This Is How Much Money You Need to Retire in Your State, According to Data
New research finds the amount you need to save for retirement varies across the country.
According to some financial experts, to retire comfortably in America you need to have somewhere in the range of $1 million saved. If that figure seems unattainable, or even just a bit intimidating, at first glance, don't worry, it's a broad estimate. In fact, plenty of people can retire comfortably with quite a bit less than $1 million in their savings account. How much money you need to retire is really all about where you live, according to recent data analysis by the finance experts at GoBankingRates.
To calculate how much people in all parts of the country need to save for their retirement, the site looked at annual expenditures for a retired person in every state—with Social Security Income deducted—using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center. The researchers also assumed that people would draw down their savings by four percent every year to cover living expenses. Read on to find out how much money you need to retire in your state.
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1
Alabama
Savings you need to retire: $723,989
2
Alaska
Savings you need to retire: $1,238,947
3
Arizona
Savings you need to retire: $862,583
4
Arkansas
Savings you need to retire: $697,288
5
California
Savings you need to retire: $1,369,911
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6
Colorado
Savings you need to retire: $908,357
7
Connecticut
Savings you need to retire: $1,184,272
8
Delaware
Savings you need to retire: $960,488
9
Florida
Savings you need to retire: $843,510
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10
Georgia
Savings you need to retire: $737,976
11
Hawaii
Savings you need to retire: $2,151,884
12
Idaho
Savings you need to retire: $797,736
13
Illinois
Savings you need to retire: $804,094
14
Indiana
Savings you need to retire: $745,605
15
Iowa
Savings you need to retire: $767,220
16
Kansas
Savings you need to retire: $703,645
17
Kentucky
Savings you need to retire: $774,849
18
Louisiana
Savings you need to retire: $773,578
19
Maine
Savings you need to retire: $1,083,824
20
Maryland
Savings you need to retire: $1,238,947
21
Massachusetts
Savings you need to retire: $1,249,119
22
Michigan
Savings you need to retire: $732,890
23
Minnesota
Savings you need to retire: $871,483
24
Mississippi
Savings you need to retire: $666,772
25
Missouri
Savings you need to retire: $725,261
26
Montana
Savings you need to retire: $963,031
27
Nebraska
Savings you need to retire: $758,320
28
Nevada
Savings you need to retire: $899,456
29
New Hampshire
Savings you need to retire: $956,674
30
New Jersey
Savings you need to retire: $1,174,100
31
New Mexico
Savings you need to retire: $720,175
32
New York
Savings you need to retire: $1,308,879
33
North Carolina
Savings you need to retire: $797,736
34
North Dakota
Savings you need to retire: $820,623
35
Ohio
Savings you need to retire: $772,306
36
Oklahoma
Savings you need to retire: $687,116
37
Oregon
Savings you need to retire: $1,334,309
38
Pennsylvania
Savings you need to retire: $874,026
39
Rhode Island
Savings you need to retire: $1,099,082
40
South Carolina
Savings you need to retire: $801,551
41
South Dakota
Savings you need to retire: $819,352
42
Tennessee
Savings you need to retire: $707,460
43
Texas
Savings you need to retire: $762,134
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44
Utah
Savings you need to retire: $815,537
45
Vermont
Savings you need to retire: $1,060,937
46
Virginia
Savings you need to retire: $885,470
47
Washington
Savings you need to retire: $1,003,719
48
West Virginia
Savings you need to retire: $754,505
49
Wisconsin
Savings you need to retire: $811,723
50
Wyoming
Savings you need to retire: $889,284
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