Retirement is a dream for many, where you can relax and enjoy life after years of hard work. Those golden years should be filled with fun adventures, whether it’s traveling or finally doing things you didn’t have time for while working. But how much does it really cost to retire comfortably?
The average retirement age is around 64.7 for men and 62.1 for women. It seems like people are retiring later these days. Back in 1991, the average retirement age was just 57, and it has steadily increased since then. By 2022, the expected retirement age had jumped to 66.
Now, let’s talk about the cost of retirement in our state. A recent study looked at the expenses for retirees. For a couple, the annual cost of a comfortable retirement without Social Security is about $47,287. If you’re receiving Social Security, that cost drops to around $11,757 a year.
Interestingly, West Virginia has been highlighted as the most affordable state for a comfortable retirement.
So, as you think about your future, keep these numbers in mind. Retirement should be a time to enjoy life, and knowing the costs can help you plan better. What are your thoughts on retiring comfortably?
