How Much Does a ‘Comfortable’ Retirement in New Jersey Cost?

If you're getting close to your golden years, or if someone you love is getting ready for retirement, you might wonder how much it takes to be "comfortable" in retirement. While everyone has a different idea of comfort in retirement, with some envisioning lavish trips and others just expecting to stay home and cozy in their later years, a fresh study sheds light on what amount of money is generally needed to be comfortable in those later years.

In a feature from Go Banking Rates, as reported on by Yahoo Finance, financial experts looked at each state's population ages 65 and over, the cost-of-living index from Q1 of 2025 and the national average costs for retirees. "There's a stark difference between what it means for couples to retire with and without Social Security benefits, regardless of whether you live in a high cost-of-living state or not," they note in the study.

So, how much does it take to be "comfortable" in New Jersey? According to their report, the comfortable retirement cost for two annually, without Social Security, is $70,697. The comfortable retirement cost for two annually with Social Security is $35,167, so it's a large difference.

Say you're saving for retirement? Merrill Edge has some tips. For one, they say to start saving for retirement as young as possible. "you're just beginning to put money away for retirement, start saving as much as you can now. That way you let compound interest — the ability of your assets to generate earnings, which are reinvested to generate their own earnings — have an opportunity to work in your favor."

On the opposite end, they say that if you're 50 or over, you're eligible to go beyond the normal limits with catch-up contributions to IRAs and 401(k)s, so take advantage of those.