According to GoBankingRates, the amount needed for a comfortable retirement largely depends on one's location. Using data from various sources, they calculated that individuals need over $1 million saved for retirement in 23 states, with Hawaii being the most expensive at more than $3 million. The analysis included different starting ages for saving, indicating that saving $5,751 monthly starting at age 20 is critical for those aiming for retirement in Hawaii. Conversely, several states, like Louisiana and Mississippi, allow for a comfortable retirement with as little as $500,000 saved.
"To achieve a comfortable retirement to age 85, you'll need over $1 million saved in 23 states, with Hawaii requiring more than $3 million."
"GoBankingRates determined that saving $5,751 monthly starting at age 20 is essential to reach $3.1 million for a retirement in Hawaii."
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