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According to Empower, the average 401(k) balance for those in their 60s is $555,621.
The average annual Social Security benefit for retirees is $22,437.24.
Out of all 50 states and the District of Columbia, New York ranked No.
46 in terms of how long your 401(k) plus Social Security benefits will last.
In other words,New York ranks as the sixth-fastest state to run out of these funds.
How Long Will Your 401(k) Plus Social Security Last?
For males, the life expectancy is 74.8, and for females, its 80.2.
What Annual Expenses Can You Expect as a Retiree?
Compare that to $48,451.48 in West Virginia.
(Suffice to say food costs are a burden for retirees across the country.)
Utilities Expenses
you might expect to pay $4,333.43 per year in New York for utilities.
In West Virginia, utilities are $4,003.02 annually only about $300 cheaper than New York.
All 50 states and the District of Columbia were then ranked with No.
1 being the state where $555,621 and Social Security will last the longest and No.
51 being the state where it will run out most quickly.
All data was collected on and up to date as of July 15, 2024.
The average 401(k) balance was sourced by Empower for those in their 60s.
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