Retiring comfortably isn’t cheap. A recent study by GOBankingRates shows a grim reality for New Jerseyans, even when saving from an early age. If you plan to stop working at 65 and live until 85, here’s what you’ll need in savings to maintain a comfortable lifestyle in New Jersey and Pennsylvania.
New Jersey
- Total cost for 20 years: $1,567,009
- Monthly savings needed:
- Start at 20: $2,902
- Start at 30: $3,731
Pennsylvania
- Total cost for 20 years: $734,378
- Monthly savings needed:
- Start at 20: $1,360
- Start at 30: $1,749
These figures come from an analysis of income, living costs, and housing prices across multiple data sources. If retirement is on your mind, the numbers don’t lie—saving early is key. However, certain investments can, of course, bring savers down a more affordable route to retirement.
What do you think of this study?
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.