A recent study found that in order to maintain a “comfortable lifestyle” in 2025, families in Massachusetts should be raking in a pretty penny each year.
With just about everything around getting more expensive (housing, insurance, etc.) “individuals and families increasingly need more income to support a comfortable lifestyle over the long-term,” according to financial technology company SmartAsset.
How Much Do Massachusetts’ Families Need to Make?
According to the findings from the SmartAsset study, a family of four living in the Bay State should be making a whopping $313,747 annually.
That’s an additional $9,360 more than last year. Thinking of asking for a raise now?
This calculation is the pre-tax income projected for a family of four consisting of two adults and two children, following the 50/30/20 rule.
How SmartAsset Calculated the $313K Figure
So what is the 50/30/20 rule?
SmartAsset shares the rule “suggests allocating 50% of your income to necessities, 30% to discretionary spending, and 20% to long-term goals like retirement savings or paying off debt.”
How did they get that number and how lavish of a lifestyle are we talking?
What Does a “Comfortable Lifestyle” Include?
According to the site, the “comfortable lifestyle” it depicts is one that includes being able to afford:
- Hobbies
- Vacations
- Retirement Savings
- Education Funds
- Occasional Emergency
- All essential necessities like housing, groceries, transportation and medical expenses.
Top 10 Most Expensive States For a Four-Person Family
10. Oregon, $261,914
9. Colorado, $273,728
8. New York, $276,973
7. Washington, $277,888
6. New Jersey, $282,714
5. Vermont, $286,790
4. California, $287,456
3. Connecticut, $290,368
2. Hawaii, $294,362
1. Massachusetts, $313,747
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation.
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