Nine states where you can retire without going broke

Retirees in just nine states have a good chance of making their retirement savings last until they die, a new study has found. The cushion that retirees in those states have between their savings and their entire retirement expenses ranges from $19,000 to $276,000, according to research from senior-care advocate CareScout. The study estimates the average retiree will receive $788,000 in retirement income.

“Over a typical retirement, American seniors are expected to bring in nearly $788,000 from Social Security, savings and investments - but they’ll spend about $897,000 on necessities, a deficit of $109,000,” the study noted. Retirees have the best chance of outliving their retirement savings in Washington, where the average person will die with a projected $276,000 cushion between savings and expenses. The next eight states are spread out across the country.

open image in galleryA new study has found that retirees in 41 states are projected to go broke before they die, with one state slapping them with a $471,000 deficit (Getty)New Hampshire offers retirees the second-biggest cushion in the U.S. at $240,000, followed by Colorado ($188,000), Nebraska ($145,000), Idaho ($112,000), Minnesota ($109,000), Utah ($79,000), Maryland ($21,000) and Montana ($19,000).

The retirement deficit in the other 41 states range from the state with the biggest shortfall, New York, at -$471,000, to the smallest deficit, -$398, in New Jersey.Following New York, the states with the biggest deficits are California (-$395,000), Alaska (-$350,000), New Mexico (-$277,000) and Louisiana (-$241,000).Those in Washington, D.

C., can expect a projected -$432,000 shortfall, the study revealed.CareScout’s study highlights a persistent problem facing current and future retirees in America - they simply don’t have enough money for a comfortable retirement.

Some 24 million future retirees are putting off their golden years because current healthcare costs are too expensive, a March survey from polling firm Gallup found.Not only are consumers making trade-offs to stay financially stable, but they have a median balance of $955 in their savings accounts - money that’s easier to withdraw and typically doesn’t charge fees or count as taxable income, such as traditional IRAs and 401(k) withdrawals.open image in galleryRecent moves by the Trump administration to make retirement accounts easier to find and open may not be enough to end the country’s retirement crisis (Getty)The Trump administration announced in April plans to launch an IRA exchange by January 1, 2027, to make it easier for individuals to find and open an IRA.

Additionally, the administration launched “Trump accounts,” traditional IRAs intended for those born from 2025 to 2028. The government will add $1,000 to the accounts to help parents set their children up for retirement. While the IRA-based moves the administration plans to launch will most benefit those retiring years down the road, Americans who are already retired or plan to start their retirement in the next few years face a looming Social Security shortfall.

A June study from the Social Security Board or Trustees estimates the cash shortage will reduce monthly payments by as much as 22 percent. Join our commenting forumJoin thought-provoking conversations, follow other Independent readers and see their repliesComments