As a result, retirees in the state can expect to need about $1.5 million to live out their golden years in comfort, well above the $1.1 million national average. Avg. cost of living: 7% less than avg.
Considering this, how much money do you need to retire comfortably at age 65?
Age 65: You need a starting balance of $1,620,000 to live off $65,000 a year. To live on dividends and capital gains of $65,000 a year, after taxes, a 65-year-old would need a lump sum investment of $1.62 million in a taxable investment account, allocated as 60% stocks and 40% bonds.
Likewise, how much do you need in retirement to live comfortably?
Ah, the key question. One rule of thumb is that you'll need 70% of your pre-retirement yearly salary to live comfortably. That might be enough if you've paid off your mortgage and are in excellent health when you kiss the office good-bye.
What is the average 401k balance for a 65 year old?
Assumptions vs. Reality: The Actual 401k Balance by Age
|AGE||AVERAGE 401K BALANCE||MEDIAN 401K BALANCE|
What is the average monthly income for a retired person?
According to the latest Bureau of Labor Statistics data, which is based on 2016 figures, “older households” — defined as those run by someone 65 and older — spend an average of $45,756 a year, or roughly $3,800 a month. That's about $1,000 less than the monthly average spent by all U.S. households combined.