredscali1754 21 күн бұрын

Coupled with the extra expenses that come with failing health due to aging and inflation, you would see why its important to take your health seriously and actively plan your retirement from day 1.

@ANTHONY_esq 21 күн бұрын

That's very true. Besides IRA and 401k, are there other ways we can prepare ahead of time for our retirement? Mine draws nearer by the day and I'm gradually going into panic mode

@emersonstagnitta65 21 күн бұрын

There's no need to panic, I was in a similar place just two years ago and with a couple of smart money choices here and there, you'd be good...Save a bit more, remove few excesses and invest your money properly. You could get an FA to help you if it's overwhelming. They're not half as expensive as you think and know some of these things better. I made a couple of thousands last year only this way and if I can keep at it, I could retire two years earlier and comfortably too. Goodluck...

@bigbro_LA 21 күн бұрын

thanks for this. please what are the steps for getting an adviser?? like a really good one

@emersonstagnitta65 21 күн бұрын

You should start by looking out for those from known firms and good track records. You should also make sure the person is licensed. Personally, I use Kelly Matwick. She's good and you could also look her up.

@_king_james_23 21 күн бұрын

I wont plan shit

@Alan-lv9rw 19 күн бұрын

My pension and Social Security combined are $78K per year. I have no debt, a small 401K, and will be living amongst the hills, trees, lakes, and golf courses in Arkansas.

@jamesclapp6940 21 күн бұрын

Start point ....paid of home and land, paid off vehicles, NO credit card debt, no ongoing health bills, regular income,pension/ssi

@WangOChon 20 күн бұрын

It's possible to retire well in the US (we have) if you have no debt, live within your means, and are in relatively good health. If you aspire to live in luxury, however, you are in for a surprise.

@mingwong8091 21 күн бұрын

I think more consideration is their health. A retiree w/fair to poor health will "wipe" out their retirement funds quickly.

@fjohn8985 21 күн бұрын

The teacher (on the _Happy_ _on_ _Monday_ channel) who just retired at 58 ½ years on less than 500K is expecting to live on $3400/month before considering drawing from Social Security at age 62. She has not indicated she will live outside the USA on that income.

@rondejean7668 19 күн бұрын

She probably has her teachers pension as well. That more than likely covers a substantial part of that $3400

@zoomzoom3950 21 күн бұрын

Retire comfortably is very subjective, and depends on your lifestyle. I'm considering three lifestyles; 1) live and travel the Caribbean in my sailboat part of each year; or 2) live in Southeast Asia part of each year; or 3) all of the above; sail part of one year, live in Asia part of the next year, and alternate each year. When I retire, my goal is to stay in the 24% tax bracket; I could live with income in a lower tax bracket, but I'm also trying to avoid RMDs that will have me in the 35% bracket or higher. Unfortunately, the next bracket above 24% is 32% which is a large 8% increase.

@kyungshim6483 20 күн бұрын

Same here. I plan on spending 6mo overseas in warmer weather and the other 6mo in the west part of Canada (home base). Overseas travels will be split between US, Mexico, West Europe, Balkans, East Asia, South East Asia and maybe parts of South America. Considering doing part of these travels in an RV with one RV in Canada and a second one in Europe while leaving them in storage when not in use. US, West Europe and East Asia can be very expensive to travel to, but the other cheaper places should help balance out the total overall costs. Good luck on your plans!

@enzomaini7215 21 күн бұрын

" The monthly cost of living figures we calculated using the following assumptions Members of your household = one Eating lunch or dinner in restaurants = 15%, Choosing inexpensive restaurants = 70% Drinking coffee outside your home = moderate Going out = once per week Smoking = no, Alcoholic beverages = moderate At home, we are eating = Western Driving car = moderate, Taking taxi = no Public transport = two round trips weekly Sports memberships = all household members Vacation and travel = two per year Buying clothes and shoes = moderate Rent = apartment (one bedroom) in city center No children All currencies are USD. The data was collected in October 2022." Meh, like anything it is just another point of data but not sure how this fits most people.

