Most retirees perceive Social Safety isn’t really useful as their sole type of earnings of their golden years. It’s necessary to start out saving early for retirement in accounts like a Roth IRA and 401(ok) plan.
In the event you didn’t get an opportunity to save lots of early and constantly for retirement, you’ll wish to know the way a lot cash after Social Safety advantages you’ll have to cowl month-to-month bills. The reply is dependent upon your location.
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To learn the way a lot cash you’ll have to supplement your Social Security income , GOBankingRates analyzed all 50 states by discovering the typical value of residing indexes throughout a number of expenditures and multiplying them by the nationwide common expenditure prices for ages 65 and over for every expenditure class.
This revealed the month-to-month complete value of expenditures with general lease value added in to supply the typical complete value of residing in every state. Social Safety’s Month-to-month Statistical Complement for January 2024 was sourced to make use of the typical Social Safety profit quantities for retired staff — $1,860.23 — and to calculate the full month-to-month value of residing after Social Safety advantages.
In alphabetical order, right here’s how a lot cash you’ll want in each U.S. state to supplement your Social Security monthly.
Michael Warren / Getty Photos
Lease common value: $980
Expenditure common value: $2,423.62
Month-to-month complete value (lease + expenditure): $3,403.62
Leftover month-to-month prices after Social Safety advantages: $1,543.39
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Rocky Grimes / Getty Photos/iStockphoto
Lease common value: $1,701
Expenditure common value: $3,744.20
Month-to-month complete value (lease + expenditure): $5,445.20
Leftover month-to-month prices after Social Safety advantages: $3,584.97
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Kruck20 / iStock.com
Lease common value: $1,373
Expenditure common value: $3,062.33
Month-to-month complete value (lease + expenditure): $4,435.33
Leftover month-to-month prices after Social Safety advantages: $2,575.10
dlewis33 / Getty Photos/iStockphoto
Lease common value: $915
Expenditure common value: $2,426.81
Month-to-month complete value (lease + expenditure): $3,341.81
Leftover month-to-month prices after Social Safety advantages: $1,481.58
adamkaz / Getty Photos/iStockphoto
Lease common value: $1,827
Expenditure common value: $4,118.48
Month-to-month complete value (lease + expenditure): $5,945.48
Leftover month-to-month prices after Social Safety advantages: $4,085.25
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $1,433
Expenditure common value: $2,980.23
Month-to-month complete value (lease + expenditure): $4,413.23
Leftover month-to-month prices after Social Safety advantages: $2,553
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SeanPavonePhoto / Getty Photos/iStockphoto
Lease common value: $1,310
Expenditure common value: $3,244
Month-to-month complete value (lease + expenditure): $4,554
Leftover month-to-month prices after Social Safety advantages: $2,693.77
pabradyphoto / Getty Photos/iStockphoto
Lease common value: $1,210
Expenditure common value: $2,849.56
Month-to-month complete value (lease + expenditure): $4,059.56
Leftover month-to-month prices after Social Safety advantages: $2,199.33
SeanPavonePhoto / Getty Photos/iStockphoto
Lease common value: $2,105
Expenditure common value: $4,345.11
Month-to-month complete value (lease + expenditure): $6,450.11
Leftover month-to-month prices after Social Safety advantages: $4,589.88
Kruck20 / iStock.com
Lease common value: $1,302
Expenditure common value: $2,869.64
Month-to-month complete value (lease + expenditure): $4,171.64
Leftover month-to-month prices after Social Safety advantages: $2,311.41
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ferrantraite / iStock.com
Lease common value: $1,234
Expenditure common value: $2,547.72
Month-to-month complete value (lease + expenditure): $3,781.72
Leftover month-to-month prices after Social Safety advantages: $1,921.49
sorincolac / Getty Photos/iStockphoto
Lease common value: $1,692
Expenditure common value: $5,480.44
Month-to-month complete value (lease + expenditure): $7,172.44
Leftover month-to-month prices after Social Safety advantages: $5,312.21
Jennifer_Sharp / Getty Photos/iStockphoto
Lease common value: $808
Expenditure common value: $2,775.76
Month-to-month complete value (lease + expenditure): $3,583.76
Leftover month-to-month prices after Social Safety advantages: $1,723.53
Pgiam / Getty Photos
Lease common value: $1,180
Expenditure common value: $2,579.29
Month-to-month complete value (lease + expenditure): $3,759.29
Leftover month-to-month prices after Social Safety advantages: $1,899.06
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Ron and Patty Thomas / Getty Photos
Lease common value: $895
Expenditure common value: $2,581.81
Month-to-month complete value (lease + expenditure): $3,476.81
Leftover month-to-month prices after Social Safety advantages: $1,616.58
pabradyphoto / Getty Photos
Lease common value: $772
