What’s The Cost To Retire Comfortably in New Jersey?

New Jersey residents need to know how much money they need to retire comfortably?

One of the largest populations in America is the group of people who are considering retiring. Whether it's Baby Boomers or Gen X, the group approaching retirement is large, so the topic is very popular.

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Are you possibly in this group yourself? If you are, are you ready for retirement, and do you have the funds you need to live comfortably in retirement? A new article from GoBankingRates breaks it down and makes it easy to see where you stand financially for retirement based on the savings needed state by state.

According to GoBankingRates, "What stands between most people and retirement is having enough money to afford it. While many people love the idea of an early retirement, say in their 40s or 50s, that goal isn't very likely in most states. However, retiring in your early 60s depends on where you live." In addition, "Of course, to truly live a comfortable retirement takes more than desire -- it also takes a large chunk of cash."

Hopefully, if you plan on retiring comfortably in New Jersey, you have been preparing for retirement for quite some time because it is expensive to retire here in the Garden State.

According to GoBankingRates.com, here is the breakdown for New Jersey.

• Annual cost of a comfortable retirement: $73,892
• Retirement savings needed at 60: $1,477,833
• Retirement savings needed at 70: $738,917

According to GoBankingRates.com, here is the breakdown for Pennsylvania.

• Annual cost of a comfortable retirement: $61,870
• Retirement savings needed at 60: $1,237,410
• Retirement savings needed at 70: $618,705

According to GoBankingRates.com, here is the breakdown for New York.

• Annual cost of a comfortable retirement: $87,058
• Retirement savings needed at 60: $1,741,152
• Retirement savings needed at 70: $870,576

According to GoBankingRates.com, here is the breakdown for Delaware.

• Annual cost of a comfortable retirement: $65,875
• Retirement savings needed at 60: $1,317,491
• Retirement savings needed at 70: $658,746