Retirement Savings Gap Widens Across States as Social Security Falls Short of Comfortable Living Costs
A new analysis reveals that the savings required for a comfortable retirement vary significantly by state, ranging from $644,000 in North Dakota to over $1 million in New Jersey. These figures assume an average Social Security benefit of $1,975 per month and a 4% withdrawal rate. While some experts suggest a $1.2 million target, most Americans expect to fall short, with median balances in workplace plans hovering around $103,000 for those over 65.