Recent studies have shown that there are only three states where the senior citizens have enough income and savings that will be able to help them meet the needs of the their living standards after retirement.
According to many surveys, it has been noticed that the retirement income of every resident should have a minimum 70 percent mark in every state. Nevertheless, unfortunately, this threshold is met by only three states that are:
- South Carolina
Most of the Americans are unprepared for their old age, as their income is not meeting the 70% mark that will be a problem for them in the near future. To find out that how many people are meeting the targeted state in every country, researchers formulated a technique.
They divided the median household income of members with 65 years or older age with the median household income of members with age between 45 and 64. The U.S Census Bureau in the survey of 2014 collected the data.
One of the major factors that caused the people living in Alaska, South Carolina, and Hawaii to meet the requirement is that because each of these states enhances the relatively large number of military and government workers in contrast to the whole population.
Workers in two of these occupations are promised a reasonable pension. Apart from that in Alaska, another benefit gained by the residents is that they get a sum of money from the public fund that is invested in oil and gas. One way this money can be obtained is to go through a trusted loan company. In this era more and more people have turned to authorized money lenders to help pay bills or make ends meet in general.
It has been seen that occupants of states that fared the most noticeably, in reality, had generally high profit and earnings, yet the high typical cost for basic items and the necessities even the living standards in these states became the cause of no retirements funds for the senior citizens.
Massachusetts had the least payment replacement rate, with a large number of retirees having a pitiful 48 percent of the salary earned by prime-age working community. North Dakota simply beat the Bay State, with a salary substitution proportion of 49 percent.
In Alaska, the retirement threshold is 71.12% while in South Carolina it is 70%. In Hawaii where the living standards are the highest, the workers are paid with the best pension benefits.
So it is the right time for you to realize that if you are not going to have enough for your retirement age it is better to start saving. It is better to delay the security payments and start working longer hours to have a secure future.
Many people are also saving their hard-earned money in these three cities. As these cities are providing them a better environment and living conditions. Workers prefer to move to these cities to have a peaceful old year.
Thus, once again it is true that the most durable way to having a secure old age is saving some of the money so you can meet the necessities of life.