@rvdareyet7201 21 күн бұрын

Yes, don't try to retire in the U.S. Move to a lower cost country and you will have a better standard of living.

@ParisianThinker 21 күн бұрын

Medicare often has no access to the drugs you need. You are on your own to find them. I moved to France 18 years ago and never considered Medicare. France was 1000 x better and 100% cheaper. If you do not have the money, France will pay for you.

@liveandretireusa 19 күн бұрын

I watched and consulted and thought about it further

@GeraldWalls 20 күн бұрын

0:23 That sounds like fully-automatic gunfire... .223 or maybe a pistol caliber (submachinegun).

@randolphbehm877 19 күн бұрын

Are these numbers er person or person couple?

@mytwocents4892 20 күн бұрын

6:10 I am 62 and thinking about collecting my social security early right now I make about 45k a year my question is if I start collecting social security in the next month or two can I keep working for the rest of the year and a few months next year without getting penalized in other words is it based on your w2 or just how much you simply bring in.

@DanielHBuchmann 19 күн бұрын

My hope is to buy a small place somewhere in the south of italy for the winters and keep my small home here in the US. Fingers crossed!

@JeganBedpal 20 күн бұрын

Wow. I am blown away by this presentation. I was an insecure 49 year old on SS in January 2018 when I started buying Bitcoin/crypto. Everyone though I was irrational. Most still do. I put my income in every month and watched the value drop each month but for some reason really believed in Bitcoin and alt coins/blockchain even though I don't totally understand. Finally, the crypto market started turning around and I am astonished at the value of my crypto currency portfolio today. I engaged in active trading and managed to grow a nest egg of around 2.3B'tc to a decent 27B'tc....At the heart of this evolution is Kerrie Farrell, whose deep understanding of both cryptocurrency and traditional trading has been instrumental. Her holistic approach to investment and commitment to staying abreast of market trends make her an invaluable ally in navigating this new era in cryptocurrency investment....

@rogercav40 20 күн бұрын

I appreciate the professionalism and dedication of the team behind Kerrie’s trade signal service...

@RomanLansang 20 күн бұрын

On the grand scheme of things, once you understand the potential of trad!ng, you can bet on it but I think people need the education to fully understand...

@LeightonCorrigan 20 күн бұрын

I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this..

@duongtuan-od7kx 20 күн бұрын

This is exactly what Big time investors are talking about, not just you. key thing here is to always trades with a good strategy even if the price goes up or down...

@Jovenoli 20 күн бұрын

Access to good information is what we investors needs to progress financially and generally in life. this is a good one and I appreciate...

@Jacquie_Kirk_111 21 күн бұрын

Canadian here: 4% of $550,000 is NOT enough to live on! You'd be renting a 1 bedroom apartment in a really bad area of some remote town to even make that work!

@whatsup3270 21 күн бұрын

That is after CPP

@fjohn8985 21 күн бұрын

The couple on _This_ _Is_ _Our_ _retirement_ channel are making it work. They live in Stoney Creek, Ontario,. They sold their house and live in an apartment and spend a lot of their time doing travel in their go-go phase of retirement. They both retired before age 65.

@kyungshim6483 20 күн бұрын

@@fjohn8985 I know who you speak of. I am also one of their subscribers. I think that they took the proceeds of their home and put it into dividend paying stocks right at the bottom of the Covid crisis. I think that is why they are making it work. Otherwise, they would be struggling.

@kyungshim6483 20 күн бұрын

I think that the mentioned $550K is in USD. The actual amount based on the latest FX conversion rate should be CAD$755.5K. That's substantially more than CAD$550K. Supplemented with OAS (not even considering CPP), now things are starting to look very doable for 15+ years.

@theuber4618 20 күн бұрын

When people use these numbers I assume it's for a single individual. What about married couples? I also think it would make a difference if your house is paid off or not. What age are we talking about because it would make a difference if you retired at 62 or 72?

