A new study by retirement expert John Stevenson reveals that for many Americans, amid surging living costs, retirement has become an increasingly distant milestone.
The study surveyed 1,000 working Americans and found that:
- Nearly two-thirds (63%) of Americans report that rising living expenses are hampering their ability to save for retirement.
- A concerning 14% have tapped into their retirement savings within the past year merely to cover everyday costs.
- Alarmingly, 20% of baby boomers currently have no retirement savings at all.
- While 42% of women express anxiety about retirement planning, less than a quarter of men (23%) report the same level of concern.
Beyond these statistics, Stevenson’s analysis adds a striking dimension by mapping out how many years it will take to retire in each U.S. state, factoring in average incomes and cost of living. For example, residents of Illinois, who earn an average of $69,020 annually, can expect to retire after about 26 years due to the state’s moderate cost of living. In contrast, high-cost states like California and Massachusetts may stretch retirement timelines to an astonishing 71 years, despite relatively high wages.
Stevenson’s study underscores a sobering reality: retirement readiness varies dramatically across the country. For many, the dream of stepping away from the workforce remains out of reach, not due to lack of effort, but because economic pressures continue to press hard.
You can find the full study here: https://johnstevenson.com/how-many-years-will-it-take-to-retire-in-your-state/
