According to a recent Northwestern Mutual study, Americans believe they will need $1.46 million to retire comfortably, highlighting the significant savings goal many are aiming for.
Nearly half of U.S. states require retirees to have over $1 million saved to retire comfortably, with states like Hawaii, California, and Massachusetts leading the list.
GOBankingRates found that in only four U.S. states, retirees can manage with less than $500,000 in savings, indicating vast disparities in retirement needs throughout the country.
The study emphasizes the importance of geographic location in retirement planning, showing that how much is needed for a comfortable retirement varies greatly by state.
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