How Much You Need to Retire in Every U.S. State

Planning for retirement is a critical financial decision, and where you decide to retire can greatly influence your savings needs. According to a recent analysis by GoBankingRates, the savings required to retire at 65 vary drastically depending on the state, ranging from $712,913 in West Virginia to $2.21 million in Hawaii.

Read the full article by Mike Winters on CNBC: How much money you need to retire in every U.S. state.

Estimated Savings Required for Retirement at 65 (Ordered From Least to Greatest)

1. West Virginia: $712,913
2. Kansas: $741,455
3. Mississippi: $753,472
4. Oklahoma: $759,481
5. Alabama: $773,000
6. Arkansas: $776,005
7. Missouri: $776,005
8. Tennessee: $791,027
9. Iowa: $797,035
10. Indiana: $810,555
11. Georgia: $813,559
12. North Dakota: $822,572
13. South Dakota: $825,577
14. Michigan: $825,577
15. Texas: $830,083
16. Nebraska: $833,087
17. New Mexico: $834,590
18. Kentucky: $834,590
19. Montana: $851,114
20. Louisiana: $843,603
21. Ohio: $864,633
22. Pennsylvania: $864,633
23. Minnesota: $870,642
24. South Carolina: $869,140
25. Wyoming: $872,144
26. Illinois: $873,646
27. Wisconsin: $930,729
28. Maryland: $924,720
29. Virginia: $948,755
30. Nevada: $942,746
31. Delaware: $944,248
32. North Carolina: $905,192
33. Colorado: $981,803
34. Florida: $977,296
35. Idaho: $971,288
36. Utah: $1,083,951
37. Oregon: $1,091,462
38. New Hampshire: $1,113,994
39. Connecticut: $1,116,998
40. Rhode Island: $1,127,514
41. Arizona: $1,133,522
42. Maine: $1,144,038
43. Washington: $1,145,540
44. Vermont: $1,153,051
45. New Jersey: $1,163,566
46. Alaska: $1,292,753
47. New York: $1,292,753
48. Massachusetts: $1,645,764
49. California: $1,612,716
50. Hawaii: $2,212,084

What Impacts Retirement Costs?

While housing is the largest factor driving these differences, variations in health care, transportation, and utilities also contribute significantly. States with lower costs of living, like West Virginia and Kansas, offer a more affordable retirement, while high-cost states like California and Hawaii require significantly more savings.

Colorado Springs as a Retirement Destination

For those considering retirement in Colorado Springs, the estimated savings of $981,803 reflect the region's affordability combined with its exceptional quality of life. Colorado Springs offers stunning views, vibrant communities, and countless outdoor activities to make retirement truly enjoyable.

Planning Your Retirement Move?

Whether you're retiring locally or considering a move to another state, I’m here to help you find the perfect home to suit your lifestyle and financial goals. Let’s create a retirement plan tailored just for you.

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