22 May Retirement Is Expensive if You Try to Do It at 55
Q: Is it possible to estimate how much money a single woman, living in the New York metropolitan area, would need to have saved in order to retire comfortably at age 55? Assume that Social Security, when it kicks in, will be at the upper end. — M.G., by email
A: Like the rest of life, it all depends on the choices you make. If you check The Broke and Beautiful Life website, for instance, Stefanie O’Connell estimates living costs at about $2,500 a month for a young single woman. That estimate is for having a room in a shared apartment, an unlimited Metro card for transportation and groceries of $300 a month. Clothing is absent, but the budget includes savings of $350 a month and health insurance of $328 a month.
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