January 2019 2

Why many retirees outlast their savings

As 10,000 baby boomers turn 65 every day and count down the minutes to retirement, they’re also counting their savings – and their fears. They’re not alone. According to the latest Transamerica Retirement Survey, the single greatest retirement fear is outliving savings, which was cited by 52% of those polled. Indeed, 38% of workers aren’t confident they will be able to retire with a comfortable lifestyle, the survey found, and 46% don’t believe they are building a large enough retirement nest egg.

It’s time to face your fears. Before you start your retirement journey, learn more about the common reasons why some retirees wind up broke in their golden years. More importantly, learn what you can do now to avoid that fate.

Click ahead for 15 reasons you’ll go broke in retirement!

If you’re thinking about relocating to somewhere cheaper in retirement, you’re not alone — many Americans lack sufficient retirement savings to afford the cost of living in their home states after their working years are over. Moving to a more cost-effective area can help stretch your funds further in retirement, alleviating some uncertainty about your financial future.

To help you choose the perfect place to retire, GOBankingRates evaluated all 50 states and determined where you can live out your golden years for less than $45,000 annually. The study analyzed factors like groceries, housing, utilities, transportation, healthcare and the overall cost-of-living index in each state, all of which contribute heavily to your yearly expenses in retirement.

These indices were then multiplied by the average annual expenditures of Americans aged 65 and older, which provided the final ranking of the top 26 states. The figures quoted in this article are per household. The most recent Census lists the average number of people per household as 2.5.

To prepare for retirement, take a look at places to live that will cost you less than $45,000 annually!