How much do you need to retire in Massachusetts?

"Figuring out how much money you'll need to retire is anything but simple. It depends on your lifestyle, your salary, and even your health - factors that can shift dramatically over time. Add in rising costs for medical care, energy, food, and everyday expenses, and the math gets even murkier. Tack on Massachusetts' notoriously high price tag as ranking as the second most expensive place to live in the country, and it's no wonder many residents feel daunted by the idea of saving enough to stop working."

"'A million sounds like a lot,' said Williams. 'I'm a millionaire!' Divide by 30 years, that's $33,000 a year. Divided by 12, that means you're only getting $2,700 a month. Divide that by four, that means you're only getting $600 a week ... So are you a millionaire? To help estimate what you need to retire, Williams suggests asking yourself these five questions: What will be your anticipated annual expenses at retirement? In what state do you want to retire? At what age do you want to retire? How long do you expect to live? Is your goal to have your retirement funds fully depleted or outlive you?"

Retirement needs depend on lifestyle, salary trajectory, health, and changing costs for medical care, energy, food, and daily living. Massachusetts ranks as the second most expensive state, increasing the amount residents must save to stop working comfortably. A simple perception of a "million" can be misleading when spread across decades of retirement income. Five key planning questions include anticipated annual expenses, desired retirement state, retirement age, expected lifespan, and whether funds should be fully spent or outlive the retiree. A common rule of thumb is to multiply the final pre-retirement salary by ten to estimate required savings, and online calculators can project future salaries using assumed raises.

Read at Boston.com