Thinking about Retirement in Minnesota? How to know you have saved enough.

The concept of retirement is a nice one. You’ve worked all these years, now it’s time to reap the rewards of all the efforts you’ve made to pay the bills and keep food on the table. Time for you to do the things you want to do, right?

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The part about retirement that can put a damper on the concept is how well you prepared for it. For so many people, as the cost of living went up year after year and salaries did not match those increases, putting money into savings for retirement had to be sacrificed.

But for those who were able to put money away, how do you know if you’ll have enough. Afterall, when you retire in most cases its not so you will have to pick up some other type of work or go back to what you’ve always done to survive.

A couple of recent studies from GoBankingRates.com say that to retire in Minnesota you will need to bring in up to $61,983 per year or have just over $1 million dollars tucked away. Another study from the same site from earlier this year suggests that you would need $770,000 plus to have enough to live on for 20 years after you stopped working. These figures place Minnesota around the middle of the pack in the United States.

The most expensive state to retire to was Hawaii, where you’ll need over $1.8 million dollars to survive for 20 years. The state that requires the least amount to retire to is Mississippi where you’ll need to save over $505,000 for the 20-year post employment run.

According to the U.S. Census Bureau, the average median household income in Minnesota is $77,706, so hopefully you’ve been putting money back along the way so that closing the gap on what is suggested you’ll need to retire won’t be that hard to achieve.

No matter how old you are, maybe now is a good time to reach out to a professional financial planner and begin to look at the options you have so retirement is what you want it to be.