This Is How Much Money You Need To Retire In New York

The cost of retirement can vary state to state. How much would you need to retire in New York?

To determine the amount of money needed to retire, GOBankingRates calculated the annual expenses for housing, food, utilities, transportation and health care in each state for people 65 years or older, using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center. All data was collected and is up to date as of January 8th 2024.

Those totals were then multiplied by 25 or 30 years, excluding Social Security payments, since those benefits would supplement retirees’ personal savings. The study assumes that retirees will receive annual Social Security payments of $21,566.76, the U.S. average based on the most recent information provided by the Social Security Administration."

CNBC reported on the findings. Here's what they found for the Empire State:

New York
Annual retirement expenditures: $73,140
Minimum needed for 25 years of retirement: $1,289,325
Minimum needed for 30 years of retirement: $1,548,739"

For a 25-year retirement, you’d need just over $2 million in Hawaii. That's hands down the most of all states. That’s followed by Massachusetts, California and New York, along with 12 other states where you’d need at least $1 million saved up to retire. So get ready to work forever.

Need to start planning for retirement? The New York State Common Retirement fund is a public pension plan for the employees of New York State government. As of 2018, it is the third largest public pension plan in the nation, and holds $207.4 billion in assets. You can learn more online here.