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6 Reasons You Need at Least $665K (Plus Social Security) To Retire in Pennsylvania

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6 Reasons You Need at Least 5K (Plus Social Security) To Retire in Pennsylvania


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Where you choose to live is the single biggest factor in how much money you can expect to spend on housing, utilities, groceries, healthcare, transportation and other common budget items. This is true whether you are working or retired.

Learn More: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security

For You: The Surprising Way You Can Get Guaranteed Retirement Income for Life

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In retirement, however, location takes on even greater importance because most retirees live on a fixed income that’s no longer bolstered by work raises or bonuses. If you choose to retire in Pennsylvania, you can expect to spend near the national average on living costs.

Pennsylvania landed right in the middle of the pack nationally — No. 25 out of 50 states — in a cost of living study conducted by GOBankingRates. The study determined the annual expenditure cost for a retired person in each state by analyzing data from the U.S. Bureau of Labor Statistics and the Missouri Economic Research and Information Center.

According to the GBR study, you need a minimum of $664,894 — including Social Security benefits — to retire comfortably in Pennsylvania for 20 years. That’s below the national average of $725,025, though the average skews much higher due to extremely high costs in states like Hawaii, Massachusetts, California, New York and Alaska. Retirees in Pennsylvania need at least $831,118 for 25 years of retirement and just less than $1 million for 30 years of retirement.

Because Pennsylvania landed in the middle, its retirement costs can serve as a median for the entire country. In some spending categories, its costs are higher than average, while in others, its costs are lower.

According to the Missouri Economic Research and Information Center’s data series, the Keystone State had a cost of living index score of 94.8 as of the 2023 third quarter. That number rose slightly to 95.6 during the 2024 first quarter. Any score below 100 indicates that living costs are lower than the national average, while any score above 100 means living costs are higher than average.

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If you are considering retiring in Pennsylvania, here are six reasons you’ll need a minimum of $665,000 to retire there for 20 years.

  1. Overall living costs: You can expect to spend $54,811.46 a year on overall cost of living expenditures in Pennsylvania, which is below the national average of $57,818. When you back out Social Security income, the average total expenses in Pennsylvania are $33,244.70. You’ll need to cover these costs with retirement savings or side gigs.

  2. Housing costs: Pennsylvania has a housing cost of living index score of 82.1, meaning you’ll spend much less on rent or home purchases here than in much of the country. Its annual cost of housing averages $9,559.13 vs. the U.S. average of $11,692.

  3. Utilities cost: This is one of the categories where you can expect to spend more than the national average if you retire in Pennsylvania, partly because of its cold winters. The Keystone State has a utility index score of 106.6 and an average utility cost of $4,515.58 per year versus the national average of $4,236.

  4. Grocery cost: By retiring in Pennsylvania, you can expect to spend a little less than average on groceries. Its yearly cost of groceries averages $4,715.45 compared with the national average of $4,797.

  5. Healthcare costs: Healthcare expenses are a major budget item in retirement, and you’ll likely save money by retiring in Pennsylvania. The Keystone State’s healthcare index score is 92.3, with average annual expenditures of $6,959.42. That’s nearly $600 less than the national average of $7,540.

  6. Transportation costs: The cost of getting around in Pennsylvania is slightly higher than the national average, with an index score of 104.1. Its average annual cost of transportation is $5,145.66 vs. the national average of $4,943.

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This article originally appeared on GOBankingRates.com: 6 Reasons You Need at Least $665K (Plus Social Security) To Retire in Pennsylvania



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Pennsylvania

Pennsylvania Gov Josh Shapiro’s neighbor accuses him of stealing land in ‘outrageous abuse of power’

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Pennsylvania Gov Josh Shapiro’s neighbor accuses him of stealing land in ‘outrageous abuse of power’


Pennsylvania Gov. Josh Shapiro’s neighbors are suing the Democrat, accusing him of stealing a slice of their land to erect an eight-foot-high security fence around his private residence in an “outrageous abuse of power.”

The neighbors, Jeremy and Simone Mock, are currently duking it out with the governor in court over a 2,900 square foot parcel of land located between their two homes in Abington, Montgomery County, court papers show.

The Mocks alleged in a lawsuit filed last month that Shapiro and his wife, Lori, unlawfully seized the stretch of land after initial negotiations to buy it from them went up in flames.

