A Northwestern Mutual study indicates Americans perceive a comfortable retirement requires at least $1.46 million, but needs vary by state. A recent NetCredit study outlines specific amounts needed to retire comfortably in each state for 2025. The study found that states like West Virginia, Arkansas, and South Dakota are the cheapest for retirement, requiring approximately $712,000 to $725,000, whereas states like Hawaii and California demand over $1 million. Preparation and budgeting are crucial for prospective retirees to ensure they meet their financial goals after retirement.
"Americans believe $1.46 million is needed for retirement, but actual savings required varies widely by state, highlighting the importance of understanding personal financial needs."
"Conducting a trial run of your retirement budget and factoring in inflation can be beneficial. It prepares individuals for real-life financial demands post-retirement."
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