Ohio Savings Goal Calculator
Plan your savings goals in Ohio. Cost of living index 90.8, median income $58,642. See how long to save for your goal with interest.
How This Calculator Works
Calculation methodology and assumptions
Savings goal projection for Ohio with cost-of-living context. Uses compound interest formula with monthly contributions. Ohio's cost of living index of 90.8 (100 = national average) means your savings stretch further than in the average state. The COL-adjusted figure shows what your goal would be at the national average cost of living.
Key State Information
Ohio savings context: Median income $58,642/yr | Cost of living 90.8 (below average) | Recommended 6-month emergency fund: $29,321 | State tax rate up to 3.5%.
Frequently Asked Questions
How much should I save in Ohio?
Financial experts recommend a 6-month emergency fund. In Ohio (cost of living index 90.8), that's approximately $29,321 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 Ohio?
At Ohio's median household income of $58,642, saving 15% ($733/mo) at 4.5% APY, you'd reach $10,000 in about 14 months. Higher contributions or returns shorten this timeline.
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