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☆ You need at least $1 million to retire comfortably in these 10 U.S. states—half are in the Northeast
▼ + stars: | 2024-04-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual's 2024 Planning and Progress study. But in certain states, like Hawaii, you'd actually need more than that. The minimum amount of savings you'd need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study. It also looked at each state's cost of living through the Missouri Economic Research and Information Center state-by-state cost of living index, based on the Council for Community and Economic Research survey data. Here are the 10 states where you'd need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It.

Persons: GOBankingRates Organizations: Security, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Council for Community, Economic Research, CNBC Locations: Northwestern, Hawaii, you'd, Aloha, Missouri

☆ The income everyday Americans earn in every U.S. state—see how your salary measures up
▼ + stars: | 2024-04-14 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

The Northeast and Western regions tend to have higher-earning populations compared with the South and some states in the Midwest. Massachusetts tops the rankings with the highest median wage of $60,690 for individual workers, while Mississippi has the lowest median wage in the country at $37,500. In Wyoming, workers have the 26th highest median wage, but the 18th lowest cost of living. Florida, similarly, has the 14th lowest median wage, but is only the 29th cheapest state to live in, according to MERIC. Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories.

Organizations: Bureau of Labor Statistics, Rhode, Missouri Economic Research, Information Center, for Community, Economic Research, CNBC Locations: Midwest . Massachusetts, Mississippi, Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, Hampshire, Jersey, Mexico, York, Carolina, Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming, . Massachusetts, U.S

☆ A look into Michigan’s economic prospects as automotive jobs see a decline
▼ + stars: | 2024-02-27 | by ( Chris Isidore | Tami Luhby | ) edition.cnn.com time to read: +11 min

Jobs in the state’s auto plants, parts factories and corporate offices shrank by 35% since 1990, according to figures from the Bureau of Labor Statistics. And those jobs make up only 3.7% of the jobs in the state, roughly half what it was in 1990. Some of the auto jobs disappeared because of automation. “But it is still the cornerstone of the Southeast Michigan economy. The categories understate the importance.”But other segments of the Michigan economy now rival autos.

Persons: –, Stellantis, Jeff Kowalsky, Patrick Anderson, “ I’m, ” Anderson, Brian Peters, Peters, ” Peters, Anderson, Bill Pugliano, Gretchen Whitmer, Whitmer, there’s, ”, Monique Stanton, Stanton, ” Stanton, Matthew Hatcher, Donald Trump, Joe Biden Organizations: New, New York CNN, Republican, Democratic, Bureau of Labor Statistics, Motors, Ford, Fiat Chrysler —, GM, Fiat Chrysler, Getty, Anderson Economic Group, Michigan Center for Data, Michigan Health & Hospital Association, Health, Big, Chrysler, United Auto Workers, General Motors, North, Gov, Census, ICE, Michigan, Michigan League, Public, Missouri Economic Research, Information, Fox News, Democrats, Shoppers, Bloomberg, Washington Post, Monmouth University Locations: New York, Michigan, Mexico, Southern, Edmunds, Dearborn , Michigan, AFP, Southeast Michigan, Lansing , Michigan, North America, Marshall , Michigan, Florida, Texas, Illinois, California, Living, Somerset, Troy , Michigan

☆ How much money you need to retire in every U.S. state—it's at least $1 million in 16 places
▼ + stars: | 2024-01-15 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Those totals were then multiplied by 25 or 30 years, excluding Social Security payments, since those benefits would supplement retirees' personal savings. The study assumes that retirees will receive annual Social Security payments of $21,566.76, the U.S. average based on the most recent information provided by the Social Security Administration. For a 25-year retirement, you'd need just over $2 million in Hawaii — the most of all states by far. That's followed by Massachusetts, California and New York, along with 12 other states where you'd need at least $1 million saved up to retire. In contrast, you'd need less than $700,000 for a 25-year retirement in West Virginia, the lowest in the country.

