This Is How Much Money You Need to Retire in Your State, According to Data

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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Savings you need to retire: $723,989

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

Savings you need to retire: $862,583

Savings you need to retire: $697,288

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

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Savings you need to retire: $908,357

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

Savings you need to retire: $960,488

Savings you need to retire: $843,510

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Savings you need to retire: $737,976

Savings you need to retire: $2,151,884ae0fcc31ae342fd3a1346ebb1f342fcb

Savings you need to retire: $797,736

Savings you need to retire: $804,094

Savings you need to retire: $745,605

Savings you need to retire: $767,220

Savings you need to retire: $703,645

Savings you need to retire: $774,849

Savings you need to retire: $773,578

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

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

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

Savings you need to retire: $732,890

Savings you need to retire: $871,483

Savings you need to retire: $666,772

Savings you need to retire: $725,261

Savings you need to retire: $963,031

Savings you need to retire: $758,320

Savings you need to retire: $899,456

Savings you need to retire: $956,674

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

Savings you need to retire: $720,175

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

Savings you need to retire: $797,736

Savings you need to retire: $820,623

Savings you need to retire: $772,306

Savings you need to retire: $687,116

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

Savings you need to retire: $874,026

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

Savings you need to retire: $801,551

Savings you need to retire: $819,352

Savings you need to retire: $707,460

Savings you need to retire: $762,134

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Savings you need to retire: $815,537

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

Savings you need to retire: $885,470

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

Savings you need to retire: $754,505

Savings you need to retire: $811,723

Savings you need to retire: $889,284

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