The 2025 Planning & Progress Study from Northwestern Mutual revealed that Americans think they require £939,462 ($1.26 million) to comfortably retire. To reach that goal by 65, the study estimated that one must save £246 ($330) monthly if they begin at 20. The estimated monthly savings more than double every decade you delay. For instance, someone starting retirement savings at 40 would have to set aside £1,153 ($1,547) monthly to reach that magic number.
However, these average estimates might vary significantly across US states, primarily due to living costs. A Gold IRA Custodians study showed that a Hawaii resident needs to save £330 ($443.06) monthly starting at 25 to amass £745,605 ($1 million) by 66, compared with £222 ($298.45) monthly for a West Virginia resident – a nearly £111 ($150) per month difference.
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