How Much Money Do You Need to Retire In New York State?

How much money is enough money? I suppose that depends on a number of factors including where you are at in life. If you want to retire comfortably how much money will you need and how long will it last?

The personal finance site Go Banking Rates did the math and the numbers might scare you a bit but knowledge is power. This is their estimate on how far $1 million will last you if you are retiring in New York State.

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I can tell you that $1 million will last a lot longer in almost every state in the Nation than it will in New York State. Only Hawaii will burn through your money faster than retiring in the Empire State.

CNBC reports that it will cost New Yorkers approximately $70,000 each year to get by. Add in a $17,000 buffer and residents will need to bring in close to $89,000 annually to retire comfortably.

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Let's say you were able to save up $1 million and you are ready to retire. How far will that get you? You will need to eat and have heat and electricity. You will need to get around and have your health taken care of. Considering all of these costs and more, $1 million will last you approximately 14 years in New York State.

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