Few financial questions tend to reverberate with people more than “how much do I need to have saved for retirement?” After all, your retirement is supposed to be a time to travel, relax with family and friends or simply spend your days doing the things you love, not worry about whether your nest egg is going to last.
Unfortunately, there’s no clear answer to that question as a range of different factors will influence how much is enough. However, if one of those factors is a plan to relocate, you should keep in mind that where you live can have a huge impact on how much you need to save.
“If you live in a place with a high cost of living, it can be tough to find enough room in your budget to save for retirement,” said Cameron Huddleston a personal finance expert. “If you’re already in a place that’s expensive, consider moving. It might be difficult at first to pack up and move someplace new, but your savings account — and future self — might really thank you.”
In a recent study, we compared the cost of living in each state and — based on the assumption that you’ll want to draw your savings down by about 4 percent a year — determined exactly how much you’ll need to get by in retirement.