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New research reveals retired New Yorkers need $50,997 annually to cover living expenses after Social Security, totaling $1.27 million for a 25-year retirement. This makes New York the fifth most expensive state for retirement, significantly higher than neighboring states like New Jersey and Connecticut. The study contrasts this with West Virginia, the cheapest state, requiring only $27,803 annually. Americans generally underestimate retirement savings needs, with many falling far short of the required amounts.

Prepared by Christopher Adams and reviewed by editorial team.