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.

RELATED: This Is the Average Retirement Age in Your State, According to Data.

1
Alabama

Montgomery, Alabama
Shutterstock

Savings you need to retire: $723,989

2
Alaska

photo taken by a drone of the downtown area of Sitka, Alaska
Shutterstock

Savings you need to retire: $1,238,947

3
Arizona

An aerial shot of skyscrapers that make up the skyline of Phoenix, Arizona
iStock

Savings you need to retire: $862,583

4
Arkansas

Hot Springs, Arkansas, USA town skyline from above at dawn.
iStock

Savings you need to retire: $697,288

5
California

mountain view, moreno valley mountain, california
Juan2352 / Shutterstock

Savings you need to retire: $1,369,911

RELATED: This Is the Best State to Retire to in America.

6
Colorado

Denver Colorado skyscrapers snowy Longs Peak Rocky Mountains summer
iStock

Savings you need to retire: $908,357

7
Connecticut

fairfield ave, a street in downtown bridgeport, connecticut
Wendell Guy / Shutterstock

Savings you need to retire: $1,184,272

8
Delaware

The aerial view of the beach town, fishing port and waterfront residential homes along the canal Lewes Delaware
Shutterstock

Savings you need to retire: $960,488

9
Florida

boat in water, cape coral, florida, canal, palm trees
mginley / Shutterstock

Savings you need to retire: $843,510

RELATED: This Is How Much Money Makes You Rich In Your State, According to Data.

10
Georgia

historic district, savannah, Georgia, skyline
f11photo / Shutterstock

Savings you need to retire: $737,976

11
Hawaii

Skyline of Honolulu, Hawaii, looking inland
iStock

Savings you need to retire: $2,151,884

12
Idaho

beautiful overview of the lake and city of coeur d' alene
Shutterstock

Savings you need to retire: $797,736

13
Illinois

the naperville illinois riverwalk
Shutterstock

Savings you need to retire: $804,094

14
Indiana

Indianapolis, Indiana, USA downtown cityscape on the White River at dusk.
iStock

Savings you need to retire: $745,605

15
Iowa

rural iowa, hot air balloon
Michael Rolands/Shutterstock

Savings you need to retire: $767,220

16
Kansas

springtime view in downtown Topeka, Kansas, USA
iStock

Savings you need to retire: $703,645

17
Kentucky

An aerial view of downtown Lexington, Kentucky on a clear day
iStock

Savings you need to retire: $774,849

18
Louisiana

cityscape photos of bars and restaurants on Bourbon Street in New Orleans, Louisiana at twilight
Sean Pavone / Shutterstock

Savings you need to retire: $773,578

19
Maine

tall buildings and houses in downtown Portland, Maine at dusk
Shutterstock

Savings you need to retire: $1,083,824

20
Maryland

Maryland
Shutterstock

Savings you need to retire: $1,238,947

21
Massachusetts

Autumn fog in the village of Tyringham in the Berkshires region of Massachusetts
DenisTangneyJr / iStock

Savings you need to retire: $1,249,119

22
Michigan

detroit skyline
iStock

Savings you need to retire: $732,890

23
Minnesota

aerial view of the town of winona minnesota
Shutterstock

Savings you need to retire: $871,483

24
Mississippi

cityscape photos of a traffic on a street next to the Biloxi Lighthouse in Biloxi, Mississippi at night
Shutterstock

Savings you need to retire: $666,772

25
Missouri

Shutterstock

Savings you need to retire: $725,261

26
Montana

Montana
Shutterstock

Savings you need to retire: $963,031

27
Nebraska

Downtown Omaha Nebraska Drone Photo
iStock

Savings you need to retire: $758,320

28
Nevada

hotels and casinos in las vegas, nevada
Sean Pavone / Shutterstock

Savings you need to retire: $899,456

29
New Hampshire

a townhouse next to trees, a lake, and canoes in Grafton County, New Hampshire
Shutterstock

Savings you need to retire: $956,674

30
New Jersey

Aerial view of Edgewater and Fairview, New Jersey
Thierry GRUN – Aero / Alamy

Savings you need to retire: $1,174,100

31
New Mexico

Santa Fe, New Mexico, USA streets at dusk.
iStock

Savings you need to retire: $720,175

32
New York

new york city, central park, lake, bridge
GagliardiPhotography / Shutterstock

Savings you need to retire: $1,308,879

33
North Carolina

North Carolina
Shutterstock

Savings you need to retire: $797,736

34
North Dakota

cityscape photo of downtown Grand Forks, North Dakota
iStock

Savings you need to retire: $820,623

35
Ohio

Ohio
Shutterstock

Savings you need to retire: $772,306

36
Oklahoma

quanah parker dam, wichita refuge, oklahoma
YuniqueB / Shutterstock

Savings you need to retire: $687,116

37
Oregon

Eugene, Oregon, USA downtown cityscape at dusk.
iStock

Savings you need to retire: $1,334,309

38
Pennsylvania

Cityscape photo of street cars and building in downtown Philadelphia, Pennsylvania
Shutterstock

Savings you need to retire: $874,026

39
Rhode Island

A view of downtown Providence, Rhode Island on a sunny day.
iStock

Savings you need to retire: $1,099,082

40
South Carolina

cityscape photo of Myrtle Beach, South Carolina
Rob Hainer/Shutterstock

Savings you need to retire: $801,551

41
South Dakota

cityscape photo of shops, trees along mountains, and a road in Deadwood City, South Dakota
Shutterstock

Savings you need to retire: $819,352

42
Tennessee

skyline in downtown tennessee, nashville, river, boat
Von ESB Professional / Shutterstock

Savings you need to retire: $707,460

43
Texas

cityscape photo of San Antonio, Texas at dusk
Shutterstock

Savings you need to retire: $762,134

And for more interesting facts about your state sent straight to your inbox, sign up for our daily newsletter.

44
Utah

cityscape photo of Center Street and downtown Provo, Utah at dusk
iStock

Savings you need to retire: $815,537

45
Vermont

Church Street in Burlington, Vermont in the afternoon
Shutterstock

Savings you need to retire: $1,060,937

46
Virginia

ocean front and buildings in downtown Virginia Beach, Virginia at dusk
iStock

Savings you need to retire: $885,470

47
Washington

The skyline of Seattle, Washington
iStock

Savings you need to retire: $1,003,719

48
West Virginia

buildings and church in the town of Harper's Ferry, West Virginia
Shutterstock

Savings you need to retire: $754,505

49
Wisconsin

cityscape photo of downtown Madison, Wisconsin
iStock

Savings you need to retire: $811,723

50
Wyoming

Grand Teton National Park wyoming
Oomka / Shutterstock

Savings you need to retire: $889,284

RELATED: This Is How Much Money People Your Age Have on Average, Data Shows.

Filed Under