@Tonymanero1960 21 күн бұрын

The Social Security Administration has figured out that if you take S.S at 62,65,66,...or 70,.... and you live to (roughly) 78 to 80 everyone will have gotten the same total payout. So,...if you die early you basically lose out,....and if you live well past 80 you made out. But,....the majority die exactly when they know you will (on average).

@RaistlinKishtar 20 күн бұрын

Seems very low. 550 thousand for Canada is way lower than the cost of a house

@music-jj2pl 21 күн бұрын

I just want a small place for my precious things with a yard for my sailboat it keeps me on the housing wave. But I'll live there maybe 4 months and travel the US during that time and slow travel various countries the rest of the year. I'm from FL and want to stay here especially with the new squatter's laws.

@bennym1956 20 күн бұрын

Where's the by state comparison ?? Why you talking about overseas ?

@LX450_Adventure 20 күн бұрын

The charts are licensed, as shown in the charts themselves, under Creative Commons Attribution-Share Alike 4.0. So, yes, Azul could have shared the charts as long as he attributed the source.

@tomj528 20 күн бұрын

Man, what a nightmare to "be normal", lol. Somehow my wife and I live very comfortably on a little under $30,000/year with our modest paid off home and no debt and I don't see that changing anytime soon as it's the best way to live. At this rate we won't need anything other than social security at all and we keep socking it away for the tax savings alone.

@iancvisuals707 20 күн бұрын

The article, if I got the right one, is from January 2021. Having worked on reports like this the data is mostly likely pre-pandemic (2018-2020) so I’m not sure how reliable this is as a guide. If anyone knows of something more current it would be helpful.

@hanwagu9967 20 күн бұрын

Feb 2023 ("The Cost for An American to Comfortably Retire in Every State and Country"). the Jan 2021 article is "The cost of retiring in (almost) every country."

@iancvisuals707 20 күн бұрын

@@hanwagu9967 A link would have helped. However it would be interesting to contrast the two reports as just a quick glance shows a pretty good jump in some areas for just a 2-3 yr span. I feel another report in 2025 would be more realistic as the source data should be more clear of the pandemic effect.

@greensombrero3641 21 күн бұрын

let's go for that walk

@bigmac4899 21 күн бұрын

you are not retiring on 550 000 in Canada. Don't know anyone who can do that comfortably.

@whatsup3270 21 күн бұрын

That is saving in addition to the retiree CCP ( canadian social security)

@ktech2762 21 күн бұрын

Max CPP monthly benefit payment for 2024: $1,364.60 CAD (16375.20 CAD/yr) Max OAS monthly benefit payment for 2024: $713.34 CAD (age 65-74) - (8560.08 CAD/yr) Max CPP + Max OAS gives you $24935.28 CAD/yr OAS Clawback Begins for 2024 income year: $90,997 CAD GIC comes into play if you are single, divorced or widowed and annual income is less than $21,624 CAD - Max payment amount is $1,065.47 CAD/month *Assumption* - You have 550K in RRSP and TFSA (maxed in 2024) and retired in 2024, have no mortgage or you are renting; you are not running out of money anytime soon. You can look up the *Open Policy Ontario* booklet (frequently updated) that has information on _Low_ _Income_ _Retirement_ _Planning_ Seniors in Canada, actually have it good in retirement as compared to other countries with universal health care. Who gives you money for just fulfilling residency requirements (OAS)? OAS is actually a drain on the federal budget but it is rarely discussed.

@kyungshim6483 20 күн бұрын

I think that the $550K is in USD. The actual amount based on the latest FX conversion rate should be CAD$755.5K. That's substantially more than CAD$550K. Supplemented with OAS (not even considering CPP), now things are starting to look very doable for 15+ years.

@ItsEverythingElse 20 күн бұрын

Just like the USA, it depends on where. Toronto, no. Calgary, perhaps.

