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
ShutterstockSavings you need to retire: $723,989
2 | Alaska
ShutterstockSavings you need to retire: $1,238,947
3 | Arizona
iStockSavings you need to retire: $862,583
4 | Arkansas
iStockSavings you need to retire: $697,288
5 | California
Juan2352 / ShutterstockSavings you need to retire: $1,369,911
6 | Colorado
iStockSavings you need to retire: $908,357
7 | Connecticut
Wendell Guy / ShutterstockSavings you need to retire: $1,184,272
8 | Delaware
ShutterstockSavings you need to retire: $960,488
9 | Florida
mginley / ShutterstockSavings you need to retire: $843,510
RELATED: This Is How Much Money Makes You Rich In Your State, According to Data.
10 | Georgia
f11photo / ShutterstockSavings you need to retire: $737,976
11 | Hawaii
iStockSavings you need to retire: $2,151,884
12 | Idaho
ShutterstockSavings you need to retire: $797,736
13 | Illinois
ShutterstockSavings you need to retire: $804,094
14 | Indiana
iStockSavings you need to retire: $745,605
15 | Iowa
Michael Rolands/ShutterstockSavings you need to retire: $767,220
16 | Kansas
iStockSavings you need to retire: $703,645
17 | Kentucky
iStockSavings you need to retire: $774,849
18 | Louisiana
Sean Pavone / ShutterstockSavings you need to retire: $773,578
19 | Maine
ShutterstockSavings you need to retire: $1,083,824
20 | Maryland
ShutterstockSavings you need to retire: $1,238,947
21 | Massachusetts
DenisTangneyJr / iStockSavings you need to retire: $1,249,119
22 | Michigan
iStockSavings you need to retire: $732,890
23 | Minnesota
ShutterstockSavings you need to retire: $871,483
24 | Mississippi
ShutterstockSavings you need to retire: $666,772
25 | Missouri
ShutterstockSavings you need to retire: $725,261
26 | Montana
ShutterstockSavings you need to retire: $963,031
27 | Nebraska
iStockSavings you need to retire: $758,320
28 | Nevada
Sean Pavone / ShutterstockSavings you need to retire: $899,456
29 | New Hampshire
ShutterstockSavings you need to retire: $956,674
30 | New Jersey
Thierry GRUN - Aero / AlamySavings you need to retire: $1,174,100
31 | New Mexico
iStockSavings you need to retire: $720,175
32 | New York
GagliardiPhotography / ShutterstockSavings you need to retire: $1,308,879
33 | North Carolina
ShutterstockSavings you need to retire: $797,736
34 | North Dakota
iStockSavings you need to retire: $820,623
35 | Ohio
ShutterstockSavings you need to retire: $772,306
36 | Oklahoma
YuniqueB / ShutterstockSavings you need to retire: $687,116
37 | Oregon
iStockSavings you need to retire: $1,334,309
38 | Pennsylvania
ShutterstockSavings you need to retire: $874,026
39 | Rhode Island
iStockSavings you need to retire: $1,099,082
40 | South Carolina
Rob Hainer/ShutterstockSavings you need to retire: $801,551
41 | South Dakota
ShutterstockSavings you need to retire: $819,352
42 | Tennessee
Von ESB Professional / ShutterstockSavings you need to retire: $707,460
43 | Texas
ShutterstockSavings 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
iStockSavings you need to retire: $815,537
45 | Vermont
ShutterstockSavings you need to retire: $1,060,937
46 | Virginia
iStockSavings you need to retire: $885,470
47 | Washington
iStockSavings you need to retire: $1,003,719
48 | West Virginia
ShutterstockSavings you need to retire: $754,505
49 | Wisconsin
iStockSavings you need to retire: $811,723
50 | Wyoming
Oomka / ShutterstockSavings you need to retire: $889,284
RELATED: This Is How Much Money People Your Age Have on Average, Data Shows.
