You just have to be a millionaire Covering basic retirement costs In 15 US states, according to A New analysis by GOBankingRates.
States with the highest retirement expenses tend to also have the highest housing costs, whether they're major city centers like New York and California, or Hawaii, where natural beauty and temperate climate attract many retirees.
In fact, Hawaii is the most expensive state to retire. The cost of the basics — housing, groceries, transportation, utilities, and health care — over a 25-year period is about $2.21 million. That's much more than Massachusetts and California, where retirees need about $1.6 million each.
These estimates come from the most recent average cost of living data from the US Bureau of Labor Statistics. After subtracting your average Social Security income from annual expenses, GOBankingRates split the remaining amount by 4%, after a General rule To safely withdraw retirement savings.
The totals represent the minimum required to retire without Taking into account other factors Such as high inflation, discretionary spending, or unexpected expenses.
Here's a look at the 15 most expensive states to retire, ranked by total savings required:
1. Hawaii
- Annual cost of living: $110,921
- The savings you need for retirement: $2,212,084
2. Massachusetts
- Annual cost of living: $88,268
- The savings you need for retirement: $1,645,764
3. California
- Annual cost of living: $86,946
- The savings you need for retirement: $1,612,716
4. Alaska
- Annual cost of living: $74,147
- The savings you need for retirement: $1,292,753
5. New York
- Annual cost of living: $74,147
- The savings you need for retirement: $1,292,753
6. New Jersey
- Annual cost of living: $68,980
- The savings you need for retirement: $1,163,566
7. Vermont
- Annual cost of living: $68,559
- The savings you need for retirement: $1,153,051
8. Washington
- Annual cost of living: $68,259
- The savings you need for retirement: $1,145,540
9. Who?
- Annual cost of living: $68,199
- The savings you need for retirement: $1,144,038
10. Arizona
- Annual cost of living: $67,778
- The savings you need for retirement: $1,133,522
11. Rhode Island
- Annual cost of living: $67,538
- The savings you need for retirement: $1,127,514
12. Connecticut
- Annual cost of living: $67,117
- The savings you need for retirement: $1,116,998
13. New Hampshire
- Annual cost of living: $66,997
- The savings you need for retirement: $1,113,994
14. Oregon
- Annual cost of living: $66,096
- The savings you need for retirement: $1,091,462
15. Utah
- Annual cost of living: $65,795
- The savings you need for retirement: $1,083,951
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