How much do you need to retire in NJ? The latest numbers from GOBankingRates are in
How did your country report this? Share your view in the comments.
Diverging Reports Breakdown
How much do you need to retire in NJ? The latest numbers from GOBankingRates are in
GOBankingRates.com’s latest report reveals the minimum amount to retire in every U.S. state. New Jersey falls in that bracket. The report finds data for each state’s annual cost of expenditures for a retired person and the cost-of-living index for the age group. The Mid-Atlantic region has the highest cost of living.
Retirees that live in expensive states with a higher overall cost of living, high property taxes and high valued homes will need to fund their retirement years, according to GOBankingRates.com.
And New Jersey falls in that bracket.
The personal finance website’s latest report reveals the minimum amount to retire in every U.S. state by finding data for each state’s annual cost of expenditures for a retired person and the cost-of-living index for the age group.
Minimum amount to retire across the Mid-Atlantic region
Delaware
How much savings you need to retire: $934,832
Annual cost of living (total expenditures): $60,568
Annual Social Security income: $23,174
Annual expenditures (after Social Security): $37,393
Need a break? Play the USA TODAY Daily Crossword Puzzle.
New Jersey
How much savings you need to retire: $1,142,133
Annual cost of living (total expenditures): $68,860
Annual Social Security income: $23,174
Annual expenditures (after Social Security): $45,685
New York
How much savings you need to retire: $1,272,822
Annual cost of living (total expenditures): $74,087
Annual Social Security income: $23,174
Annual expenditures (after Social Security): $50,913
Pennsylvania