Best Amount of Money You Need to Retire Comfortably in WA, CA, OR
💰 If you're living on the West Coast in Washington, Oregon, or California and you're planning for retirement, there's one question that you should be asking your financial planner: What is the amount of money I'll need to retire comfortably?
That number is going to vary greatly not just from state to state or city to city, but from person to person. What somebody considers a comfortable retirement might not be enough for someone else to maintain the lifestyle that they're accustomed to.
There are many factors to consider when planning for retirement. When do you want to retire? When can you afford to retire? What will your needs be and what will that cost? Some people may find that they'll need to continue to work, at least part-time, well past their ideal retirement age. A skilled financial advisor can help you navigate your way through the planning process, which should begin well before your retirement party. Years before.
💲 Adjusting this figure for the average state-level cost of living, inflation, and average life expectancy at age 65 – plus a 15% financial cushion – here's a look at what residents can reasonably expect to spend, on average, over the course of their retirement starting at age 65 in the three West Coast States of Washington, Oregon, and California.
Retirement Savings Goals for WA
- Total expenditures: $59,441
- 20% comfort buffer: $14,860
- Cost of a comfortable retirement annually: $74,301
Retirement Savings Goals for CA
- Total expenditures: $72,320
- 20% comfort buffer: $18,080
- Cost of a comfortable retirement annually: $90,399
Retirement Savings Goals for OR
- Total expenditures: $63,716
- 20% comfort buffer: $15,929
- Cost of a comfortable retirement annually: $79,645
These numbers will vary depending on many factors. These are averages in each state, so living in LA, San Francisco, Portland, and Seattle will be far more expensive than in many rural areas in each of the three states. Of course, other factors like how much you have saved, how much you receive from sources like Social Security, and pensions, and what any actively earned income will be are also crucial questions to answer.