Retirement: What it costs to retire comfortably in Connecticut, New Jersey and New York

Looking to retire? Or wondering how much money you’ll need in your nest egg to retire comfortably, while living in the tri-state area?

News 12 Staff

Jan 4, 2023, 8:20 AM

Updated 542 days ago

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Looking to retire? Or wondering how much money you’ll need in your nest egg to retire comfortably, while living in the tri-state area?
A new study shows that the average American will need $1.25 million in savings to retire. To make matters worse, the number has risen 20% in the past year, according to 24/7 Wall Street.
If you’re looking to boost your retirement fund, a plan like a 401(k) is one of the best ways to save. Click here to learn more about starting a 401 (k).
Here is what it will cost you to retire comfortably in Connecticut, New Jersey and New York, according to 24/7 Wall Street:

Connecticut

Estimated total retirement spending: $1,148,930
Average cost of living: 3.4% more than average
Typical monthly housing costs, 65 and older pop.: $1,880 w/ mortgage; $898 w/o mortgage
Average life expectancy at age 65: age 85.3
Population 65 and older: 17.6%

New Jersey

Estimated total retirement spending: $1,210,393
Average cost of living: 11.2% more than average
Typical monthly housing costs, 65 and older population: $2,074 w/ mortgage; $1,017 w/o mortgage
Average life expectancy at age 65: age 84.9
Population 65 and older: 16.6%

New York

Estimated total retirement spending: $1,218,129
Average cost of living: 10.2% more than average
Typical monthly housing costs, 65 and older population: $1,911 w/ mortgage; $766 w/o mortgage
Average life expectancy at age 65: age 85.2
Population 65 and older: 16.9%
 


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