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

You need to be a millionaire for that covers basic pension costs according to 15 states of the United States New analysis by GOBankingRates.

The states with the highest retirement costs have the highest housing costs, whether they are big urban centers like New York and California or Hawaii, where its natural beauty and mild climate attract many retirees.

In fact, Hawaii is the most expensive state in which to retire. Over 25 years, the cost of basic items—housing, groceries, transportation, utilities, and health care—is about $2.21 million. That’s more than Massachusetts and California, where retirees need $1.6 million each.

Estimates are based on the most recent median cost of living data from the US Bureau of Labor Statistics. After subtracting the average social security income from the annual expenses, GOBankingRates divides the remaining amount by 4%. general rule to safely withdraw retirement savings.

The total represents the minimum required to retire accounting for other factors such as rising inflation, discretionary spending or unexpected expenses.

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

Want to improve your AI skills and be more productive? Take CNBC’s new online course How to use artificial intelligence to be more successful at work. Expert instructors will teach you how to get started, practical techniques, tips for effective speed writing, and mistakes to avoid. Sign up now and get 30% off $67 (+ taxes and fees) using coupon code EARLYBIRD. Until February 11, 2025.

Moreover, Sign up for the CNBC Make It newsletter get tips and tricks for success in business, money and life.