How much do you need to retire?
- In a recently released study, GOBankingRates reviewed data to determine how much you’d need to comfortably retire.
- Data revealed that in 16 states, you would need at least $1 million to fund 25 years of retirement.
- In Hawaii, the minimum retirement savings was even higher at more than $2 million.
- Massachusetts had the second-highest minimum requirement at $1.6 million.
- Other states requiring at least $1 million were California, New York, Alaska, Washington, New Hampshire, Vermont, Maryland, Oregon, Connecticut, Rhode Island, Maine, New Jersey, Arizona, and Colorado.
- On the other end of the scale was West Virginia, where you’d need just over $692,000 to support a 25-year retirement.
- It was the only state with an amount below $700,000.