Money Experts Say You Need This Much to Retire in Texas
A financial website shared a story regarding how much money someone would need to be able to retire in Texas.
Although I'm not thinking about retirement quite yet, it's still fascinating to think about how much it would take to be able to do so, if the plan is to retire in the Tyler, Texas area. Well, I say I'm not thinking about it. I am to some degree, of course, because we are (hopefully) planning all along the journey. No matter how many more years one expects to work it's something we need to consider.
Here's the thing, though. For some reason, the idea of 'retirement' never quite appealed to me. It's not that having the time to do more recreating isn't appealing, but I'm not sure if I'd ever want to stop working completely. But that's just me. Granted, I like my job and for that, I'm very grateful. It wasn't always that way.
But I digress.
So according to the story shared by author Jake Arky on GoBankingRates.com, how much does one need to retire in Texas?
According to the article, "Many Americans see themselves working past age 65 out of financial necessity, according to the Pew Charitable Trusts, with some people planning to never retire at all. The pandemic also threw some people's futures into question, especially those who had to draw from retirement savings during job loss or furlough."
Also, it makes a difference WHERE you plan to retire when it comes to making sure you'll have enough to retire comfortably. Author Jake Arky gives information on all of the U.S. States in his story, which is fascinating to see. But of course, we wanted to zero in on Texas.
According to the data used in the GoBankingRates article, the annual cost of living is around $53,770.74 in Texas right now. But then when you retire, you have to adjust the number once Social Security Income is applied (if it's still there, of course.) After that's applied, the net cost of living in Texas is $31,633.62.
And so, based on the parameters used, that would mean you would need to have $790,840.50 in savings to retire.
OK, if you're already there, congrats! If you know you still have quite a bit of work ahead of you, this may be a helpful guide to reinvigorate your efforts so that you can retire comfortably.
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