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To determine how much savings is needed toretire by age 50, GOBankingRates analyzed each statescost of livingindexes.
Additional factors sourced for each state include the average single family home value, mortgage cost andSocial Security benefits.
Keep reading to find out how much youll need in savings if youre planning to retire by 50.
Also, seethese tips for early retirement.
The average single family home value was sourced fromZillow Home Value Indexfor May 2024.
The average Social Security benefits were sourced from theSocial Security Administrationfor residents aged 65 and over.
By assuming someone retires at 50, GOBankingRates calculated the cost of living amount needed for various ages.
The Social Security Benefits are also assumed to stay the same throughout the retirement years.
GOBankingRates used the ages of 80, 85, 90, 95 and 100.
All data was collected on and is up to date as of July 1st, 2024.
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