As concerns about the longevity and solvency of Social Security continue to mount, an important calculus for many Americans approaching their golden years is just how much money they’ll need to save in order to retire comfortably. Furthermore, many would likely prefer to know how much they need to retire not just comfortably, but rich.
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To that end, GOBankingRates collated the annual cost of expenditures for a retired person in each of the 50 states by utilizing the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey and the Missouri Economic Information and Research Center’s 2024 Cost of Living data series, all as a means to determine how much money a prospective retiree would need to save to retire rich for 20 years, 25 years and 30 years.
Curious how much you’ll need to retire in your dream state, or home state? Keep reading to find out.
1. Hawaii
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To retire rich for 20 years, you need: $3.6 million
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To retire rich for 25 years, you need: $4.5 million
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To retire rich for 30 years, you need: $5.4 million
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Annual cost of living after Social Security: $89,128
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2. Massachusetts
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To retire rich for 20 years, you need: $2.6 million
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To retire rich for 25 years, you need: $3.2 million
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To retire rich for 30 years, you need: $3.9 million
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Annual cost of living after Social Security: $64,493
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3. California
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To retire rich for 20 years, you need: $2.6 million
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To retire rich for 25 years, you need: $3.2 million
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To retire rich for 30 years, you need: $5.4 million
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Annual cost of living after Social Security: $63,832
4. Alaska
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To retire rich for 20 years, you need: $2.0 million
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To retire rich for 25 years, you need: $2.6 million
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To retire rich for 30 years, you need: $3.1 million
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Annual cost of living after Social Security: $51,213
5. New York
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To retire rich for 20 years, you need: $2.0 million
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To retire rich for 25 years, you need: $2.5 million
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To retire rich for 30 years, you need: $3.1 million
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Annual cost of living after Social Security: $50,913
6. Maryland
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.3 million
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To retire rich for 30 years, you need: $2.8 million
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Annual cost of living after Social Security: $46,106
7. New Jersey
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.3 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $45,685
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8. Vermont
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.3 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $45,565
9. Washington
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.3 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $45,445
10. New Hampshire
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.2 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $44,484
11. Connecticut
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.2 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $44,303
12. Rhode Island
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.2 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $44,243
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13. Maine
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.2 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $44,183
14. Oregon
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.2 million
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To retire rich for 30 years, you need: $2.7 million
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Annual cost of living after Social Security: $44,123
15. Arizona
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To retire rich for 20 years, you need: $1.8 million
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To retire rich for 25 years, you need: $2.2 million
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To retire rich for 30 years, you need: $2.6 million
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Annual cost of living after Social Security: $43,823
16. Utah
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To retire rich for 20 years, you need: $1.6 million
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To retire rich for 25 years, you need: $2.0 million
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To retire rich for 30 years, you need: $2.4 million
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Annual cost of living after Social Security: $39,857
17. Florida
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To retire rich for 20 years, you need: $1.5 million
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To retire rich for 25 years, you need: $1.9 million
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To retire rich for 30 years, you need: $2.3 million
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Annual cost of living after Social Security: $38,595
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18. Colorado
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To retire rich for 20 years, you need: $1.5 million
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To retire rich for 25 years, you need: $1.9 million
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To retire rich for 30 years, you need: $2.3 million
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Annual cost of living after Social Security: $38,144
19. Idaho
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To retire rich for 20 years, you need: $1.5 million
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To retire rich for 25 years, you need: $1.9 million
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To retire rich for 30 years, you need: $2.3 million
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Annual cost of living after Social Security: $38,144
20. Nevada
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To retire rich for 20 years, you need: $1.5 million
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To retire rich for 25 years, you need: $1.9 million
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To retire rich for 30 years, you need: $2.3 million
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Annual cost of living after Social Security: $37,694
21. Delaware
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To retire rich for 20 years, you need: $1.5 million
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To retire rich for 25 years, you need: $1.9 million
