Retirement In the United States
Retirement is something that is going to happen at some point in time for everyone. It is time where people can live at home, spending more time with their family. In the U.S., the retirement age is around 62-65 years of age. However, there are many people that are not looking forward to retirement, worrying that they may not have enough to live off of when they retire. When it comes to retirement, a lot of money is needed in order to live worry-free. Unfortunately, many people struggle with money after they retire, and end up working even more. Many wonder where Chicago ranks among the country.
Amount Needed to Retire in the U.S
In order to retire in the U.S., a person needs to have a large amount of money. Certain states around the country require that a person have more than $1 million in retirement savings in order to retire comfortably. However, this is an incredibly large amount of money that is needed just to live comfortably in the U.S.
Not many people have access to this kind of money, which makes retirement much harder for them. Additionally, because of this high financial requirement, many people do not retire until even later, to meet this requirement.
What States Require This?
States such as Alaska, New York, California, and Washington, are among the states that are the least favorable to retire in. There are different factors that are implemented in these rankings.
These states are ranked based on their affordability, weather, crime, and overall living conditions. Therefore, it is important to consider which states are better off when it comes to retiring. Living comfortably, should be a top priority for retirees.
Where Does Chicago Rank?
Chicago ranks as one of the more affordable areas to retire. This comes as a shock to many, considering the competitive housing market, as well as the higher costs of certain areas because of inflation. Affordability is a great reason as to why Chicago ranks pretty high when it comes to retirement.
There are many options for seniors to be practically tax-exempt, while also being to receive their social security and their pensions. Therefore, Chicago does save seniors a lot of money, that way they can retire as comfortably as possible, without having to worrying about financial crisis.
However, there is a possibility that more can still be done for seniors, as the last thing they need to worry about is being financially unstable.
The Future of Retirement in the U.S
It is obvious that it is quite difficult to retire in the United States. However, there are many outlets for seniors to be as worry-free as possible. As aforementioned, Chicago is a great place that many resort to in order to retire. It has a beautiful scenery, and many places to go to and explore.
Additionally, it has the loop, where it offers many activities that can be done as well. Therefore, there are many pros and cons of retiring in Chicago, let alone in the United States itself. Being able to rank the states from the worst to the best, can certainly help new retirees plan where they are going to retire.
It is always best to work from a young age, that way money can start being redirected for this event. Many people unfortunately are not able to work at a young age, and therefore find it more difficult to retire. Furthermore, if the opportunity presents itself, it is always best to resort to saving as much money as possible. However, retiring in Alaska may certainly not be the best choice no matter how much money is saved.
Written by David Loran Jr
Sources:
WGN 9 News: You need more than $1 million to retire in parts of the US: How does Chicago rank?
Summit of Uptown:
Bankrate: The best and worst states to retire in 2023, ranked
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Inset Image Courtesy of Pete’s Flickr Page – Creative Commons License