How Much Would You Need? Retire Comfortably in Louisiana Without Social Security

(KMDL-FM) Social Security seems to be anything but secure in the minds of many in Louisiana. Hundreds of thousands of hard-working Louisiana residents who have been on the job in Lafayette, Lake Charles, Baton Rouge, and countless other towns and communities have been on the job for decades, paying into a system that promised to "take care of them" in their non-working years.

Now that the system seems to be on the discussion block. And the talk doesn't seem to be going in favor of those who have paid into the system. Also, the retirement age for when deserving Louisiana workers can expect a full return on their mandatory participation in the program now seems to come with a bit more uncertainty than it did even five years ago.

How Much Should You Have Saved to Retire in Louisiana if Social Security Isn't Available?

That's a frightening question that many Louisiana workers who are at the end of their working years are now having to discuss. As of today, it's estimated that some 73.9 million Americans get some benefit from some program associated with Social Security. That's about one-fifth of the population.

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To put that in a more frightening perspective, what if those people didn't get assistance from the federal government? Then it would be incumbent on family members to foot the bill or let their loved ones "fend for themselves".  As you can see, neither of those options paints a rosy picture for the large majority of Americans.

A Pew Research Study suggested that most of those who receive stipends from Social Security are retirees. The folks who have spent their working years paying into a system that they were promised would take care of them. The average Social Security stipend is $1,997 per month. That's roughly $24,000 per year.

What is Considered to be a "Comfortable Retirement" Income?

Incidentally, to live above the "poverty line" in Louisiana, a single person needs to make $15,650 a year according to Nerd Wallet. Okay, so that's the "bare minimum" number. What if you wanted to live "comfortably" in your "golden years"?

GoBankingRates ran the numbers for all 50 states, and if you're considering retiring somewhere other than Louisiana, you can see their list on their website. But the breakdown for Louisiana, according to GoBankingRates.com, is this.

If you wanted to retire comfortably at 60 with no social security assistance at all, it's estimated you need to have $1,349,639 in savings. If you look at the same scenario and retire at 70, you'd need $674,820.

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Just for clarity, the GoBankingRates.com figures were created using "80" as the life expectancy number, and they defined comfortable retirement as one in which you'd have double the funds to cover the expected cost of living needs.

Please remember that those are average numbers, and your situation might be totally different based on your lifestyle and circumstances, but you might certainly use these figures to begin a deeper discussion of your retirement planning with members of your family or your trusted financial advisors.