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Cost of retirement going up for affluent Arizonans

The cost of retiring in Arizona is going up.

A new study shows shows people with assets of more than a million dollars need about $2.3 million to fund their retirement. Jason Miller with BMO Private Bank said some people need more than others.

“It depends on other factors, such as the incomes that they have coming in — social security, pensions — [that] will help determine what asset base they actually need to be able to sustain their specific spending levels,” Miller said.

Miller says 90 percent of Arizona’s wealthy feel confident about their ability to achieve their ideal retirement lifestyle, compared to 94 percent nationwide.