Expenditure common value: $2,551.33
Month-to-month complete value (lease + expenditure): $3,323.33
Leftover month-to-month prices after Social Safety advantages: $1,463.10
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $837
Expenditure common value: $2,473.69
Month-to-month complete value (lease + expenditure): $3,310.69
Leftover month-to-month prices after Social Safety advantages: $1,450.46
Davel5957 / Getty Photos/iStockphoto
Lease common value: $816
Expenditure common value: $2,476.05
Month-to-month complete value (lease + expenditure): $3,292.05
Leftover month-to-month prices after Social Safety advantages: $1,431.82
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SeanPavonePhoto / Getty Photos
Lease common value: $887
Expenditure common value: $2,561.95
Month-to-month complete value (lease + expenditure): $3,448.95
Leftover month-to-month prices after Social Safety advantages: $1,588.72
DenisTangneyJr / Getty Photos/iStockphoto
Lease common value: $1,950
Expenditure common value: $3,108.90
Month-to-month complete value (lease + expenditure): $5,058.90
Leftover month-to-month prices after Social Safety advantages: $3,198.67
Kruck20 / Getty Photos/iStockphoto
Lease common value: $1,479
Expenditure common value: $3,342.66
Month-to-month complete value (lease + expenditure): $4,821.66
Leftover month-to-month prices after Social Safety advantages: $2,961.43
DenisTangneyJr / Getty Photos
Lease common value: $1,503
Expenditure common value: $4,311.47
Month-to-month complete value (lease + expenditure): $5,814.47
Leftover month-to-month prices after Social Safety advantages: $3,954.24
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Sean Pavone / Getty Photos/iStockphoto
Lease common value: $882
Expenditure common value: $2,560.77
Month-to-month complete value (lease + expenditure): $3,442.77
Leftover month-to-month prices after Social Safety advantages: $1,582.54
jimkruger / Getty Photos
Lease common value: $1,126
Expenditure common value: $2,686.90
Month-to-month complete value (lease + expenditure): $3,812.90
Leftover month-to-month prices after Social Safety advantages: $1,952.67
SeanPavonePhoto / Getty Photos/iStockphoto
Lease common value: $813
Expenditure common value: $2,435.16
Month-to-month complete value (lease + expenditure): $3,248.16
Leftover month-to-month prices after Social Safety advantages: $1,387.93
TriggerPhoto / Getty Photos/iStockphoto
Lease common value: $903
Expenditure common value: $2,490.46
Month-to-month complete value (lease + expenditure): $3,393.46
Leftover month-to-month prices after Social Safety advantages: $1,533.23
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Lightguard / Getty Photos/iStockphoto
Lease common value: $833
Expenditure common value: $2,893.13
Month-to-month complete value (lease + expenditure): $3,726.13
Leftover month-to-month prices after Social Safety advantages: $1,865.90
benkrut / Getty Photos/iStockphoto
Lease common value: $944
Expenditure common value: $2,554.12
Month-to-month complete value (lease + expenditure): $3,498.12
Leftover month-to-month prices after Social Safety advantages: $1,637.89
4kodiak / Getty Photos
Lease common value: $1,154
Expenditure common value: $2,936.06
Month-to-month complete value (lease + expenditure): $4,090.06
Leftover month-to-month prices after Social Safety advantages: $2,229.83
DenisTangneyJr / Getty Photos
Lease common value: $1,143
Expenditure common value: $3,195.50
Month-to-month complete value (lease + expenditure): $4,338.50
Leftover month-to-month prices after Social Safety advantages: $2,478.27
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Ultima_Gaina / Getty Photos/iStockphoto
Lease common value: $1,596
Expenditure common value: $3,254.96
Month-to-month complete value (lease + expenditure): $4,850.96
Leftover month-to-month prices after Social Safety advantages: $2,990.73
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $866
Expenditure common value: $2,655.55
Month-to-month complete value (lease + expenditure): $3,521.55
Leftover month-to-month prices after Social Safety advantages: $1,661.32
OlegAlbinsky / iStock.com
Lease common value: $1,722
Expenditure common value: $3,681.99
Month-to-month complete value (lease + expenditure): $5,403.99
Leftover month-to-month prices after Social Safety advantages: $3,543.76
Kruck20 / iStock.com
Lease common value: $1,124
Expenditure common value: $2,738.89
Month-to-month complete value (lease + expenditure): $3,862.89
Leftover month-to-month prices after Social Safety advantages: $2,002.66
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YinYang / Getty Photos
Lease common value: $883
Expenditure common value: $2,725.03
Month-to-month complete value (lease + expenditure): $3,608.03
Leftover month-to-month prices after Social Safety advantages: $1,747.80
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $839
Expenditure common value: $2,653.57
Month-to-month complete value (lease + expenditure): $3,492.57
Leftover month-to-month prices after Social Safety advantages: $1,632.34
Sean Pavone / Shutterstock.com
Lease common value: $794
Expenditure common value: $2,426.45
Month-to-month complete value (lease + expenditure): $3,220.45
