Having a nest egg for retirement is not an option, but a requirement as a New Jersey resident.
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.
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
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
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
How much savings you need to retire: $849,208
Annual cost of living (total expenditures): $57,143
Annual Social Security income: $23,174
Annual expenditures (after Social Security): $33,968
This article originally appeared on Asbury Park Press: Retirement savings needed for NJ, NY, PA, Delaware: 2025