The 15 most expensive U.S. states to retire—No. 1 requires over $2 million in savings

The 15 most expensive U.S. states to retire—No. 1 requires over  million in savings


You need to be a millionaire just to cover basic retirement costs in 15 U.S. states, according to a new analysis by GOBankingRates.

The states with the highest retirement expenses tend to also have the highest housing costs, whether it’s big-city hubs like New York and California, or Hawaii, where the natural beauty and mild climate attracts numerous retirees.

In fact, Hawaii is the most expensive state to retire in. The cost of essentials — housing, groceries, transportation, utilities and health care — for 25 years adds up to about $2.21 million. That’s significantly more than Massachusetts and California, where retirees need around $1.6 million each to get by.

The estimates come from the latest average cost of living data from the U.S. Bureau of Labor Statistics. After subtracting average Social Security income from the annual expenditures, GOBankingRates divided the remaining amount by 4%, following a common rule of thumb for safely drawing down retirement savings.

The totals represent the bare minimum needed to retire without accounting for other factors like rising inflation, discretionary spending or unexpected expenses.

Here’s a look the 15 most expensive states to retire in, ranked by total savings needed:

1. Hawaii

  • Annual cost of living: $110,921
  • Savings you need to retire: $2,212,084

2. Massachusetts

  • Annual cost of living: $88,268
  • Savings you need to retire: $1,645,764

3. California

  • Annual cost of living: $86,946
  • Savings you need to retire: $1,612,716

4. Alaska

  • Annual cost of living: $74,147
  • Savings you need to retire: $1,292,753

5. New York

  • Annual cost of living: $74,147
  • Savings you need to retire: $1,292,753

6. New Jersey

  • Annual cost of living: $68,980
  • Savings you need to retire: $1,163,566

7. Vermont

  • Annual cost of living: $68,559
  • Savings you need to retire: $1,153,051

8. Washington

  • Annual cost of living: $68,259
  • Savings you need to retire: $1,145,540

9. Maine

  • Annual cost of living: $68,199
  • Savings you need to retire: $1,144,038

10. Arizona

  • Annual cost of living: $67,778
  • Savings you need to retire: $1,133,522

11. Rhode Island

  • Annual cost of living: $67,538
  • Savings you need to retire: $1,127,514

12. Connecticut

  • Annual cost of living: $67,117
  • Savings you need to retire: $1,116,998

13. New Hampshire

  • Annual cost of living: $66,997
  • Savings you need to retire: $1,113,994

14. Oregon

  • Annual cost of living: $66,096
  • Savings you need to retire: $1,091,462

15. Utah

  • Annual cost of living: $65,795
  • Savings you need to retire: $1,083,951

Want to up your AI skills and be more productive? Take CNBC’s new online course How to Use AI to Be More Successful at Work. Expert instructors will teach you how to get started, practical uses, tips for effective prompt-writing, and mistakes to avoid. Sign up now and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+ taxes and fees) through February 11, 2025.

Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.

How I built a $100,000 a year business without a college degree



Source

Musk’s X refuses to hand over data in ‘politically-motivated’ French investigation
World

Musk’s X refuses to hand over data in ‘politically-motivated’ French investigation

Elon Musk’s X on Monday denied allegations made by French authorities as part of a criminal investigation into alleged data tampering, adding that it would not submit to the prosecutor’s demand to hand over data. X’s global government affairs account said the French investigation, which ramped up this month, is “politically-motivated” and designed to “restrict […]

Read More
U.S. doubles down on Aug. 1 tariffs deadline as EU battles for a deal
World

U.S. doubles down on Aug. 1 tariffs deadline as EU battles for a deal

President Donald Trump speaks at a dinner for Republican Senators at the White House in Washington, DC, on July 18, 2025. Photo by Allison Robbert/For The Washington Post via Getty Images The U.S. has signaled it will not let up on its Aug. 1 deadline for higher tariffs on the European Union as the bloc […]

Read More
Europe stocks nudge higher despite tariff uncertainty; Ryanair profits soar 128%
World

Europe stocks nudge higher despite tariff uncertainty; Ryanair profits soar 128%

European markets open mixed European stock markets moved cautiously higher in early deals, with France’s CAC 40 and Germany’s DAX both up around 0.1%. The regional Stoxx 600 index had nevertheless already pared gains to trade at the flatline by 8:10 a.m. in London. Autos stocks are down 0.6%, with Stellantis down 2.7% after announcing […]

Read More