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☆ 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

☆ A Gen Xer moved to North Carolina to save money for retirement. Her beachfront home cost about half as much as her California property, but the weather doesn't compare.
▼ + stars: | 2023-10-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Sandra, a Gen Xer, recently moved from the Los Angeles area to the beaches of North Carolina. While the weather isn't as ideal, North Carolina has been a pleasant surprise. AdvertisementAdvertisementSandra decided that instead of retirement by the beaches of Los Angeles, she'd instead enjoy life by the North Carolina shore. Even though she said insurance is a bit higher in North Carolina given the prevalence of hurricanes, her taxes have been cut by around half. AdvertisementAdvertisementThe more diverse politics of her area — since North Carolina is a purple state — was also a plus over deep red South Carolina, she said.

Persons: Sandra, —, she'd, she's, doesn't Organizations: Service, Navy, Hilton, Ventura, AAA, Survey Locations: Los Angeles, North Carolina, East Coast, California, Massachusetts, East, Raleigh, Charlotte, Charleston, South Carolina, Carolina

☆ The 10 cheapest states to retire in
▼ + stars: | 2023-10-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Meanwhile, Washington, DC, Massachusetts, California, and New York are the places where it costs more to retire comfortably. AdvertisementAdvertisementThe south and midwest — which are home to the states with the cheapest cost of a comfortable retirement — have among the lowest regional price parities, which show comparisons of buying power across states and metro areas for a given year. Alternatively, the typical home value in the states where it costs more to retire comfortably ranges from $425,011 in New York to $971,167 in Hawaii. It costs $121,228 to retire comfortably in Hawaii, the only state with a six-figure amount. Hawaii's higher transportation costs, limited housing, and elevated costs of goods that need to be shipped contributed to these high retirement costs.

Persons: —, GOBankingRates, Rowe Price Organizations: Service, of Labor Statistics, Social Locations: Mississippi, Oklahoma, Alabama, Hawaii, Massachusetts, Oklahoma , Alabama , Kansas, Iowa, Washington, DC, California, New York

☆ How much money you need to retire comfortably in every U.S. state
▼ + stars: | 2023-10-11 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

While U.S. retirees might move states to be closer to family or for warmer weather, living costs can be a big factor, too. The annual cost to retire comfortably varies by as much as $66,000 between states — with Hawaii costing the most by far — according to a recent GOBankingRates analysis of retirement expenses in all 50 states and the District of Columbia. To determine the annual retirement costs for Americans aged 65 and older in each state, the study used Bureau of Labor Statistics estimates for food, shelter, transportation, health care and utility costs. An additional cash buffer of 20% of that total was added to ensure that retirees would be "comfortable," according to the study.

Organizations: District of Columbia, Labor Statistics Locations: —, Hawaii

☆ Here's how much money a family of 4 needs to get by in every U.S. state
▼ + stars: | 2023-09-06 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

In some U.S. states, a family of four needs to earn at least $100,000 to get by, a new analysis reveals. A living wage is defined as the minimum income a family of four would need to follow the 50/30/20 budget, using data from the Bureau of Labor Statistics. A family of four is defined as a married couple with two children, the oldest aged 6 to 17. Mississippi has the lowest living wage of all states, where getting by as a family costs $73,381 a year — less than half of how much a family needs in Hawaii. Here's a look at the living wage needed for a family of four in every U.S. state, in alphabetical order.

Organizations: Bureau of Labor Statistics, Washington Locations: Hawaii, Massachusetts, California, York, Alaska, Maryland, Oregon, Vermont, Jersey, Connecticut, Hampshire, Massachusetts , California, New York, Midwest, . Mississippi

☆ Cash in or lose out: Banks are turning to AI, cloud computing, and Web3 to gain competitive advantage and customer loyalty
▼ + stars: | 2023-09-05 | by ( Nicholas Fearn | ) www.businessinsider.com time to read: +11 min

AI and cloud tech are giving some banks an edge over competitors and enticing brand loyalty. Traditional banks that ignore this reality risk losing loyal customers to digital banks that have emerged over the past few years, research suggests. Digital transformation is a must for banksWith online banking now the norm, digital transformation is no longer optional for banks. Legacy banking systems were not designed to provide the banking experience that people expect today," she said. As a result, banking customers and employees can view transactions in real time and deliver "a more seamless and personalized experience" for all stakeholders, she added.

