The Cost Of Retirement In New Jersey Compared To Other States

Finding the right balance between paying your bills and saving for your future can be quite challenging in today's economy, especially in New Jersey where everything is so expensive.

When it comes time to retire, ensuring you have enough in savings to live comfortably is essential.

How much money will you need if you choose to retire in New Jersey?

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The amount of money varies depending on the state, but when you compare New Jersey to other states it's easy to see why many people choose to move out and enjoy their golden years elsewhere.

Read More: 6 New Jersey Cities Make The Top 15 Of Safest And Richest Cities In The Country

GOBankingRates.com looked at 5 factors, including groceries, healthcare, housing, utilities, and transportation in all 50 states.

See how New Jersey compares.

The Amount Of Money You'll Need To Retire

Alabama

• Total expenditures:  $50,980
• 20% comfort buffer: $10,196
• Cost of a comfortable retirement annually: $61,176

Alaska

• Total expenditures: $72,390
• 20% comfort buffer: $14,478
• Cost of a comfortable retirement annually: $86,868

Arizona

• Total expenditures: $63,942
• 20% comfort buffer: $12,788
• Cost of a comfortable retirement annually: $76,730

Arkansas

• Total expenditures: $51,211
• 20% comfort buffer: $10,242
• Cost of a comfortable retirement annually: $61,454

California

• Total expenditures: $83,906
• 20% comfort buffer: $16,781
• Cost of a comfortable retirement annually: $100,687

Colorado

• Total expenditures: $58,908
• 20% comfort buffer: $11,782
• Cost of a comfortable retirement annually: $70,689

Connecticut

• Total expenditures: $65,504
• 20% comfort buffer: $13,101
• Cost of a comfortable retirement annually: $78,605

Delaware

• Total expenditures: $58,387
• 20% comfort buffer:  $11,677
• Cost of a comfortable retirement annually: $70,064

Florida

• Total expenditures: $59,660
• 20% comfort buffer: $11,932
• Cost of a comfortable retirement annually: $71,592

Georgia

• Total expenditures: $52,832
• 20% comfort buffer: $10,566
• Cost of a comfortable retirement annually: $63,398

Hawaii

• Total expenditures: $107,746
• 20% comfort buffer: $21,549
• Cost of a comfortable retirement annually: $129,296

Idaho

• Total expenditures: $58,503
• 20% comfort buffer: $11,701
• Cost of a comfortable retirement annually: $70,203

Illinois

• Total expenditures: $53,989
• 20% comfort buffer: $10,798
• Cost of a comfortable retirement annually: $64,787

Indiana

• Total expenditures: $52,253
• 20% comfort buffer: $10,451
• Cost of a comfortable retirement annually: $62,704

Iowa

• Total expenditures: $52,137
• 20% comfort buffer: $10,427
• Cost of a comfortable retirement annually: $62,565

Kansas

• Total expenditures: $50,517
• 20% comfort buffer: $10,103
• Cost of a comfortable retirement annually: $60,620

Kentucky

• Total expenditures: $53,584
• 20% comfort buffer: $10,717
• Cost of a comfortable retirement annually: $64,301

Louisiana

• Total expenditures: $53,295
• 20% comfort buffer: $10,659
• Cost of a comfortable retirement annually: $63,954

Maine

• Total expenditures: $64,405
• 20% comfort buffer: $12,881
• Cost of a comfortable retirement annually: $77,286

Maryland

• Total expenditures: $67,240
• 20% comfort buffer: $13,448
• Cost of a comfortable retirement annually: $80,688

Massachusetts

• Total expenditures: $83,501
• 20% comfort buffer: $16,700
• Cost of a comfortable retirement annually: $100,201

Michigan

• Total expenditures: $53,121
• 20% comfort buffer: $10,624
• Cost of a comfortable retirement annually: $63,745

Minnesota

• Total expenditures: $54,857
• 20% comfort buffer: $10,971
• Cost of a comfortable retirement annually: $65,828

Mississippi

• Total expenditures: $51,096
• 20% comfort buffer: $10,219
• Cost of a comfortable retirement annually: $61,315

Missouri

• Total expenditures: $51,211
• 20% comfort buffer: $10,242
• Cost of a comfortable retirement annually: $61,454

Montana

• Total expenditures: $54,741
• 20% comfort buffer:  $10,948
• Cost of a comfortable retirement annually: $65,689

Nebraska

• Total expenditures: $54,047
• 20% comfort buffer: $10,809
• Cost of a comfortable retirement annually: $64,856

Nevada

• Total expenditures: $59,428
• 20% comfort buffer: $11,886
• Cost of a comfortable retirement annually: $71,314

New Hampshire

• Total expenditures: $65,736
• 20% comfort buffer: $13,147
• Cost of a comfortable retirement annually: $78,883

New Jersey

• Total expenditures: $65,794
• 20% comfort buffer: $13,159
• Cost of a comfortable retirement annually: $78,952

New Mexico

• Total expenditures: $54,163
• 20% comfort buffer: $10,833
• Cost of a comfortable retirement annually: $64,995

New York

• Total expenditures: $71,233
• 20% comfort buffer: $14,247
• Cost of a comfortable retirement annually: $85,480

North Carolina

• Total expenditures: $56,998
• 20% comfort buffer: $11,400
• Cost of a comfortable retirement annually: $68,398

North Dakota

• Total expenditures: $53,700
• 20% comfort buffer: $10,740
• Cost of a comfortable retirement annually: $64,440

Ohio

• Total expenditures: $54,394
• 20% comfort buffer: $10,879
• Cost of a comfortable retirement annually: $65,273

Oklahoma

• Total expenditures: $49,996
• 20% comfort buffer: $9,999
• Cost of a comfortable retirement annually: $59,995

Oregon

• Total expenditures: $66,025
• 20% comfort buffer: $13,205
• Cost of a comfortable retirement annually: $79,230

Pennsylvania

• Total expenditures: $55,320
• 20% comfort buffer: $11,064
• Cost of a comfortable retirement annually: $66,384

Rhode Island

• Total expenditures: $65,620
• 20% comfort buffer: $13,124
• Cost of a comfortable retirement annually: $78,744

South Carolina

• Total expenditures: $56,477
• 20% comfort buffer: $11,295
• Cost of a comfortable retirement annually: $67,773

South Dakota

• Total expenditures: $54,047
• 20% comfort buffer: $10,809
• Cost of a comfortable retirement annually: $64,856

Tennessee

• Total expenditures: $52,253
• 20% comfort buffer: $10,451
• Cost of a comfortable retirement annually: $62,704

Texas

• Total expenditures: $53,468
• 20% comfort buffer: $10,694
• Cost of a comfortable retirement annually: $64,162

Utah

• Total expenditures: $59,544
• 20% comfort buffer: $11,909
• Cost of a comfortable retirement annually: $71,453

Vermont

• Total expenditures: $66,372
• 20% comfort buffer: $13,274
• Cost of a comfortable retirement annually: $79,647

Virginia

• Total expenditures: $58,618
• 20% comfort buffer: $11,724
• Cost of a comfortable retirement annually: $70,342

Washington

• Total expenditures: $66,604
• 20% comfort buffer: $13,321
• Cost of a comfortable retirement annually: $79,925

West Virginia

• Total expenditures: $48,492
• 20% comfort buffer: $9,698
• Cost of a comfortable retirement annually: $58,190

Wisconsin

• Total expenditures: $56,130
• 20% comfort buffer: $11,226
• Cost of a comfortable retirement annually: $67,356

Wyoming

• Total expenditures: $55,031
• 20% comfort buffer: $11,006
• Cost of a comfortable retirement annually: $66,037