Unbelievable Amount You Need to Retire ‘Comfortably’ in Michigan

If you've ever met with a financial planner to figure out the best way to save enough money for retirement, you know two things:

1. Compounding interest is your friend

2. You'll need to save more than you thought to retire comfortably, at least in my case

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The Unbelievable Amount You Need to Retire ‘Comfortably’ in Michigan

If you feel like you don't have enough money for retirement, you're not alone.

The typical American between the ages of 55 and 64 has just $120,000 in a retirement savings account.

That number seems shockingly low when you think about how hard it would be to stretch that number out for the rest of your life.

I can hear Dave Ramsey yelling at you for not putting away enough money for retirement.

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I think of my family and how much they have to spend each month on things such as:

• Healthcare and prescriptions
• Food and groceries
• Utilities

Read More: Michigan's Most Expensive Restaurant Will Break The Bank

How Much Does The Average Retiree Spend Each Year

According to the Consumer Expenditure Survey from the Bureau of Labor Statistics, the typical retirement-age American spent $52,141 in 2021.

Website 24/7 Wall Street said adjusting this figure for the average state-level cost of living, inflation, and average life expectancy at age 65, along with a 15% financial cushion, people retiring in Michigan can expect to spend, on average, $1,250,105 throughout their retirement starting at age 65.

Seeing that big of a number can be overwhelming, but it's never too late to do something about it.

Some things you could do to work on your retirement savings are:

• Review your retirement goals with a financial planner
• Establish a spending plan
• Start saving today