Do you live here? 41 states where you might outlive your retirement savings

Forty percent of baby boomers fear they will outlive their retirement savings Several newest studies suggest they are right to worry Seniors in states are projected to have more expenses than income during their golden years putting them at menace for outliving their retirement savings according to a new evaluation by Seniorly an assisted living online marketplace The amount they re missing on average over the discipline of their retirement years In California the gap between projected income and expenses for retirees is far higher Along with the Golden State three other states New York Hawaii and Alaska have the nation s highest retirement gaps where people s income likely can t keep up with expenses That s no surprise All are places with high costs of living But states with a lower cost of living didn t necessarily mean a better financial situation for their seniors in this analysis Mississippi for example is second the cheapest to live according to Seniorly s findings but it ranks No for a retirement gap Its retirees need in retirement savings to match their expenses over the discipline of retirement That is almost larger than the national average gap West Virginia and Alabama are in a similar position with certain of the nation s lowest costs during retirement but savings so low they create a gap The review also exposed that retirees in chosen states are likely to have money left over when they die also known as having a financial surplus The greatest surplus Washington The big picture not saving enough The evaluation looked at what they re projected to spend during retirement and what they re likely to bring in from Social Shield savings and investments Christine Healy Seniorly s description author wrote On average the evaluation determined that people are likely to live years past To fund their requirements and wants in that almost -year span Americans have saved on average Expenses are projected to be leaving a gap across all states and the District of Columbia Seniorly pulled information from administration sources and analyzed life expectancy at age income net worth and cost-of-living metrics by state by using statistics from the Centers for Malady Control U S Census Bureau of Labor Statistics and the Social Safeguard Administration California s high biological and housing costs in particular tap retirement income the record noted One more reason people are likely to outlive savings longevity States with higher life expectancy are more likely to outlive savings At age Hawaii seniors can expect to live another years Despite having the highest income of million Hawaii was the No the majority likely state to outlive savings due to a combination of longevity and high expenses the statement discovered Mississippi West Virginia Alabama and Louisiana with the country s lowest life expectancy according to the CDC all have retirement gaps higher than average Retirement cushions The outlook is rosier in nine states where retirees are expected to have surplus savings Washington Utah Montana Colorado Iowa Minnesota Maryland Kansas South Carolina The sound financial wellness of retirees in Washington state is driven by relatively high projected income and moderate expenses the analysis says Washington s monthly medical insurance premiums in one research by Value Penguin an insurance arrangement publication were lower than average The state s housing prices though are on the higher side compared to the U S average Minnesota Utah and Washington hit two high notes Their retirees are likely to have a financial surplus and they have among the longest life expectancies in the U S ranking in the top State by state Are places with smaller gaps or with retirement income surpluses necessarily better places to retire That is not an obvious conclusion The scrutiny yields specific thought-provoking juxtapositions between cost of living expected earnings and longevity In Hawaii and New York residents are projected to have higher than average retirement incomes but higher than average expenses or longer lifespans due to things like diets and access to robustness care may mean those nest eggs won t last long enough In Georgia and South Carolina incomes in retirement are less than half those in retirees in Washington and Hawaii But people in these southern states are expected to enjoy a savings surplus albeit a very small one for South Carolina This cushion could be due to lower costs and lower expenses but also lower lifespans meaning people there may have fewer years to work through their savings Yet in other states such Mississippi Louisiana Alabama and West Virginia selected of the nation s shortest lifespans and lower costs of living still leave a gap where people may outlive their savings because incomes are also lower there New York s retirees have lower projected incomes than average but specific of the nation s highest expenses million which explains why it ranks No gap between income and expenses States where retirees are expected to enjoy a financial surplus meaning their projected income will likely be greater than their expenses tended to have retirees with a few of the highest incomes One more takeaway from the record Despite its poor overall ranking seniors in No Hawaii really have the biggest financial cushion in the country with a projected income of million over their retirement years Seniorly s Healy wrote At the other end of the spectrum seniors in No Louisiana and No Mississippi have the smallest nest eggs with projected retirement incomes of just and respectively No West Virginia No Arkansas and No Alabama are also near the bottom with projected incomes of or below Not worried enough Northwestern Mutual conducts an annual survey about retirement progress and attitudes It of late revealed that Americans think they will need million to retire With that goal in mind it uncovered out how confident different generations are that they will hit that target Baby boomers were greater part confident reported they do not have saved enough for retirement Gen Z were slightly more concerned with answering they will somewhat or very likely outlive their savings Millennials and Gen Z respondents were most of worried with and respectively answering they fear they ll outlive their retirement savings Meanwhile more than a third of Americans say they have not taken any moves to address that promising outcome the Northwestern Mutual evaluation determined