@woodrmp1 21 күн бұрын

Living in a 1 bedroom apartment in retirement is my worst nightmare. I want a bungalow with a 3 car garage and acreage.

@taffyalusa4642 21 күн бұрын

Yes but as you age that 3 bdrm and acreage becomes a headache. Less is more.

@GeraldWalls 20 күн бұрын

Until you get tired of either maintaining or paying to maintain that acreage...

@aasla 21 күн бұрын

why repeat this video from 3 weeks ago?

@robertmartin9029 21 күн бұрын

I was wondering if this was a repost. I thought I recalled seeing this exact video from Azul not too long ago.

@markdavis1116 21 күн бұрын

Because he gets paid for the clicks, regardless of whether we watch the whole thing.

@user-up4fi7xk7f 21 күн бұрын

He's out of material. It's just a tired rehash over and over. Seems like a nice guy but there's only so much to say on the topic. At this point y'all watching and simply purchasing his ski passes for next year.

@saksitb3491 20 күн бұрын

Comfortable retirement in Bangkok Thailand with US Living standard for 15 years. I think it is approximately 1 million Baths a year. Using 35 Baths per USD, It would be in total 15 Million Baths or Approximately 425,000 USD.

@hanwagu9967 20 күн бұрын

you must be the cleanest person in the world with that many baths per year.🤣

@saksitb3491 20 күн бұрын

@@hanwagu9967 I don't think it is a lot. Nowadays, people may live 25 years after retirement (age 60-85). It needs 25 million THB for 25 years or approximately 715,000 USD for 25 years. In America, many people set retirement target at 1. Million USD or More.

@amossnowdaharleyman9179 21 күн бұрын

NE Texas in a city with 85K population. For wife and I it's $80,000.00 a year BUT we have a lot. No debt at all but numerous properties,2 trucks, a Jeep, 4 Harley's, large 3400FT2 house on 2/3 acre,we pay full price for Obamacare etc,etc,etc. I retired 2 years ago at 61.Retired well with no financial worries.

@tngtease 21 күн бұрын

they should do this by county not state. That would give you a much more accurate picture.

@suespony 21 күн бұрын

So happy I have a government pension, plus a pretty decent portfolio that I will never use, well I shouldn't say that, no one knows if they will become sick or need to go into a nursing home, that could use up ones portfolio. But personally haven't even taken my SS yet, haven't needed it. Might take it at age 67, but that's still 4 years away for me.

@tomj528 20 күн бұрын

Check out your tax situation in retirement after Required Minimum Distributions rear their ugly head...look out for the dreaded "Tax Torpedo" and "Widow's Tax Trap".

@BernWag 20 күн бұрын

How do you figure net worth if you have only pension incomes?

@hanwagu9967 20 күн бұрын

why do you care about net worth? It's really a meaningless metric. Your investable assets and anything else which will generate your retirement income is all that matters. If you wanted to include the value of your pension, then the easiest is to mulitply your annual pension by however many years you think you will live. You don't really need to include inflation in the number, because you are using today's dollars. $30k/yr pension and your life expectancy is another 30yrs, then $900k.

@donttakenythinfrgrnted5211 20 күн бұрын

@@hanwagu9967 I always get a laugh when people ask a question and someone who has no idea why they are asking the question starts out with "why do you care?" Why do you care why they care? Maybe they just want to understand where they are in comparison to people with cash investments and no pensions? Maybe they are trying to help a friend estimate a reasonable income based on their net worth. Maybe they just want to know.

@jacklaw9867 20 күн бұрын

Divide annual income by 1,200 and multiply by 18,000 to get a rough idea. There are more complex calculators online that consider actuarial data, but this will give you a ballpark idea.

@mrbigcat9 21 күн бұрын

DYK that States that Fully Tax Roth IRA Distributions Fully tax Roth IRA distributions, meaning that the entire distribution is subject to state income tax. These states include: Alabama Arkansas California Delaware District of Columbia

@georgeahacker 21 күн бұрын

Double taxation. Brilliant!

