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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.

Woman putting money in piggy bank for retirement
Shutterstock
Paul Thompson
By Paul ThompsonJun 03, 2021
Paul Thompson
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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, AlabamaShutterstock

Savings you need to retire: $723,989

2 | Alaska

photo taken by a drone of the downtown area of Sitka, AlaskaShutterstock

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

3 | Arizona

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

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, californiaJuan2352 / 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 summeriStock

Savings you need to retire: $908,357

7 | Connecticut

fairfield ave, a street in downtown bridgeport, connecticutWendell 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 DelawareShutterstock

Savings you need to retire: $960,488

9 | Florida

boat in water, cape coral, florida, canal, palm treesmginley / 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, skylinef11photo / Shutterstock

Savings you need to retire: $737,976

11 | Hawaii

Skyline of Honolulu, Hawaii, looking inlandiStock

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

12 | Idaho

beautiful overview of the lake and city of coeur d' aleneShutterstock

Savings you need to retire: $797,736

13 | Illinois

the naperville illinois riverwalkShutterstockShutterstock

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 balloonMichael Rolands/Shutterstock

Savings you need to retire: $767,220

16 | Kansas

springtime view in downtown Topeka, Kansas, USAiStock

Savings you need to retire: $703,645

17 | Kentucky

An aerial view of downtown Lexington, Kentucky on a clear dayiStock

Savings you need to retire: $774,849

18 | Louisiana

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

Savings you need to retire: $773,578

19 | Maine

tall buildings and houses in downtown Portland, Maine at duskShutterstock

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

20 | Maryland

MarylandShutterstock

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

21 | Massachusetts

Autumn fog in the village of Tyringham in the Berkshires region of MassachusettsDenisTangneyJr / iStock

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

22 | Michigan

detroit skylineiStock

Savings you need to retire: $732,890

23 | Minnesota

aerial view of the town of Winona, MinnesotaShutterstock

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 nightShutterstock

Savings you need to retire: $666,772

25 | Missouri

Shutterstock

Savings you need to retire: $725,261

26 | Montana

MontanaShutterstock

Savings you need to retire: $963,031

27 | Nebraska

Downtown Omaha Nebraska Drone PhotoiStock

Savings you need to retire: $758,320

28 | Nevada

hotels and casinos in las vegas, nevadaSean 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 HampshireShutterstock

Savings you need to retire: $956,674

30 | New Jersey

Aerial view of Edgewater and Fairview, New JerseyThierry 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, bridgeGagliardiPhotography / Shutterstock

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

33 | North Carolina

North CarolinaShutterstock

Savings you need to retire: $797,736

34 | North Dakota

cityscape photo of downtown Grand Forks, North DakotaiStock

Savings you need to retire: $820,623

35 | Ohio

OhioShutterstock

Savings you need to retire: $772,306

36 | Oklahoma

quanah parker dam, wichita refuge, oklahomaYuniqueB / 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, PennsylvaniaShutterstock

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 CarolinaRob 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 DakotaShutterstock

Savings you need to retire: $819,352

42 | Tennessee

skyline in downtown tennessee, nashville, river, boatVon ESB Professional / Shutterstock

Savings you need to retire: $707,460

43 | Texas

cityscape photo of San Antonio, Texas at duskShutterstock

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 duskiStock

Savings you need to retire: $815,537

45 | Vermont

Church Street in Burlington, Vermont in the afternoonShutterstock

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

46 | Virginia

ocean front and buildings in downtown Virginia Beach, Virginia at duskiStock

Savings you need to retire: $885,470

47 | Washington

The skyline of Seattle, WashingtoniStock

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

48 | West Virginia

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

Savings you need to retire: $754,505

49 | Wisconsin

cityscape photo of downtown Madison, WisconsiniStock

Savings you need to retire: $811,723

50 | Wyoming

Grand Teton National Park wyomingOomka / Shutterstock

Savings you need to retire: $889,284

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

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