Persons: GOBankingRates, you'd, That's Organizations: Bureau of Labor Statistics, Missouri Economic Research, Information Center, Social, Social Security Administration, U.S, Social Security Locations: U.S, Missouri, Hawaii, Massachusetts , California, New York, West Virginia

☆ The 10 most expensive states to retire in
▼ + stars: | 2024-01-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Read previewYou will need upwards of $1 million for a comfortable 25-year retirement in 16 states — and $2 million in Hawaii. And for a 30-year retirement in the 10 most expensive states, you'll need over $1.3 million. AdvertisementFor instance, GOBankingRates noted the annual price of groceries in Hawaii was $5,339, while annual housing costs were over $35,800. California's minimum for 25 years of comfortable retirement was $1.43 million, well above New York's at $1.29 million. AdvertisementConversely, West Virginia, Mississippi, and Oklahoma were the three most affordable states for a comfortable retirement.

Persons: —, GOBankingRates, Charles Schwab, Schroders Organizations: Service, Business, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Social Security, Utilities, New York, AARP Locations: Hawaii, Massachusetts , California, New York, Missouri, Massachusetts, California, New, Florida, Alaska, West Virginia , Mississippi, Oklahoma, West Virginia, Mississippi

"The majority of my friends who are single and living alone are stressed about the cost of living," Kaishon Holloway, a single man living in New York City, tells CNBC. On top of being solely responsible for living costs that couples can split, single people are excluded from several financial benefits reserved for married couples. Kaishon Holloway says he and his single friends are stressed about the cost of living. Single people often have to choose between getting a roommate or covering the entire cost of a house or apartment on their own. In some cases, married couples have advantages that simply don't exist for single individuals, such as with income taxes.

Persons: Kaishon Holloway, it's, Juhohn Lee, Mark Licea, Bella DePaulo, Monique Morrissey, that's, Holloway Organizations: Census, CNBC, U.S, Missouri Economic Research, Information, Massachusetts Institute of Technology, Economic Policy, Tax Locations: U.S, New York City, South Carolina, Missouri, New York

☆ The 10 best—and worst—states for paying off your student loans
▼ + stars: | 2023-03-29 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

Your income, your balance owed, your other financial obligations and more can all make it harder or easier for you to pay off your student debt no matter where you're living. Though the best states aren't clustered in any one region, they share other traits that can help borrowers get ahead. Though Florida and Vermont don't make the cut in the overall rankings, Vermont has the highest student borrower profile score, which considers how many residents have bachelors degrees, the average amount of student debt owed and the average delinquency rate. Borrowers in Mississippi have the highest default rate at 21.6% and the 12th highest debt burden — $37,396 on average — in the country. Overall, borrowers in Southern states may struggle to pay off their student loans, with six of the 10 worst states for student debt repayment in this region, according to Broke Scholar: Mississippi Arkansas West Virginia Delaware Ohio Louisiana Kentucky New Mexico Michigan IndianaTips for borrowers to manage their debt anywhere

☆ The 10 states where $1 million in retirement savings will run out the fastest—Hawaii is No. 1
▼ + stars: | 2022-12-17 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

As it turns out, $1 million may not be enough to sustain you through retirement in certain states. But in a few states, $1 million in savings likely won't last that long, according to recent data from personal finance site GOBankingRates. In Hawaii, $1 million in retirement savings would only cover your living expenses for it about 10 years. It's not just the Aloha state where $1 million likely won't go as far as you hope. Here are the top 10 states where $1 million in retirement savings would run out the fastest.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). Blacktower Financial Management data shows the best states for retirees are Florida, Iowa, and Ohio. SmartAsset's free tool can find a financial adviser near you »Choosing a state for retirement can be a big challenge. The lower the index number, the lower the cost of living. Here are Blacktower's 15 most affordable states for retirees, including their cost-of-living index along with the average home price and the percentage of seniors.

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