15 Most Expensive US States to Retire – No. 1 wants more than 2 million dollars

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In 15 US states, you have to be a millionaire to cover basic retirement expenses New analysis by GObankingRates.

States with high retirement costs, whether large urban centers such as New York and California or Hawaii, have high housing costs that attract many retirees because of their natural beauty and mild climate.

Of course, Hawaii is the most expensive state to retire in. Over 25 years, essentials — housing, groceries, transportation, utilities and health care costs — add up to $2.21 million. That’s significantly more than Massachusetts and California, where retirees each need about $1.6 million to get by.

The estimates come from the latest average cost of living data from the US Bureau of Labor Statistics. After the average Social Security income is subtracted from annual expenses, GOBankingRates follows a common rule of thumb for safely withdrawing retirement savings, paying the remaining amount at 4%.

The totals represent the bare minimum required for retirement without factoring in other factors such as inflation, inflation or unexpected expenses.

Check out the 15 most expensive states to retire in, ranked by total savings needed.

1. Hawaii

  • Annual cost of living: 110,921 dollars
  • Savings you need for retirement: 2,212,084 dollars

2. Massachusetts

  • Annual cost of living: 88,268 dollars
  • Savings you need for retirement: 1,645,764 dollars

3. California

  • Annual cost of living: 86,946 dollars
  • Savings you need for retirement: 1,612,716 dollars

4. Alaska

  • Annual cost of living: 74,147 dollars
  • Savings you need for retirement: 1,292,753 dollars

5. New York

  • Annual cost of living: 74,147 dollars
  • Savings you need for retirement: 1,292,753 dollars

6. New Jersey

  • Annual cost of living: 68,980 dollars
  • Savings you need for retirement: 1,163,566 dollars

7. Vermont

  • Annual cost of living: 68,559 dollars
  • Savings you need for retirement: 1,153,051 dollars

8. Washington

  • Annual cost of living: 68,259 dollars
  • Savings you need for retirement: 1,145,540 dollars

9. Maine

  • Annual cost of living: 68,199 dollars
  • Savings you need for retirement: 1,144,038 dollars

10. Arizona

  • Annual cost of living: 67,778 dollars
  • Savings you need for retirement: 1,133,522 dollars

11. Rhode Island

  • Annual cost of living: 67,538 dollars
  • Savings you need for retirement: 1,127,514 dollars

12. Connecticut

  • Annual cost of living: 67,117 dollars
  • Savings you need for retirement: 1,116,998 dollars

13. New Hampshire

  • Annual cost of living: 66,997 dollars
  • Savings you need for retirement: 1,113,994 dollars

14. Oregon

  • Annual cost of living: 66,096 dollars
  • Savings you need for retirement: 1,091,462 dollars

15. Utah

  • Annual cost of living: 65,795 dollars
  • Savings you need for retirement: 1,083,951 dollars

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