January 17, 2026, 4:46 a.m. ET
The start of the new year brings the usual challenges, particularly when it comes to the rising cost of living, which remains a significant issue in New Jersey.
As one of the priciest states in the U.S., retirees are finding it increasingly important to prepare financially for their retirement years. A recent analysis from GOBankingRates highlights that the duration of retirement itself is extending.
This analysis includes a detailed study outlining annual expenses that retirees can expect, as well as a cost of living index for each state. This information is vital for understanding how much money one should ideally save for a comfortable retirement.
Interestingly, New Jersey ranks high among states for living costs, with an index exceeding 100. This means that prospective retirees should aim for over $1 million to support themselves.
Some notable points from the report include:
- States with a cost of living index below 100 typically require less than $1 million in retirement savings.
- For retirees, locations like Tennessee and Texas might be appealing options, given their low cost of living (about 90) and absence of state income tax.
Minimum Retirement Savings in the Mid-Atlantic Region and Connecticut
Here’s a glance at the findings:
Connecticut
- Cost of Living Index: 114.1
- Annual Living Expenses: $70,093.91
- Annual Costs After Social Security: $47,656.67
- Required Retirement Savings: $1,191,417
Delaware
- Cost of Living Index: 102.8
- Annual Living Expenses: $63,152.10
- Annual Costs After Social Security: $40,714.86
- Required Retirement Savings: $1,017,871
New Jersey
- Cost of Living Index: 114.6
- Annual Living Expenses: $70,401.07
- Annual Costs After Social Security: $47,963.83
- Required Retirement Savings: $1,199,096
New York
- Cost of Living Index: 126.6
- Annual Living Expenses: $77,772.91
- Annual Costs After Social Security: $55,335.67
- Required Retirement Savings: $1,383,392
Pennsylvania
- Cost of Living Index: 97.1
- Annual Living Expenses: $59,650.47
- Annual Costs After Social Security: $37,213.23
- Required Retirement Savings: $930,331
