New York Savings Goal Calculator
Plan your savings goals in New York. Cost of living index 123.8, median income $74,314. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for New York with cost-of-living context. Uses compound interest formula with monthly contributions. New York's cost of living index of 123.8 (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
New York savings context: Median income $74,314/yr | Cost of living 123.8 (above average) | Recommended 6-month emergency fund: $37,157 | State tax rate up to 10.9%.
Frequently Asked Questions
How much should I save in New York?
Financial experts recommend a 6-month emergency fund. In New York (cost of living index 123.8), that's approximately $37,157 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 New York?
At New York's median household income of $74,314, saving 15% ($929/mo) at 4.5% APY, you'd reach $10,000 in about 11 months. Higher contributions or returns shorten this timeline.
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