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Chicago October ranks among warmest on record as mild weather continues
By Keisha Patel
How much to retire in Chicago?
Marcus Chen
Marcus Chen
Managing Editor · St. Paul, MN
Marcus manages the day-to-day editorial workflow across all brands, coordinating coverage assignments and ensuring editorial standards are met. He previously served as city editor at the Pioneer Press and holds a degree in Political Science from Carleton College.
More from Marcus →Managing Editor · Tuesday, October 27, 2026 at 1:42 AM · 1 min read
It's something that's always in the back of the mind of every worker in the United States — when can I realistically retire? A new study sought to find that exact answer down to the dollar.How much do I need to retire?A new study from SmartAsset calculated the retirement savings needed to cover the essential expenses as well as any typical extra expenses for an average retiree in 55 of the country's largest counties.The study also found how much a renter needs to save versus a homeowner and how much you need if you are earning Social Security versus not.If you're hoping to start saving for retirement soon, SmartAsset states that you should withdraw 4.7% of your salary for retirement for at least a 30-year period if you have plans to retire comfortably.For residents of Chicago, the study found that an average retiree who is a homeowner with Social Security needs roughly $215,699 if they hope to retire. For a renter with Social Security, the study found that they would need $381,657.For
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