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Here's how much you need to retire in Pennsylvania, New Jersey and Delaware

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Here's how much you need to retire in Pennsylvania, New Jersey and Delaware


We all dream of the day we can finally stop setting an alarm to sit at a desk five days a week, but how much does it actually cost to retire comfortably these days?

A recent study revealed what you need for 20 years of comfortable retirement, along with how much you need to save monthly. Here are the numbers for Pennsylvania, New Jersey and Delaware:

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By the numbers:

New Jersey residents will have to save the most among the three states, but it’s not the only one that requires more than $1 million in savings.

New Jersey

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  • Cost of 20 years of comfortable retirement: $1,567,009

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,902
  • If you start at age 30: $3,731

Delaware

  • Cost of 20 years of comfortable retirement: $1,073,314

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

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  • If you start at age 20: $1,988
  • If you start at age 30: $2,556

Pennsylvania

  • Cost of 20 years of comfortable retirement: $734,378

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,360
  • If you start at age 30: $1,749

Want to enjoy your retirement in Florida instead? It will cost you less than staying in New Jersey with a total of $1,132,118!

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Dig deeper:

Based on the retirement age of 65, and the life expectancy of 85, GOBankingRates determined the amount you need to save monthly for a comfortable retirement by analyzing data from the U.S. Census American Community Survey, the Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, the Zillow Home Value Index, the Federal Reserve Economic Data and the Social Security Administration.

The Source: Information from this article was sourced from GOBankingRates.

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Delaware

Done Deal: 695 Delaware Avenue – Buffalo Rising

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Done Deal: 695 Delaware Avenue – Buffalo Rising


Ellicott Development has expanded it local property portfolio. Ellicott’s 4628 Group Inc. purchased 695 Delaware Avenue on Wednesday for $1.025 million. Fred Kaplan Living Trust was the seller. The 8,454 sq.ft., three-story barn-like structure with mansard roofed addition is occupied by media production and marketing firm Crosswater Digital Media. It was the home of WKBW radio for a number of years. The property totals 0.4 acres in size with a large parking lot fronting Delaware Avenue.

The property is bookended by the Westbrook Apartments and Wilcox House apartment buildings, both ten-story structures. It sits across the street from 700 Delaware, the former Computer Task Group Building Ellicott purchased in 2018 and is now occupied by the NYS Department of Environmental Conservation.



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Delaware

Man, 77, dies after collision with teen driver near Hartly, police say

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Man, 77, dies after collision with teen driver near Hartly, police say


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A 77-year-old man died following a two-car crash near Hartly on the morning of Dec. 10, Delaware State Police said.

The man, from the Dover area, has not been identified by police pending family notification.

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According to police reports, the man was driving a Honda Accord east on Judith Road approaching Hartly Road about 9 a.m., as an 18-year-old woman was driving a Ford Focus south on Hartly Road approaching Judith Road.

Police reported that a preliminary investigation shows the Honda moved from the stop sign into the Ford’s path, causing a collision.

The man was pronounced dead at the scene. The woman, from Hartly, was treated at the scene. Police said she refused to be taken to a hospital.

Send tips or story ideas to Esteban Parra at (302) 324-2299 or eparra@delawareonline.com.

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Delaware

Delaware County approves 19% property tax hike in 4-1 vote

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Delaware County approves 19% property tax hike in 4-1 vote


MEDIA, Pa. (WPVI) — Delaware County Council voted 4-1 Wednesday night to approve a budget that includes a 19% property tax increase, despite objections from residents.

Property owners with a home assessed at $255,000 will pay about $188 more annually under the new budget, which takes effect next month.

Before the vote, some residents urged council to reconsider.

“I ask council to revisit the proposed budget, forgo voting tonight, avoid solving the entire deficit on the back of the hardworking taxpayers,” said Cynthia Sabitini of Upper Providence Township.

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One councilmember agreed, but most did not.

“Simply put, I feel that the increase is too drastic,” said Councilmember Elaine Paul Schaefer.

“This needs to occur. I don’t like it, but it’s what has to occur,” said Councilmember Kevin Madden.

The hike follows a 23% increase last year and a 5% increase the year before. County officials say tax hikes were minimal for a decade, forcing steep increases now.

The current all-Democratic council argues they’re righting the financial ship after past Republican leaders didn’t do enough.

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“For the first time in more than a decade, this budget puts Delaware County on track to have a truly balanced budget,” said Council Chair Dr. Monica Taylor.

County leaders say the increase addresses a structural deficit, but opponents blame spending on projects such as de-privatizing George Hill Correctional Center and creating a health department.

“How do you justify coming in with a deficit and then saying you’re repairing it after you grew it?” said Michael Straw of Media Borough Republicans.

Officials say future hikes should be minimal if the county makes any request at all, but some remain skeptical.

“I have my doubts that we won’t be seeing increases in the future,” Straw said.

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