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Peter Gratton on Muck Rack

Peter Gratton

Verified
  • Editor, Investopedia
  • Faculty, Department of History and Political Science, and Editor, Southeastern Louisiana University
New Orleans
As seen in: Investopedia, MSN, Yahoo Life, Yahoo News Malaysia, Aol, Yahoo Finance, Flipboard, Los Angeles Review of Books, Currently, 3AM Magazine, The Wealth Advisor and
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Articles

The Nest Egg You Need to Retire Comfortably With a Paid-Off Home in Each State Original

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By Peter Gratton Verified
| Investopedia Verified
Key Takeaways A single retiree with a paid-off home may need about $572,000 to $909,000 in savings, depending on the state. A typical mortgage-free couple could need $700,000 to $1.18 million for a comfortable retirement. Even without a mortgage, retirees still face housing costs such as property taxes, insurance, utilities, and fees. Paying off your mortgage before retirement can feel like clearing one of the biggest hurdles standing between you and financial freedom.
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The Nest Egg You Need to Retire Comfortably With a Paid-Off Home in Each State

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By Peter Gratton Verified
| Yahoo Finance Verified
Arkansas requires the least savings for a mortgage-free single retiree, at about $572,000. Louisiana, North Dakota, Mississippi, and Tennessee follow, all with estimates below $590,000—and more than $100,000 below the national figure of about $693,000. Of course, couples generally need larger nest eggs, though the cost-of-living geography is similar. For a couple, the estimated amount for a comfortable retirement ranges from about $700,000 to $1.18 million, depending on the state.
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How Social Security Payments Change From Age 62 to 90—And Why Waiting Until 70 Yields the Highest Average Benefit Original

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By Peter Gratton Verified
| Investopedia Verified
Key Takeaways Claiming Social Security at 62 instead of 70 reduces monthly benefits by an average of $851. Social Security benefits increase by about 8% annually for each year you delay claiming past your full retirement age, up to age 70. Rising concerns about Social Security’s solvency have led to a 15% increase in early claims, despite the long-term financial trade-offs.
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