High amount you now need in NJ to retire comfortably in 2025

Let's face it. Most in New Jersey may be on edge now if they're looking to retire soon. And that's understandable with the current political climate.

Most have no idea if their savings will shrink or grow. And with so much going on with trade, it's no wonder so many are concerned about having enough money to settle down.

And this isn't just a New Jersey concern, but a national one. With so much change potentially on the horizon, what could that mean for retirement plans? At least New Jersey's working wages are among the highest in the nation.

Higher Wages, However...

Now, you might think that's a good thing for savings, but let's back it up a bit. That higher wage often helps push prices higher, never mind the uncertainty of where the economy will go throughout 2025.

Costs for small businesses to operate in New Jersey are also much higher than they are in most other states. Sure, some regions are costlier than us, but that's more of the exception than the rule.

A National Comparison

Before we take a closer look at New Jersey's numbers, let's first check out how much you need just for retirement in every state across the country. We'll also take a look at how far you can stretch $1 million in savings.

We'll begin with the most affordable states and will work our way up from there. As you're scrolling through, see if you can guess how far up New Jersey is, along with how many other states require higher savings than us.

Comparing the Stats

As is probably no shock to anyone, Hawaii is the most expensive state to retire in, requiring more than $2 million in savings. But what was a bit of a surprise was seeing how much you also need to save for most states in the Northeast.

Every single state north of New Jersey requires more out of you financially to retire, not less. In a way, it kind of makes New Jersey seem more reasonable, even though 13 other states still require more savings from us.

Pennsylvania and Delaware are at least a little more reasonable, both under the required $1 million in savings should you choose to retire there.

A closer look at New Jersey

As mentioned above, New Jersey isn't the most expensive state to retire in. But it's still among the 15 states that cross the $1 million threshold when it comes to retirement savings.

And, as mentioned earlier, we still don't really know what might change as a result of what's happening with trade worldwide. Will you need to save more, or will it be less? Only time will tell.

As for us? Here's a closer look at what makes New Jersey more expensive than most other states, according to Go Banking Rates...

• Cost for Groceries: $4,855
• Cost for Housing: $14,779
• Cost for Utilities: $4,651 (not factoring in the planned utility hikes)
• Cost for Transportation: $5,091
• Cost for Healthcare: $7,570
• Overall Costs: $63,773

The above post reflects the thoughts and observations of New Jersey 101.5 Sunday morning host & content contributor Mike Brant. Any opinions expressed are his own.