• Running out of money in retirement is a big concern for many Americans.
• Economic uncertainty is making it even harder to afford retirement.
• These are the top states where your retirement nest egg will go the furthest.

As people live longer and spend more time in retirement, it's more important now than ever to plan for life after your job.

To make matters even more complicated, the ongoing trade war has created a tricky economic backdrop for older Americans to retire in, causing people to delay their retirements, wait to collect Social Security, or "unretire" and go back to work.

That's why being smart about where you live in your golden years can have far-reaching consequences, as housing costs — whether it be a mortgage, property taxes, or rent expenses — are typically the largest part of your monthly expenses.

Financial technology company Remitly compiled data on Americans' retirement savings across the country. How much you need in retirement varies, but the rule of thumb is that by the time you retire, you should aim to have around 10 times your salary saved. Remitly found that Americans between the ages of 55 and 64 have typically saved an average of $537,650 and a median of $185,000 — meaning there's high variability in the amounts that people have saved.

When calculating how much money you need for a comfortable retirement, take into consideration annual expenditures such as housing, utilities, transportation, and healthcare — and also factor in an additional 20% buffer for unexpected costs.

Depending on the state you retire in, the cost of living could fluctuate wildly. Remitly looked at the average retirement savings and expected annual expenditures for a comfortable retirement for each state to calculate how long a retirement nest egg lasts in different parts of the country.

While the annual expenditure to retire comfortably in many states hovered in the $60,000 to $80,000 range, a few states took the cake for sky-high costs of living. In Hawaii, Remitly found the average annual expenditure to be $129,296. California was the second-most expensive state, with annual retirement expenditures coming out to $100,687. In those states, retirement savings will only last 2.8 and 4.5 years, respectively.

On the other hand, Kansas takes first place for sustainable living costs in retirement — retirement savings last 7.5 years on average there.

Listed below are the top ten states where retirees can get the most bang for their buck. The average amount of savings at the time of retirement, the annual retirement expenditures, and number of years the retirement savings will last are also included.

Kansas

Average retirement savings: $452,703
Annual expenditures: $60,620
Years of comfortable retirement: 7.5 years

Iowa

Average retirement savings: $465,127
Annual expenditures: $62,565
Years of comfortable retirement: 7.4 years

Minnesota

Average retirement savings: $470,549
Annual expenditures: $65,828
Years of comfortable retirement: 7.1 years

Virginia

Average retirement savings: $492,965
Annual expenditures: $70,342
Years of comfortable retirement: 7 years

Pennsylvania

Average retirement savings: $462,075
Annual expenditures: $66,384
Years of comfortable retirement: 7 years

Illinois

Average retirement savings: $449,983
Annual expenditures: $64,787
Years of comfortable retirement: 6.9 years

Connecticut

Average retirement savings: $545,754
Annual expenditures: $78,605
Years of comfortable retirement: 6.9 years

South Dakota

Average retirement savings: $449,628
Annual expenditures: $64,856
Years of comfortable retirement: 6.9 years

Michigan

Average retirement savings: $439,568
Annual expenditures: $63,745
Years of comfortable retirement: 6.9 years

Kentucky

Average retirement savings: $441,757
Annual expenditures: $64,301
Years of comfortable retirement: 6.9 years

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• The Great Recession of 2008 hit hard, but you wouldn't know it from the way I was spending.
• I had a job that paid well, so I ignored economic warning signs and overspent in the coming years.
• My mistakes led to years of financial strain that impacted my family and my wellbeing.

Imagine raising five young children, watching the economy collapse into itself, and not changing your spending habits. I don't have to, because it happened to me during the Great Recession of 2008.

I have to say, I don't recommend it. My naivete led to my financial downfall, a divorce, losing touch with my family, and even becoming homeless for a time.

As many of us are now on the edge of our seats wondering what's next for our current economy, I'm planning to be a bit more cautious this time around. I've learned a lot of hard lessons since the last recession, and I won't be making the same mistakes again.

Life seemed good

I felt economically stable in the late-2000s. I had a good salary as a technical writer at Citigroup. My wife and I owned a four-bedroom house, two cars, and had some discretionary money. Our life was comfortable.

I wasn't anxious about the 2007 subprime mortgage implosion. After all, I had a 30-year fixed-rate loan.

I wasn't concerned about the stock market crash of September 2008. In my mind, that was karma hitting back at the never-ending greed of American businesses.

I didn't worry about Citigroup — a multi-national company with billions in assets. Surely, the nearly two-century-old bank was too big to fail.

Then they weren't.

I pretended everything was fine

I obsessively watched Citigroup's stock losemuch of its value. For the briefest of moments in November 2008, it fell below a dollar a share before rallying.

When this happened, I momentarily envisioned a worst-case scenario: Citigroup might rapidly collapse under its financial weight, taking its thousands of employees with it — including me.

I didn't physically reveal my discomfort at the time. Instead, I moved forward like the economic world wasn't on fire. I put on an impassive face and assured my family that nothing was wrong.

My wife and I didn't have late-night chats on proper budgeting. We didn't talk to the kids about tightening our belts. I didn't speak to a financial advisor or shop around for lower car insurance costs. In retrospect, I should have done everything I could to secure my family's financial future.

Instead, I spent thousands of dollars on a family vacation to Disney World. We refinished our deck, purchased new kitchen flooring, and updated appliances. In 2009, we welcomed our fifth child, adding more expenses.

We purchased some of these items with cash (new baby excluded), but a large percentage was purchased with credit, eventually resulting in thousands of dollars of debt.

Still, it seemed like calm seas for the S.S. Keller. However, I wasn't steering a double-hulled cruise ship. I was rowing a dinghy against the current as a waterfall of denial loomed in front of me.

Now I know better

This life of lying to myself and my family hurt everyone in the end. In my mind, it was okay to tap into the savings and use credit for expenses beyond the budget. I had a steady, well-paying job at a large corporation.

Yet, I repeatedly overextended my finances when I should have been reeling in my family's financial habits. Compounding this was undiagnosed bipolar disorder. This contributed to impulsive spending and magical thinking about unrealistic financial assessments, but not all could be blamed on this eventual diagnosis.

The mistakes I made during this time led to my eventual divorce and a stretch of time that I spent homeless. The transition from a four-bedroom house to a minivan was a devastating blow.

Further, each time I review my credit report I cringe at the history of my financial missteps.

I didn't learn how to be financially responsible until after my bipolar diagnosis in 2020. Before that, I spent money as soon as it was earned. I lied to my family and endangered their financial stability. It has taken years to heal the wounds.

I now know that honesty and open communication with your family, even about difficult topics like finances, are essential for navigating uncertainty. While you don't have to prepare for the worst-case scenario, you must have the necessary monetary tools to withstand economic turbulence. This includes an emergency fund, budget, and debt reduction plan. I know this now, and I will be keeping it in mind in the coming months.

Today, I live in Northern Colorado and work hard to maintain a solid financial foundation. Although I recently lost my job, I don't give up and do the minimum to find a new position like I used to. I put in 100%, even when my neurodivergence wants me to do otherwise.

It's a precarious balancing act, especially for someone in their mid-50s. Nevertheless, I'm determined to live a life of abundance instead of scarcity.