@OroborusFMA 21 күн бұрын

The audio on these videos is too low. I can barely hear him even with my audio on max.

@Kornheiser10 21 күн бұрын

Never had a problem with numerous different earbuds or through wireless methods.

@miked5357 21 күн бұрын

Get a better set of earbuds.

@captainkrunch6372 19 күн бұрын

Hard hat area.

@djcoolrule 21 күн бұрын

So for these totals how is this broken down per month? I believe you're going off the 4% average of your savings. How would a retired military veteran rate with substantial income from three guaranteed sources plus TSP/401k? You answered part of my question on how it was calculated.

@whatsup3270 21 күн бұрын

Generally (average) it is $60,000/household thus ($60,000/12=$5,000 month) So $5,000 minus social security, TSP, and all other fixed payments = your monthly deficit. Your monthly divided by 0.00375 = savings needed. Example a $1,800 deficit means a $480,000 savings are needed. If the 3 dip guy has a $400 deficit that would be $400/0.00375= $107,000 savings. fyi - 0.00375 is the 4.5% rule broken into 12 months.

@whatsup3270 21 күн бұрын

A single guy with $2,500 month SS check is $5,000- $2,500(SS) = $2,500 monthly deficit. $2,500/0.00375 = $666,667 in savings

@meckem68 20 күн бұрын

Not going for a walk

@scottjackson163 21 күн бұрын

These numbers are interesting. Many of the self-styled KZfaq retirement gurus talk as if you can’t rationally consider retiring anywhere in the United States without at least $1M saved.

@BartMendoza641 19 күн бұрын

I really appreciate the dedication in each video you post. Building a steady income is quite difficult for newbies. Thanks to Elizabeth Wesley for improving my portfolio. keep up with the good videos.

@SusanOrlean315 19 күн бұрын

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...

@AndreaAdams-mk5jy 19 күн бұрын

Elizabeth Wesley strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started

@ScottBingman 19 күн бұрын

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading

@GraceBanfield132 19 күн бұрын

I'm new at this, please how can I reach her?

@ChristophAdelbert 19 күн бұрын

The first time we had tried, we invested $1400 and after a week we received $5,230. That really helped us a lot to pay our bills.

@oahuguy3918 20 күн бұрын

You could live in Hawaii for much less, provided your mortgage is paid off.

@ItsEverythingElse 20 күн бұрын

That's true for anywhere.

@ZelenoJabko 21 күн бұрын

182 times monthly costs is 6.6 percent withdrawal rate. Too unsafe.

@ambien09 8 күн бұрын

This is bad data . It is very expensive to retire . 900k for Hawaii . The methodology stinks

@angelasoWA 21 күн бұрын

Wow, I feel the numbers should be that number x 8!

@rdbeaz 20 күн бұрын

Ez a Red State

@miketheyunggod2534 21 күн бұрын

You can retire comfortably anywhere if you fire your financial advisor. Send that crook to prison.

@TabakovRadoustine 21 күн бұрын

Thanks for the continuous update! I am super excited about how my crypto investment is going so far, making over 25k weekly is an amazing gain☺️

@JonBosworth-dc8no 21 күн бұрын

Same here all thanks to Miss Susan Marie Alessio, she has always been there to guide me through with detailed analysis and recommendations that I wouldn't have access to otherwise.

@WoolhouseCardish-cq7hc 21 күн бұрын

Please how do I go about it, am still a newbie on investment trading and how can I make profit?

@Rachelwilliams. 21 күн бұрын

Susan Marie Alessio is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.

@frankalex7485 21 күн бұрын

I have heard about her excellent trading expertise in CNBC news, guess she's more popular in United States.

@MoorheadYarborough-pp2pc 21 күн бұрын

YES!!! That's exactly her name (Susan Marie Alessio) so many people have recommended highly about her and am just starting with her from Brisbane Australia