Do you have enough to put aside for retirement?

The average person who lives in these big cities will spend at least $1million to enjoy a normal lifestyle. according to MagnifyMoney.

Analysts used data from U.S. Bureau of Labor Statistics and Bureau of Economic Analysis to determine the required amount to retire in each area.

Marguerita Cheng (certified financial planner) stated that $1 million is an enormous amount. She was the CEO and cofounder of Blue Ocean Global Wealth. CNBC’s Advisor Council.

She said that it’s not necessary to be overly overwhelmed by this figure. You can prepare for retirement by doing things before you retire.

She said, “You take it apart and then you make it up.”

The most costly cities

According to the analysis, there were 28 places where more money is needed for retirement. This represents 7% of all metros included in the study.

The most expensive places are concentrated on the East and West coasts, and only five states – Alaska, California, Hawaii, New York and Oregon – have more than two of the costliest cities. California boasts the largest state wealth, and 14 cities have less than $1million for retirees.

It wasn’t surprising, given the fact that many coastal areas of the country have some of the most costly metros in the country,” stated Ismat Mangla (senior director of content, MagnifyMoney’s parent company).

This list shows how costs can vary greatly depending upon where you want to retire. MagnifyMoney has found that retiring in only 93% metros takes less money than $1 million.

Mangla stated that it will depend on where you are planning to retire. There are many places where it is not necessary to be retired.

In one city – Jackson, Tennessee – the average retiree can make it on less than $500,000.

Prepare now

Cheng stated that retirement planning is important if you want to be able to secure hundreds of thousands, if not millions, of money.

You will be more successful if you allow that money to grow as long as it can. Cheng added that you should also remember to include your Social Security benefits and savings in your retirement nest egg.

Employer match is a great way to increase your retirement fund’s growth. You should put aside enough for any matching funds you may be eligible, regardless of whether you have the ability to contribute more than $19,500 to your employer-sponsored 401k plan.

Cheng stated, “There is a happy middle between match and maximum.”

Her advice is to encourage people to use multiple retirement accounts that offer different tax benefits. A 401(k), which is an employer sponsored plan, grows pre-tax. However, individual retirement accounts can be saved, which you then contribute to after-tax. You can contribute $6,000. to a Roth IRA in 2021.

Make-up contributions are a great option if you haven’t started saving for retirement and you are over 50. You can contribute $26,000 to a 401K and $7,000 to an IRA if you are 50 years old or more in 2021.  

You can get help if your overwhelm is causing you to feel stressed.

These experts can help you decide what you will do with your retirement.

You could save money by working a little longer to make it possible for you to enjoy a comfortable life. Cheng stated that “right-sizing your life” could help you cut costs.

You could, for example, move to another city or change your living arrangements. If you are retiring with a spouse, one car can be replaced by two.

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