Massachusetts Savings Goal Calculator
Plan your savings goals in Massachusetts. Cost of living index 135, median income $89,645. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for Massachusetts with cost-of-living context. Uses compound interest formula with monthly contributions. Massachusetts's cost of living index of 135 (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
Massachusetts savings context: Median income $89,645/yr | Cost of living 135 (above average) | Recommended 6-month emergency fund: $44,823 | State tax rate up to 9%.
Frequently Asked Questions
How much should I save in Massachusetts?
Financial experts recommend a 6-month emergency fund. In Massachusetts (cost of living index 135), that's approximately $44,823 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 Massachusetts?
At Massachusetts's median household income of $89,645, saving 15% ($1,121/mo) at 4.5% APY, you'd reach $10,000 in about 9 months. Higher contributions or returns shorten this timeline.
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