Pennsylvania Gov. Josh Shapiro’s neighbors have accused the Democrat of stealing a slice of their land to erect an eight-foot-high security fence around his private residence. Josh Shapiro / Facebook

Shapiro claimed in a countersuit that he owns the disputed land due, citing an “adverse possession” loophole that makes it his because he has maintained the sliver of property for decades.

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The land-grab tit-for-tat kicked off last year when the Shapiros first sought to erect the huge fence and upgrade security following an arson attack on the governor’s official residence in Harrisburg while they were all sleeping inside on April 13.

Shapiro initially offered to pay the Mocks for the 2,900-square-foot section of land, which he for decades had believed was his, to be able to build the fence, the suit said.

The negotiations, however, fell through when the neighbors couldn’t agree on a price.

The Mocks allege that’s when Shapiro and his wife unlawfully claimed ownership of the property — even planting trees and having State Troopers stationed there.

“What followed was an outrageous abuse of power by the sitting Governor of Pennsylvania,” the Mocks’ lawsuit argues.

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The neighbors claim Shapiro had State Troopers stationed on the property after unlawfully claiming ownership, the lawsuit states. Eastern District of Pennsylvania
Shapiro initially offered to pay the Mocks for the 2,900 square foot section of land, which he had believed for decades was actually part of his own property, but the negotiations fell through, according to the suit. Eastern District of Pennsylvania

“To begin, the Shapiros suddenly claimed, without evidence, they owned the Mock Property through ‘adverse possession’ despite their previous acknowledgments that the Mock Property was owned by no one other than the Mocks and despite having never been awarded the Mock Property through adverse possession by a court,” the court filing states.

The law allows for an occupant to legally acquire the title of someone else’s property if they’ve occupied the area for over 21 years.

The Shapiros purchased their home in 2003 and long believed the disputed 2,900 square foot section of land was part of their property, meaning they had maintained it for more than the required 21 years, their countersuit claims.

As the issue continues to play out in court, Shapiro’s office suggested the entire saga was a political stunt.

“The Governor looks forward to a swift resolution and will not be bullied by anyone trying to score cheap political points, especially at the expense of his family’s safety and wellbeing,” his office told NBC when the dueling suits were filed.

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Funeral arrangements set for Pa. state trooper shot and killed in Chester County

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Funeral arrangements set for Pa. state trooper shot and killed in Chester County


The funeral arrangements for Corporal Timothy O’Connor, who was shot and killed in Chester County on Sunday, have been announced.

The viewing for O’Connor will be Tuesday, March 17, from 4:30 p.m. to 8 p.m. at St. Joseph’s Church located at 338 Manor Avenue in Downingtown, Pa., according to the Parkesburg Police Department.

The funeral will be held at the same location on Wednesday, March 18, at 11 a.m., police said.

O’Connor was shot and killed during a traffic stop in Honey Brook on Sunday night. The suspect, Jesse Nathan Elks, took his own life after shooting O’Connor.

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O’Connor was a 15-year veteran of the Pennsylvania State Police who leaves behind a wife, Casey, and a 6-year-old daughter, according to police.

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Fire crews try moving burning barge to shallow water in Delaware Bay

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Fire crews try moving burning barge to shallow water in Delaware Bay


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Delaware, Pennsylvania, and federal agencies have been responding to a barge fire in the Delaware Bay. 

The barge, which is carrying salvage metal, is being moved to shallow water so it can be secured, allowing on-scene responders to extinguish the fire and complete salvage operations, according to a March 10 statement from the Delaware Emergency Management Agency.

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No injuries have been reported as of 1:15 p.m.

The Delaware Department of Natural Resources and Environmental Control (DNREC) is on scene to perform air monitoring, the statement said.

Responding agencies include the Wilmington Fire Department, Good Will, Leipsic Volunteer, Bowers and South Bowers fire companies. Also there are Delaware State Police, DNREC, New Castle County Office of Emergency Management, Kent County Department of Public Safety, the Delaware Emergency Management Agency and the U.S. Coast Guard Sector Delaware Bay.

The Philadelphia Fire Department was enroute.

This is a developing story. Check back with delawareonline.com for more information.

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Send tips or story ideas to Esteban Parra at (302) 324-2299 or eparra@delawareonline.com.



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