MILWAUKEE – Where you live can have a significant impact on how much money you need saved for retirement. And according to a new study, Wisconsin ranks near the middle of the pack in terms of the most and least expensive states for retirees.

Big picture view:

MoneyLion, a consumer finance app and marketplace, examined how much money Americans would need to save each month to retire comfortably in each state. The study weighed factors such as average retiree household expenses, Social Security income and the age at which a person started saving for retirement.

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The study’s full methodology can be found on MoneyLion’s website.

What they’re saying:

Ted Jenkin, managing partner at Exit Wealth Advisors, told FOX Business that state income taxes and real estate property taxes are two of the biggest expenses that retirees need to look at. Thomas Aiello, National Taxpayers Union vice president of federal affairs, added that taxes are a reason some retirees may move to places like Florida, Texas and Tennessee – which offer no sate income tax or “death” tax.

How much in Wisconsin?

Local perspective:

Wisconsin ranked No. 28 in MoneyLion’s study, which determined someone would need to save $1,096,140 to retire comfortably at age 65. That’s based on a $54,807 average annual cost of retirement over 20 years.

To hit that number, MoneyLion said someone would need to start saving $2,030 per month at age 20 or $2,610 per month starting at age 30.

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By the numbers:

MoneyLion’s study also determined the following savings needed to retire comfortably at age 65 (as well as the average annual cost of retirement over 20 years) in neighboring states:

• Minnesota, No. 25: $1,162,628 ($58,131)
• Illinois, No. 34: $1,003,326 ($50,166)
• Michigan, No. 42: $868,526 ($43,426)
• Iowa, No. 43: $821,180 ($41,059)

Hawaii was the most expensive state for retirees, with $3,132,206 needed to retire comfortably at age 65. The most affordable state in the study was West Virginia, with $664,463 needed to retire comfortably at age 65.

MILWAUKEE — Milwaukee Recreation held its Partnership for the Arts and Humanities Showcase Friday at North Division High School, bringing together students and community organizations to celebrate arts education in Milwaukee.

The event featured performances, visual art, and cultural programming from a range of partner organizations that work with Milwaukee students before and after school, on weekends, and during the summer.

Ariana Holmes, a recreation supervisor with Milwaukee Recreation, said the showcase highlights the breadth of arts and humanities programming available to young people across the city.

Watch: Milwaukee Recreation hosts youth arts and humanities showcase

Youth Arts and Humanities showcase underway

“This is one of our programs out of many, many at Milwaukee Recreation, but it centers a celebration of arts and humanities in our before and after school programming,” Holmes said. “All of the partners that you see here today, they run programs with Milwaukee students after school, on the weekends, during the summer, making sure that every kid in Milwaukee has access to really wonderful arts and humanities education.”

Organizations represented at the event included Bembe Drum and Dance, Woodland Pattern, All Hands Boat Works, and Running Rebels, among others.

“We have such a wonderful range that really celebrates the diversity that is the arts and humanities,” Holmes said. “We have Bembe Drum and Dance, they’re drumming for us and dancing on stage right now. We have Woodland Pattern, who does poetry with young people in Milwaukee. We have organizations that help build boats with young people, All Hands Boat Works, really just an incredible range.”

Students can sign up for the programs through Milwaukee Recreation, which connects them with partner organizations that run programming both in schools and at their own locations. Holmes said an arts internship for high schoolers is planned for the summer.

“This summer, we’ll be doing an arts internship for older kids, high schoolers to be engaged in arts, so it really is just like a really wonderful diversity of experiences,” Holmes said.

Information about Milwaukee Recreation programs is available through the organization’s printed guides, which are mailed to Milwaukee residents. Residents are encouraged to pick up the guides and explore opportunities for their children to get involved.

This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.

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MILWAUKEE — Five teenagers were arrested on Thursday following a police pursuit that started on the 5500 block of W. Silver Spring Drive at around 10 a.m.

The teenagers were seen by the Milwaukee Police Department in a wanted vehicle that was involved in an armed robbery, and attempted to stop the vehicle.

The driver refused to stop, starting the police pursuit.

The pursuit ended when the suspect exited the vehicle and started to run on foot on W. Appleton Place, according to MPD.

MPD then arrested a 16-year-old female, a 16-year-old male, two 17-year-old females, and a 15-year-old male.

Criminal charges will be referred to the Milwaukee County District Attorney’s Office.

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