Persons: Banks, Victoria Newton, Newton, Laura Merling, Merling, Jay Venkateswaran, WNS, Eno, Goldman Sachs, Nigel Vaz, Publicis, Publicis Sapient Nigel Vaz, Venkateswaran, Vaz, James Whybrow Organizations: Service, Starling Bank, Arvest Bank, Banking, Capital One, Microsoft, Bank of America, Amazon Web Services, Google, Economist Intelligence Unit, Arvest, Software AG, Software Locations: Wall, Silicon, It's, Starling, WNS, Morgan

☆ Single people in Hawaii need to make an average of $112,411 to get by, a study has found. Here's how US living wages compare in the most expensive states.
▼ + stars: | 2023-08-30 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Hawaii is the most expensive place for single people to live in the US, an analysis found. Single people need an annual paycheck of $112,411 to make a living wage in the state, per the data. The study used survey data from the Bureau of Labor Statistics to calculate the cost of annual necessities for a single person state by state. New YorkLiving wage for a single person: $73,226AdvertisementAdvertisementOlympic Tower, New York City. AlaskaLiving wage for a single person: $71,570

Persons: Coyright Roy Prasad, Barry Winiker Organizations: Morning, US Bureau of Labor Statistics, Mississippi, Bureau of Labor Statistics, Hawaii, Massachusetts, DenisTangneyJr, California, Getty, New York, Alaska Locations: Hawaii, Massachusetts, San Francisco , California, , New York City

☆ The salary a single person needs to get by in every U.S. state
▼ + stars: | 2023-08-29 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Depending on where you live, the salary you need to get by as a single worker can vary immensely. In Hawaii, the living wage for single workers is $112,411 — the highest in the U.S. — according to an analysis by personal finance website GOBankingRates.com. To determine the living wage in each state, GOBankingRates calculated the minimum amount a single person would need to follow the 50/30/20 budget, using data from Bureau of Labor Statistics. Hawaii's living wage is more than double what many single people earn, as the U.S median income for single, full-time workers is $57,200, per Labor Bureau data. Looking at the results as a whole, single workers' median income of $57,200 only covers the living wage in 30 states.

Persons: Mike Winters Organizations: of Labor Statistics, Labor Locations: Hawaii, U.S, Mississippi, Massachusetts, California, York, Alaska, , Massachusetts, New York, Boston, Los Angeles and New York City

☆ The 16 U.S. states where you need to earn more than $70,000 to be financially secure
▼ + stars: | 2023-08-16 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

That's because the annual cost of living in the U.S. can vary by as much as $80,000 between states. Here are the 16 states where residents need to earn at least $70,000 to be financially secure, ranked from highest to lowest living wage, as calculated by GOBankingRates. But despite the high costs, workers in large cities tend to earn higher wages. For the top 16 states in the rankings, the median household income is $81,334, well above the U.S. median of $66,279, according to GOBankingRates' analysis. Living wage is defined as the income required to be able to put 50% toward necessities, 30% toward discretionary spending and 20% into savings.

Persons: it's, Warren Buffett Organizations: GOBankingRates, Rhode, Alaska —, of Labor Statistics Locations: U.S, Hawaii . In Mississippi, GOBankingRates . Hawaii, Massachusetts, California, York, Alaska, Maryland, Vermont, Oregon, Washington, Jersey, Connecticut, Hampshire, Maine, Arizona, Colorado, Hawaii, New York, Los Angeles, Seattle

☆ The housing market is seeing a shift as landlords turn less aggressive - but 65% still plan to raise rent prices
▼ + stars: | 2023-05-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

About 65% of US landlords plan to raise rents in the next 12 months, a new survey from Avail by Realtor.com showed. Rent prices climbed 0.29% in April on an annual basis, the smallest yearly increase in more than three years. Of the landlords who said they don't plan to raise rent, 48.2% said they aim to retain renters and avoid turnover, given the current market conditions. Meanwhile, Rent.com data shows that rent prices climbed 0.29% in April on a year-over-year basis, the smallest annual increase in more than three years. With rent prices still hovering close to record-highs, that poses an obstacle for landlords looking to keep units occupied moving into 2024.

☆ The 10 cheapest U.S. states to retire in—Florida barely makes the list
▼ + stars: | 2023-03-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Rather, Alabama is the most affordable state to retire in, according to WalletHub's "2023 Best States to Retire." The analysis compared all 50 states across three key categories: health care, quality of life and affordability. In Hawaii, a $1 million retirement fund would be empty in a little over 10 years — the fastest of any state, according to GoBankingRates. Despite ranking ninth in affordability, Florida came in at No. A $1 million retirement reserve would last about 18 years there, per GoBankingRates.

