Depending on where you live, the amount of savings required to live comfortably during retirement varies widely.
An Investopedia analysis of federal cost and benefit data found that a typical single American age 65 or older needs about $898,000 to live a comfortable retirement. This assumes the individual received the average 2024 Social Security benefit of $1,975 per month and uses a 4 percent savings withdrawal rate.
However, you can get by on a lot less money, or need a lot more, in some states. For instance, the article revealed that in North Dakota, the least expensive state, a retiree would need about $644,000, while someone living in New Jersey would need a $1.02 million nest egg — that’s a difference of about $375,000.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits to help offset years of inadequate cost-of-living adjustments.
Please take a moment and sign our petition today to show your support.