On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual’s 2024 Planning and Progress study.
But in certain states, like Hawaii, you’d actually need more than that. The minimum amount of savings you’d need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study.
To determine the minimum retirement savings requirements in each state, GOBankingRates examined how much Americans 65 and older spend each year on groceries, transportation, housing, utilities and health care using data from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey.
It also looked at each state’s cost of living through the Missouri Economic Research and Information Center state-by-state cost of living index, based on the Council for Community and Economic Research survey data.
Here are the 5 states where you’d need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It
1. Hawaii
Minimum retirement savings needed: $2,051,077
2. Massachusetts
Minimum retirement savings needed: $1,600,097
3. California
Minimum retirement savings needed: $1,432,425
4. New York
Minimum retirement savings needed: $1,289,325
5. Alaska
Minimum retirement savings needed: $1,287,880
Source: cnbc
