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20 YearsHelping You Live Richer
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A 20-yearretirementstill requires substantial savings in the Midwest.
And thats the lower end of the amount needed, too.
The cost of said retirement in Minnesota is $951,593, nearly $1 million in savings.
A full methodology is available at the end of this article.
Keep reading to find out how much youll need in savings toretire in the Midwest.
The cost-of-living indexes were sourced from the Missouri Economic and Research Information Center.
Using data from Zillow Home Value Index and the Federal Reserve, the average mortgage was calculated.
Expenditures and mortgage were combined to find total cost of living.
The average Social Security benefits were sourced from the Social Security Administration for each state.
The amount needed to retire was calculated for each age of starting savings and each age of life expectancy.
All data was collected on and is up to date as of Nov. 15, 2024.
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