High amount you now need in NJ to retire comfortably in 2025

Let's face it, going into retirement is never as cheap as one would hope it is. Regardless of where you're looking to wind down, cost is always one of those factors.

And that's especially true when it comes to life in New Jersey. As most might've expected, it's no surprise that trying to make a living here is very expensive.

Which is why it's no surprise so many are trying to flee the Garden State when they get to their golden years. Taxes, of course, being one of the biggest factors of that. We also have one of the highest minimum wages in the nation.

Higher Wages, However...

Now you might think that's a good thing for savings, but let's back it up a bit. That higher wage often helps push prices higher, never mind the uncertainty of where the economy will go throughout 2025.

Costs for small businesses to operate in New Jersey are also much higher than they are in most other states. Sure, some regions are costlier than us, but that's more of the exception than the rule.

A National Comparison

Before we take a closer look at New Jersey's numbers, let's first check out how much you need just for retirement in every state across the country. We'll also take a look at how far you can stretch $1 million in savings.

We'll begin with the most affordable states, and will work our way up from there. As you're scrolling through, see if you can guess how far up New Jersey is, along with how many other states require higher savings than us.

Comparing the Stats

As is probably no shock to anyone, Hawaii is the most expensive state to retire in, requiring more than $2 million in savings. But what is a bit of a surprise was seeing how much you also need to save for most states in the Northeast.

Every single state north of New Jersey requires more out of you financially to retire, not less. In a way, it kind of makes New Jersey seem more reasonable, even though 13 other states still require more savings from us.

Pennsylvania and Delaware are at least a little more reasonable, both under the required $1 million in savings should you choose to retire there.

A closer look at New Jersey

As mentioned above, New Jersey isn't the most expensive state to retire in. But it's still among the 15 states that cross the $1 million threshold when it comes to retirement savings.

Here's a closer look at what makes New Jersey more expensive than most other states, according to Go Banking Rates...

• Cost for Groceries: $4,855
• Cost for Housing: $14,779
• Cost for Utilities: $4,651 (not fractoring in the planned utility hikes)
• Cost for Transportation: $5,091
• Cost for Healthcare: $7,570
• Overall Costs: $63,773

The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host & content contributor Mike Brant. Any opinions expressed are his own.