Retirement Savings on the East Coast: A Closer Look at Costs

The savings required for a comfortable retirement in most East Coast states surpass $1 million. For younger individuals starting to save at age 30, the monthly savings necessary range from $1,890 to $4,708 based on their chosen state for retirement.

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A recent GOBankingRates study provides insights into the monthly savings needed for a comfortable retirement across the United States, with detailed analysis for each East Coast state.

Explore the financial requirements for a comfortable retirement in each East Coast state below.

Connecticut

• Annual cost of a comfortable living: $110,596
• Cost of 20 years of comfortable retirement: $1,311,531

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $2,429
• If you start at age 30: $3,123

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Delaware

• Annual cost of a comfortable living: $98,685
• Cost of 20 years of comfortable retirement: $1,073,314

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $1,988
• If you start at age 30: $2,556

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Florida

• Annual cost of a comfortable living: $101,626
• Cost of 20 years of comfortable retirement: $1,132,118

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $2,097
• If you start at age 30: $2,696

Georgia

• Annual cost of a comfortable living: $89,501
• Cost of 20 years of comfortable retirement: $889,631

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $1,647
• If you start at age 30: $2,118

Maine

• Annual cost of a comfortable living: $104,397
• Cost of 20 years of comfortable retirement: $1,187,545

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $2,199
• If you start at age 30: $2,827

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Maryland

• Annual cost of a comfortable living: $105,060
• Cost of 20 years of comfortable retirement: $1,200,803

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $2,224
• If you start at age 30: $2,859

Massachusetts

• Annual cost of a comfortable living: $143,885
• Cost of 20 years of comfortable retirement: $1,977,309

Monthly savings needed for 20 years of comfortable retirement (until age 85):

• If you start at age 20: $3,662
• If you start at age 30: $4,708

New Hampshire

• Annual cost of a comfortable living: … [rest of the article would continue here]