16 States Where You’ll Need at Least $1 Million To Retire

by Jordan Rosenfeld, Go Banking Rates, January 10, 2024

Retirement may be a time to take it easy, but only if you have enough money to do so comfortably. According to a recent Charles Schwab survey, Americans think they’ll need $1.8 million in retirement savings to be able to retire comfortably.

If that sounds like a jaw-dropping amount of money, depending on which state you live in and the age at which you retire, that figure may not be far off.

In order to find out which states you’ll need more than $1 million to retire comfortably, GOBankingRates found the annual cost of expenditures for a retired person in each state using data from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey, the Missouri Economic Research and Information Center and the Social Security Administration’s Monthly Statistical Snapshot. All data was collected and is up to date as of Jan. 8.

Key Findings

The three most expensive states to retire in are California ($78K/yr), Massachusetts ($85K/yr)  and Hawaii ($103K/yr).
The three most affordable states to retire in are West Virginia, Mississippi and Oklahoma.
Annual healthcare expenses, groceries and utilities are the most expensive in Alaska.

Hawaii #1

• Annual expenditures: $103,610
• Cost of living index: 179.2
• Minimum needed for 25 years of retirement: $2,051,077
• Minimum needed for 30 years of retirement: $2,463,757

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