In these 41 states, retirees risk outliving their savings

Key Points:

• A new CareScout report reveals that retirees in 41 U.S. states are likely to outlive their savings, with an average retirement shortfall of $109,000 due to rising costs and longer life expectancies.
• States with high living costs like New York, California, Alaska, and Massachusetts show the largest projected shortfalls, while states such as Minnesota, Utah, and Colorado offer retirees a financial surplus.
• Only nine states, including Washington, New Hampshire, and Colorado, provide retirees with a projected financial surplus, thanks to a combination of higher retirement income and manageable expenses.
• Experts advise retirees to plan for longer lifespans, maximize retirement savings through early and consistent contributions, avoid tapping into retirement funds for emergencies, and delay claiming Social Security benefits to increase monthly income.
• The report emphasizes the importance of professional retirement planning, noting that many Americans are unprepared and underestimate how long their retirement will last, increasing the risk of outliving their savings.