Here’s How Much Money the Typical American Couple Needs to Retire
Nowadays, you need a sizeable nest egg to retire comfortably. According to Investopedia, the typical American couple aged 65 or older needs to have saved about $1.16 million.
That’s an average. The real cost of retirement depends upon where you live. It can range from about $800,000 in more affordable states to $1.3 million in pricier places. The article reports that the four costliest states for retired couples are New Jersey ($1.33 million), Hawaii ($1.33 million), California ($1.32 million), and the District of Columbia ($1.32 million), followed by New York, Washington, Massachusetts, Connecticut, and Maryland.
On the other hand, the most affordable states are North Dakota ($800,000), Arkansas ($807,000), Mississippi ($813,000), West Virginia ($821,000), and Iowa ($834,000).
The size of your nest egg also depends upon whether you are single or a couple. A single person needs to have saved $1,212,500, while a typical couple needs $1,158,600.
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
