Planning to retire in the Midwest? The amount of money middle-class retirees need in savings varies greatly depending on whether you’re retiring with or without Social Security benefits. An original GOBankingRates study from January 2025 revealed that a 20-year retirement without Social Security requires more than $1 million in four Midwestern states.
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However, you won’t need to save nearly as much if you’re planning to draw these benefits. On the high end, a retiree in Minnesota would need $705,255 in savings while retirees in Missouri would need $456,775 saved up to fund a 20-year retirement with Social Security.
Ranked in alphabetical order, here’s how much you need to save for a 20-year middle-class retirement in the Midwest.
Illinois
Middle-class income range: $54,468 to $163,404
Amount needed for 20-year retirement with Social Security: $627,202
Amount needed for 20-year retirement without Social Security: $1,089,360
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Indiana
Middle-class income range: $46,701 to $140,102
Amount needed for 20-year retirement with Social Security: $471,855
Amount needed for 20-year retirement without Social Security: $934,013
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Iowa
Middle-class income range: $48,765 to $146,294
Amount needed for 20-year retirement with Social Security: $513,135
Amount needed for 20-year retirement without Social Security: $975,293
Kansas
Middle-class income range: $48,426 to $145,278
Amount needed for 20-year retirement with Social Security: $506,362
Amount needed for 20-year retirement without Social Security: $968,520
Michigan
Middle-class income range: $47,433 to $142,298
Amount needed for 20-year retirement with Social Security: $486,495
Amount needed for 20-year retirement without Social Security: $948,653
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Minnesota
Middle-class income range: $58,371 to $175,112
Amount needed for 20-year retirement with Social Security: $705,255
Amount needed for 20-year retirement without Social Security: $1,167,413
Missouri
Middle-class income range: $45,947 to $137,840
Amount needed for 20-year retirement with Social Security: $456,775
Amount needed for 20-year retirement without Social Security: $918,933
Nebraska
Middle-class income range: $49,990 to $149,970
Amount needed for 20-year retirement with Social Security: $537,642
Amount needed for 20-year retirement without Social Security: $999,800
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North Dakota
Middle-class income range: $50,633 to $151,898
Amount needed for 20-year retirement with Social Security: $550,495
Amount needed for 20-year retirement without Social Security: $1,012,653
Ohio
Middle-class income range: $46,453 to $139,360
Amount needed for 20-year retirement with Social Security: $466,908
Amount needed for 20-year retirement without Social Security: $929,067
South Dakota
Middle-class income range: $48,281 to $144,842
Amount needed for 20-year retirement with Social Security: $503,455
Amount needed for 20-year retirement without Social Security: $965,613
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Wisconsin
Middle-class income range: $50,447 to $151,340
Amount needed for 20-year retirement with Social Security: $546,775
Amount needed for 20-year retirement without Social Security: $1,008,933
Dive into more original studies and surveys available at the GOBankingRates original research center.
Methodology: Using the cost of living for each state, as sourced from the Missouri Economic Research and Information Center, and the average cost of living for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated for each state. The average single-family home value from December 2024 was sourced from Zillow Home Value Index and the average mortgage cost was calculated (assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Research). Using the average mortgage and average expenditure costs, the average cost of living was calculated. Middle-class income is defined by Pew Research Center as two-thirds to double the national median income. The minimum income needed to be middle class was calculated and the savings needed to retire was calculated. The average income for one person was sourced from the Social Security Administration for December 2024, and the retirement savings needed after Social Security benefits was calculated. All data was collected on and is up to date as of Jan. 24, 2025.
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This article originally appeared on GOBankingRates.com: Dreaming of a Middle-Class Retirement in the Midwest? Here’s What You Need To Save