☆ A small Japanese town charges visitors to learn its baby-making tips
▼ + stars: | 2023-03-07 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

The birth rate in Japan has been falling for three decades, and hit an all-time low last year. But in one small town, parents are electing to have more kids, The Wall Street Journal reported. For a second child, parents pay a maximum of $210, and aren't charged for any kids they have after that. Additionally, parents in Nagi receive a stipend of $1,000 annually for each child they have enrolled in high school. "We'd like to make policies like this," Kang Mu-seung, a South Korean official visiting Nagi, told The Journal.

☆ More Americans now think they need at least $1 million to retire. Here are the 10 US states where that amount will last the longest.
▼ + stars: | 2023-02-28 | by ( Matthew Loh | ) www.businessinsider.com time to read: +1 min

More Americans now expect they need at least $1 million to retire safely — and that's on the low side of estimates. MoMo Productions/Getty ImagesA study by Northwestern Mutual that surveyed 2,381 American adults in February 2022 found most believed they'll need $1.25 million in savings to exit the workforce. Meanwhile, a 401k survey in 2021 by the Charles Schwab Corporation of 1,000 US workers found that the average respondent said they need $1.9 million to retire. Here are the top 10 states in the US where $1 million in retirement savings will last you the longest. Entrants are counting down to the longest retirement.

☆ $1 million in retirement savings lasts longest in these 10 states—almost half are in the southeast
▼ + stars: | 2022-12-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Retirement can last 25 years or more after you stop working, according to Fidelity Investments. But in some states with high costs of living, like Hawaii, $1 million in retirement savings would only last about 10 years. However, in less expensive states, $1 million would be enough to cover your living expenses for the majority of your retirement years. If you plan on retiring in the United States, you can expect your retirement savings to stretch the furthest in Mississippi, according to GoBankingRates' latest analysis. Here are the top 10 states where $1 million in retirement savings would last the longest.

☆ 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.

☆ Gen Z wants equality, diversity, and flexibility at work, but it may cause them to sacrifice financial security
▼ + stars: | 2022-12-06 | by ( Alexandra York | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Some Gen Zers are focusing on a company's mission and job security during their job searches. As a recession looms, Gen Zers might want to consider their financial futures when applying for their next role. Additionally, over half of Gen Z could enter retirement without sufficient savings due to savings challenges and rising costs, Boston University economist Laurence Kotlikoff previously told Insider. In fact, the typical annual salary for Gen Z employees was $32,500 in 2021, according to research from the personal finance site GoBankingRates. To be sure, plenty of Gen Zers understand the financial pressures to come and are prioritizing salary in their job search.

GoBankingRates' new data shows that many cities in Arizona, California, and Florida are getting too expensive for retirees due to high costs of homes, living expenses, and senior care. New data from GoBankingRates shows just how expensive some cities in these states are getting for retirees living on a fixed income. The rankings show that many of the cities that are becoming the most out of reach for seniors are smaller cities and towns in Florida, California, and Arizona. The top three cities that are becoming the most unaffordable for retirees are Ranchos Palos Verdes, California; Walnut Creek, California; and Lincoln, California. Here are the top 21 cities where rising expenses will require a larger retirement fund:

Persons: Palos, GoBankingRates Organizations: Service, Bureau of Labor Statistics Locations: Arizona , California, Florida, California, Palos Verdes, Walnut, Lincoln , California, Englewood , Florida, Sarasota , Florida, Palm Springs , California, Wall, Silicon, Florida , California, Arizona, Palos Verdes , California, Walnut Creek , California

The 15 states where $1 million in savings would last the longest include New Mexico, Wyoming, Georgia, and Michigan. Meanwhile, $1 million in retirement savings will last at least 21 years for retirees living in every state in the top 15. Meanwhile, $1 million in retirement savings will last at least 21 years for every state on the list below. Dividing $1 million by the annual cost of living then yielded the years those retirement savings could last. Here are the 15 states where $1 million in retirement funds will last the longest:

Persons: GoBankingRates Organizations: Service Locations: In Mississippi, New Mexico , Wyoming, Georgia, Michigan, Wall, Silicon, GoBankingRates, Hawaii, California

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