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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.
Minimum amount to retire across the Mid-Atlantic regionDelawareHow much savings you need to retire: $934,832Annual cost of living (total expenditures): $60,568Annual Social Security income: $23,174Annual expenditures (after Social Security): $37,393New JerseyHow much savings you need to retire:Â $1,142,133Annual cost of living (total expenditures):Â $68,860Annual Social Security income:Â $23,174Annual expenditures (after Social Security):Â $45,685New YorkHow much savings you need to retire: $1,272,822Annual cost of living (total expenditures): $74,087Annual Social Security income: $23,174Annual expenditures (after Social Security): $50,913PennsylvaniaHow much savings you need to retire: $849,208Annual cost of living (total expenditures): $57,143Annual Social Security income: $23,174Annual expenditures (after Social Security): $33,968