Monday, October 16, 2017

The Cost of Retiring in New Jersey

Do you have a million dollars saved for retirement? If so, the data research firm HowMuch calculates that will last you 17 years and ten months here in New Jersey. That's eighth from the bottom among the 50 states.

A million dollars will last you the longest in Mississippi, where it would allow you to maintain your lifestyle through 25 years and six months. It would last the shortest in Hawaii, at 13 years and one month.

The figures were based on the cost of living index in each state for the second quarter of 2017, as well as the average annual expenditures of people over 65. The cost of living in New Jersey is among the highest in the nation - it's higher in only six other states.

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