Leftover month-to-month prices after Social Safety advantages: $1,360.22
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $1,216
Expenditure common value: $3,325.84
Month-to-month complete value (lease + expenditure): $4,541.84
Leftover month-to-month prices after Social Safety advantages: $2,681.61
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Sean Pavone / Getty Photos/iStockphoto
Lease common value: $1,052
Expenditure common value: $2,680.03
Month-to-month complete value (lease + expenditure): $3,732.03
Leftover month-to-month prices after Social Safety advantages: $1,871.80
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $1,071
Expenditure common value: $3,089.68
Month-to-month complete value (lease + expenditure): $4,160.68
Leftover month-to-month prices after Social Safety advantages: $2,300.45
Kruck20 / Getty Photos/iStockphoto
Lease common value: $1,120
Expenditure common value: $2,661.28
Month-to-month complete value (lease + expenditure): $3,781.28
Leftover month-to-month prices after Social Safety advantages: $1,921.05
DenisTangneyJr / iStock.com
Lease common value: $698
Expenditure common value: $2,635.25
Month-to-month complete value (lease + expenditure): $3,333.25
Leftover month-to-month prices after Social Safety advantages: $1,473.02
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MoreISO / Getty Photos/iStockphoto
Lease common value: $1,011
Expenditure common value: $2,513.01
Month-to-month complete value (lease + expenditure): $3,524.01
Leftover month-to-month prices after Social Safety advantages: $1,663.78
benedek / Getty Photos
Lease common value: $1,137
Expenditure common value: $2,603.25
Month-to-month complete value (lease + expenditure): $3,740.25
Leftover month-to-month prices after Social Safety advantages: $1,880.02
f11photo / Getty Photos/iStockphoto
Lease common value: $1,112
Expenditure common value: $2,895.32
Month-to-month complete value (lease + expenditure): $4,007.32
Leftover month-to-month prices after Social Safety advantages: $2,147.09
SeanPavonePhoto / Getty Photos/iStockphoto
Lease common value: $1,950
Expenditure common value: $3,333.05
Month-to-month complete value (lease + expenditure): $5,283.05
Leftover month-to-month prices after Social Safety advantages: $3,422.82
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Sean Pavone / Getty Photos/iStockphoto
Lease common value: $1,540
Expenditure common value: $2,912.22
Month-to-month complete value (lease + expenditure): $4,452.22
Leftover month-to-month prices after Social Safety advantages: $2,591.99
benedek / iStock.com
Lease common value: $1,486
Expenditure common value: $3,369.88
Month-to-month complete value (lease + expenditure): $4,855.88
Leftover month-to-month prices after Social Safety advantages: $2,995.65
Sean Pavone / Getty Photos/iStockphoto
Lease common value: $672
Expenditure common value: $2,451.83
Month-to-month complete value (lease + expenditure): $3,123.83
Leftover month-to-month prices after Social Safety advantages: $1,263.60
Jon Mattrisch / Getty Photos/iStockphoto
Lease common value: $949
Expenditure common value: $2,767.61
Month-to-month complete value (lease + expenditure): $3,716.61
Leftover month-to-month prices after Social Safety advantages: $1,856.38
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stockphoto52 / Getty Photos/iStockphoto
Lease common value: $790
Expenditure common value: $2,592.46
Month-to-month complete value (lease + expenditure): $3,382.46
Leftover month-to-month prices after Social Safety advantages: $1,522.23
Methodology: For this examine, GOBankingRates analyzed each state to search out how a lot cash you’ll have to complement your Social Safety Revenue. GOBankingRates began by discovering the [1] common value of residing indexes throughout a number of expenditures as sourced from Missouri Financial and Analysis Info Heart and multiplied them by the [2] nationwide common expenditure prices for ages 65 and over for every expenditure class to search out the month-to-month complete value of expenditures. Including the expenditure value to the [3] general lease value, as sourced from ApartmentList, provides the typical complete value of residing in every state. Utilizing the [4] common Social Safety Advantages quantities for retired staff as sourced from the Social Safety’s Month-to-month Statistical Complement for January 2024, the full month-to-month value of residing after Social Safety Advantages could be calculated. The remaining quantity is how a lot you’ll need to complement your Social Safety in each state. The [5] median family earnings was sourced from the U.S. Census’s American Neighborhood Survey and the leftover financial savings after value of residing prices was calculated for supplemental data. The states had been sorted to point out the bottom to highest leftover value after Social Safety Advantages pay for value of residing prices. All knowledge was collected and is updated as of Jun. 12, 2024.
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This text initially appeared on GOBankingRates.com : How Much Money You’ll Need To Supplement Your Social Security in Every State