Maine Savings Goal Calculator
Plan your savings goals in Maine. Cost of living index 109.4, median income $64,767. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for Maine with cost-of-living context. Uses compound interest formula with monthly contributions. Maine's cost of living index of 109.4 (100 = national average) means savings goals may need to be higher than national benchmarks. The COL-adjusted figure shows what your goal would be at the national average cost of living.
Key State Information
Maine savings context: Median income $64,767/yr | Cost of living 109.4 (above average) | Recommended 6-month emergency fund: $32,384 | State tax rate up to 7.15%.
Frequently Asked Questions
How much should I save in Maine?
Financial experts recommend a 6-month emergency fund. In Maine (cost of living index 109.4), that's approximately $32,384 based on median income. Beyond that, aim to save 15-20% of gross income for retirement and other goals.
How long does it take to save $10,000 in Maine?
At Maine's median household income of $64,767, saving 15% ($810/mo) at 4.5% APY, you'd reach $10,000 in about 12 months. Higher contributions or returns shorten this timeline.
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