If you’re like many Americans, you might be wondering, “How much do I need to retire?” Unfortunately, there’s not a one-size-fits-all answer. There are several rules of thumb to help you figure how much to save to retire. But the exact dollar amount you need will depend on a variety factors — especially where you plan to live in retirement.
That’s because — as you well know — the cost of living varies greatly from state to state. In some places, you can get by on even a small nest egg.
To pinpoint the average retirement income you would need to live comfortably throughout the U.S., GOBankingRates looked at five factors in all 50 states and the District of Columbia: Per capita spending on groceries, healthcare, gas and fuel, housing and utilities and personal consumption expenditures not included in the four other categories. We then calculated the annual retirement income needed to cover these living expenses, with an additional 20 percent to account for the “comfortable” aspect of retirement.
Click through to find out how much money you need to retire in each state and the nation’s capital.