How much do you think you should be saving for retirement?
If you live in a big city, at least $ 1 million would be the answer for the average lifestyle.
Analysts used data from the U.S. Bureau of Labor Statistics, Bureau of Economic Analysis, Tax Foundation, Census Bureau, and Social Security Administration to calculate the income requirement. The average pension is used to find the money needed for retirement. . in every city.
Here are the cities that you need $1 million to retire to:
Portland, OR - Savings needed to retire: $1.04M
Corvallis, OR - Savings needed to retire: $1M
Sacramento, CA - Savings needed to retire: $1.04M
Vallejo, CA - Savings needed to retire: $1.27M
Santa Cruz, CA - Savings needed to retire: $1.35M
Salinas, CA - Savings needed to retire: $1.15M
San Jose, CA - Savings needed to retire: $1.42M
Napa, CA - Savings needed to retire: $1.32M
Santa Rosa, CA - Savings needed to retire: $1.31M
San Francisco, CA - Savings needed to retire: $1.56M'
San Luis Obispo, CA - Savings needed to retire: $1.13M
Santa Maria, CA - Savings needed to retire: $1.16M
Oxnard, CA - Savings needed to retire: $1.25M
Los Angeles, CA - Savings needed to retire: $1.28M
Riverside, CA - Savings needed to retire: $1.07M
San Diego, CA - Savings needed to retire: $1.27M
Fairbanks, AK - Savings needed to retire: $1.03M
Anchorage, AK - Savings needed to retire: $1.03M
Honolulu, HI - Savings needed to retire: $1.37M
Kahului, HI - Savings needed to retire: $1.18M
Miami, FL - Savings needed to retire: $1.01M
Washington, DC - Savings needed to retire: $1.26M
New York, NY - Savings needed to retire: $1.34M
Bridgeport, CT - Savings needed to retire: $1.03M
Boston, MA - Savings needed to retire: $1.12M
Portland, ME - Savings needed to retire: $1.01M
Burlington, VT - Savings needed to retire: $1M
Poughkeepsie, NY - Savings needed to retire: $1.21M
“A million dollars is a big number,” said Marguerita Cheng, CEO and co-founder of Blue Ocean Global Wealth, a certified financial planner and member of CNBC's advisory board.
He added that people shouldn't go beyond what they see. There are things you can do in advance to plan your vacation.
“You destroy it and you build it,” he said.
According to the survey, 28 cities need more than $ 1 million in pensions, which is about 7% of all major cities included in the report.
The most expensive destinations are concentrated in the east and west, and only five states: Alaska, California, Hawaii, New York, and Oregon have the two most expensive cities. California covers most of the state, with 14 counties where vacationers need more than a million dollars to live comfortably.
Ismat Mangla, managing director of content at LendingTree, the parent company of MagnifyMoney, said, “It's no surprise, because we know we have some of the most expensive transportation on the ocean in the United States.
The sections in the list also show that the costs vary depending on how you plan to retire. In the remaining 93% of major cities surveyed by MagnifyMoney, it would cost less than $ 1 million to retire.
“It depends on the region of the country where you plan to retire,” Mangla said. "On the other hand, there are a lot of countries that don't need so much rest."
In one city (Jackson, Tennessee), the average retiree can earn less than $ 500,000.
If you're wondering if you can save hundreds of thousands or millions of dollars, it makes sense to start planning your retirement plan as soon as possible, says Cheng.
If you invest as much money as you can, you will be successful. Also, don't forget that the payments include savings and Social Security benefits.
Using something like coworking in the office will help your vacation develop more over time. This means that while you can't give up the 2021 peak of $ 19,500 in the 401 (k) Employer Support Plan, it's important that you invest enough to get all the competitions you qualify for if you: . 50. “There is a good balance between the competition and the max,” said Cheng.
It also encourages people to take advantage of multiple retirement banks with different tax rates. When your employer supports a 401 (k) tax plan up front, you can save in your own pension as a tax deduction later. The maximum grant in 2021 for Roth IRA is $ 6,000. If your retirement plan is delayed and you are over 50, you should use your savings. If you are 50 or older, you can deposit $ 26,000 in a 401 (k) and $ 7,000 in an IRA in 2021.
If that's too much for you, working with a financial advisor to see if you plan to retire, or plan if not, can help.
They can also help you make important decisions about your life after retirement, such as when to retire, where you want to live, what type of house you want, or other major expenses.
A few more years of work can help you save what you need to live comfortably. Cheng also explains that by "fixing" your life, you can save money. For example, if you are moving to another city, changing your lifestyle, or taking a break with your spouse at the same time, you can go from two cars to one.
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