How much money do North Dakotans need to retire comfortably?
If you want to retire at 65 in North Dakota, you better be a millionaire by the time you become “of age.” According to 24/7 Wall St., a 2019 report from the Federal Reserve determined that North Dakotans will need to save an average of $1,005,682 by the age of 65 in order to live a comfortable life in retirement. Will you be able to save enough money to retire by the time you turn 65?
There may be ways to save for retirement, but it is not always easy.
Merrill Edge has a “Top 10” list of things a person can do in order to save for retirement. But, even with sound advice from experts and such, saving is easier said than done. I get that the older generations are all about not doing anything in order to save money, but that is no life to live in my opinion. We millennials want to experience and enjoy life even while we are still young. We should not have to wait until retirement to be happy and feel a bit of freedom.
How much will it cost to comfortably retire when millennials start turning 65?
Though I have been dreaming of retirement since high school, I hope I actually can afford to do it by the time I do hit 65. But life, rent, gas, and everything else are expensive. And who knows what the cost of retirement will be by the time my fellow millennials and I make it to the age of retirement? Will we even be able to afford it even if we save?