TAMPA, Fla. (WFLA) — A recent study by GoBankingRates analyzed the cost of living in all 50 states to determine how much the average American needs to save for 20 years of retirement.
To find out how much money each state needs to live comfortably in retirement, GoBankingRates consulted sources such as the U.S. Census American Community Survey, the Missouri Economic Research and Information Center, and the Bureau of Labor Statistics’ Retirement Consumer Division Consumer Expenditure Survey.
An additional 20% “buffer” was then added to the savings requirement to exceed the cost of state-specific necessities and provide a more comfortable retirement.
The report then calculated how much you would need to save each month starting at age 30 to live comfortably for 20 years in retirement.
Their findings show that in Florida, starting at age 30, you need to save $2,744 every month to retire at age 65. The survey results show that the total cost to retire comfortably for 20 years is expected to be $1,152,560, plus $3,641 in monthly necessities.
To see the full report, go here.
