Early retirement is a dream for many Americans, but it requires significant savings.
With increasing lifespans, the need for a substantial nest egg grows.
To determine the savings necessary for a 50-year-old retiree, GOBankingRates analyzed factors like cost of living, housing costs and Social Security benefits for each state. By projecting expenses up to age 95, the study offers insights into the financial realities of early retirement.
How much money do I need to retire?
How much to retire in New Jersey
Without Social Security
- Live to 80: You'll need about $1,447,094 to cover 30 years of retirement.
- Live to 85: Expect to spend around $1,688,276 over 35 years.
- Live to 90: You'll likely need about $1,929,458 for 40 years of retirement.
- Live to 95: Plan for approximately $2,170,641 to cover 45 years.
With Social Security (starting at age 65)
- Live to 80: You might need around $1,419,097 for 30 years of retirement.
- Live to 85: Expect to spend about $1,650,947 over 35 years.
- Live to 90: You'll likely need around $1,882,797 for 40 years of retirement.
- Live to 95: Plan for approximately $2,114,647 to cover 45 years.
How much to retire in New York
Without Social Security
- Live to 80: You'll need about $1,854,421 for 30 years of retirement.
- Live to 85: Expect to spend around $2,163,491 over 35 years.
- Live to 90: You'll likely need about $2,472,561 for 40 years of retirement.
- Live to 95: Plan for approximately $2,781,631 to cover 45 years.
With Social Security (starting at age 65)
- Live to 80: You might need around $1,826,424 for 30 years of retirement.
- Live to 85: Expect to spend about $2,126,162 over 35 years.
- Live to 90: You'll likely need around $2,425,900 for 40 years of retirement.
- Live to 95: Plan for approximately $2,725,638 to cover 45 years.
How much to retire in Pennsylvania
Without Social Security
- Live to 80: You'll need about $1,447,094 for 30 years of retirement.
- Live to 85: Expect to spend around $1,688,276 over 35 years.
- Live to 90: You'll likely need about $1,929,458 for 40 years of retirement.
- Live to 95: Plan for approximately $2,170,641 to cover 45 years.
With Social Security (starting at age 65)
- Live to 80: You might need around $1,419,097 for 30 years of retirement.
- Live to 85: Expect to spend about $1,650,947 over 35 years.
- Live to 90: You'll likely need around $1,882,797 for 40 years of retirement.
- Live to 95: Plan for approximately $2,114,647 to cover 45 years.
Note: These are estimates and don't account for factors like inflation or unexpected expenses.
This article originally appeared on Asbury Park Press: How much do you need to retire early in New Jersey? Here's what GOBankingRates says
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