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To retire rich for 30 years, you need: $2.2 million
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Annual cost of living after Social Security: $37,393
22. Virginia
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To retire rich for 20 years, you need: $1.5 million
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To retire rich for 25 years, you need: $1.9 million
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To retire rich for 30 years, you need: $2.2 million
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Annual cost of living after Social Security: $37,333
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23. North Carolina
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.8 million
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To retire rich for 30 years, you need: $2.1 million
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Annual cost of living after Social Security: $35,591
24. Wisconsin
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.8 million
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To retire rich for 30 years, you need: $2.1 million
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Annual cost of living after Social Security: $35,110
25. South Carolina
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.1 million
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Annual cost of living after Social Security: $34,449
26. Wyoming
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.1 million
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Annual cost of living after Social Security: $34,209
27. Minnesota
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $33,968
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28. Pennsylvania
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $33,968
29. Montana
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To retire rich for 20 years, you need: $1.4 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $33,848
30. Illinois
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $33,548
31. Ohio
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.7 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $33,428
32. New Mexico
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $32,887
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33. Nebraska
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $32,767
34. Kentucky
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $32,707
35. Texas
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $2.0 million
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Annual cost of living after Social Security: $32,526
36. Louisiana
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $32,226
37. South Dakota
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $32,226
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38. North Dakota
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $32,046
39. Georgia
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To retire rich for 20 years, you need: $1.3 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $31,685
40. Indiana
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $31,204
41. Tennessee
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $31,204
42. Michigan
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.6 million
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To retire rich for 30 years, you need: $1.9 million
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Annual cost of living after Social Security: $31,144
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43. Iowa
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.5 million
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To retire rich for 30 years, you need: $1.8 million
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Annual cost of living after Social Security: $30,724
44. Arkansas
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.5 million
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To retire rich for 30 years, you need: $1.8 million
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Annual cost of living after Social Security: $30,123
45. Missouri
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.5 million
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To retire rich for 30 years, you need: $1.8 million
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Annual cost of living after Social Security: $30,123
46. Alabama
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.5 million
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To retire rich for 30 years, you need: $1.8 million
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Annual cost of living after Social Security: $29,702
47. Mississippi
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.5 million
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To retire rich for 30 years, you need: $1.8 million
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Annual cost of living after Social Security: $29,642
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48. Kansas
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To retire rich for 20 years, you need: $1.2 million
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To retire rich for 25 years, you need: $1.5 million
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To retire rich for 30 years, you need: $1.7 million
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Annual cost of living after Social Security: $29,101
49. Oklahoma
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To retire rich for 20 years, you need: $1.1 million
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To retire rich for 25 years, you need: $1.4 million
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To retire rich for 30 years, you need: $1.7 million
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Annual cost of living after Social Security: $28,320
50. West Virginia
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To retire rich for 20 years, you need: $1.1 million
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To retire rich for 25 years, you need: $1.4 million
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To retire rich for 30 years, you need: $1.6 million
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Annual cost of living after Social Security: $27,359
Methodology: In order to find out exactly how much you need to retire rich in every state, GOBankingRates found the annual cost of expenditures for a retired person in each state by multiplying expenditures for people 65 and up from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey by the cost-of-living index for each city from Missouri Economic Information and Research Center’s 2024 Cost of Living data series. To find how much money a retired person would need to save, we divided each state’s annual expenditures, minus the annual Social Security income as sourced from the Social Security Administration’s Monthly Statistical Snapshot in February 2025, by 0.0333%, 0.04% and 0.05% — assuming 20, 25 and 30 years of retirement respectively. To determine how much one would need to retire rich, GOBankingRates took the 20-, 25- and 30-year minimums and doubled those amounts. All data was collected on and is up to date as of April 15, 2025.
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This article originally appeared on GOBankingRates.com: Here’s How Much You Need Saved To Retire Rich in Every State
