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.
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