MILWAUKEE, Wis. – It’s a question that lingers for many workers across the United States: when can I really retire? A recent study aimed to pinpoint that number accurately.
How much do I need to retire?
The broader context:
A study conducted by SmartAsset assessed the amount of retirement savings necessary to meet essential and typical additional expenses for the average retiree in 55 major counties nationwide.
Interestingly, it also differentiated between what renters and homeowners need to save, including factors for those receiving Social Security versus those who aren’t.
If you’re planning to save for retirement soon, SmartAsset suggests that withdrawing about 4.7% of your salary for at least 30 years is a good strategy if you’re aiming for a comfortable retirement.
Local insights:
For Milwaukee residents, the findings revealed that an average retiree who owns a home and receives Social Security should aim to save approximately $155,072 to retire comfortably. In contrast, a renter in the same situation may need about $241,115.
Not earning Social Security? You’ll need to save significantly more. Homeowners would require around $686,363, while renters should set aside about $772,406.
Rest of the Midwest
Considering the Midwest as a whole, similar trends can be seen across various counties regarding savings needed for retirement.
Here’s a breakdown of how much renters need in the Midwest:
- Naperville, Illinois — $913,915 without Social Security; $303,091 with Social Security
- Joliet, Illinois — $909,574 without Social Security; $341,873 with Social Security
- Chicago, Illinois — $908,553 without Social Security; $381,657 with Social Security
- Milwaukee, Wisconsin — $772,406 without Social Security; $241,115 with Social Security
- Minneapolis, Minnesota — $881,834 without Social Security; $264,471 with Social Security
- Troy, Michigan — $772,406 without Social Security; $180,796 with Social Security
- Detroit, Michigan — $790,655 without Social Security; $252,760 with Social Security
- Indianapolis, Indiana — $770,268 without Social Security; $229,425 with Social Security
- Columbus, Ohio — $812,975 without Social Security; $288,611 with Social Security
- Cleveland, Ohio — $744,379 without Social Security; $224,241 with Social Security
- Cincinnati, Ohio — $748,379 without Social Security; $207,755 with Social Security
For homeowners in the Midwest, here’s what they need to save:
- Naperville, Illinois — $773,745 without Social Security; $162,921 with Social Security
- Joliet, Illinois — $743,106 without Social Security; $175,405 with Social Security
- Chicago, Illinois — $742,596 without Social Security; $215,699 with Social Security
- Milwaukee, Wisconsin — $686,438 without Social Security; $155,072 with Social Security
- Minneapolis, Minnesota — $736,302 without Social Security; $118,939 with Social Security
- Troy, Michigan — $712,017 without Social Security; $97,306 with Social Security
- Detroit, Michigan — $670,400 without Social Security; $132,504 with Social Security
- Indianapolis, Indiana — $628,056 without Social Security; $87,212 with Social Security
- Columbus, Ohio — $691,954 without Social Security; $167,590 with Social Security
- Cleveland, Ohio — $651,869 without Social Security; $131,560 with Social Security
- Cincinnati, Ohio — $668,975 without Social Security; $128,350 with Social Security
