A million-dollar retirement fund? You’ll require $1m in funds to retire in these 15 states.

retirement fund in America now costs $1 million or more in 15 states, according to a recent analysis. 

The cheapest retirement fund state in 2025 is West Virginia, where you’ll require an estimated $712,913 in funds, and an annual monetary schedule of $50,954, to retire in comfort, according to recent data released this week by GOBankingRates, the expense management site. 

The priciest state is Hawaii: You’ll require $2.2 million in funds, and you can expect annual outgoings of $110,921 for a comfortable retirement fund. 

Many Americans consider $1 million in funds the recent point of reference for a joyful retirement fund. A 2024 update from Schroders said the average saver believes they will require $1.2 million in funds to retire comfortably. Northwestern Mutual put the figure at $1.46 million. 

On the other hand, millions of Americans retire with little or no retirement fund funds, and many of them seem to be doing fine. 

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And recall: $1 million is just a number.

“I ponder it’s straightforward to explain concepts by using that number, and it’s more realistic than using $100,000 or $10 million,” said Colin Exelby, a certified monetary planner in Towson, Maryland, in an AARP update that sought to tranquil fears about a million-dollar retirement fund. “But other than that, I don’t ponder it’s really helpful and can probably factor anxiety and stress if you’re not hitting that number.”   

The GOBankingRates analysis calculates annual living outgoings for retirees using data from the federal Bureau of Labor Statistics and a local expense-of-living index for every state. 

To determine how much funds a retiree would require, the analysis considers annual living costs for states, minus Social safety profits, and divides the remainder by 4%. The 4% rule suggests retirees spend 4% of their funds per year. 

Local living costs seem to be swaying some retirees as they decide where to retire. According to a 2024 update by AARP, Florida and South Carolina are the most popular destinations for retirees who shift. Neither state requires a million dollars in retirement fund funds, according to the recent analysis.  

Here are the 15 states where you require $1m to retire

Here are the states where you’ll require $1 million to retire comfortably, according to GOBankingRates: 

• Alaska: $1.3 million to retire; $74,147 annual expense of living 
• Arizona: $1.1 million to retire; $67,778 annual expense of living 
• California: $1.6 million to retire; $86,946 annual expense of living 
• Connecticut: $1.1 million to retire; $67,117 annual expense of living 
• Hawaii: $2.2 million to retire; $110,921 annual expense of living 
• Maine: $1.1 million to retire; $68,199 annual expense of living 
• Massachusetts: $1.6 million to retire; $88,268 annual expense of living 

• recent Hampshire: $1.1 million to retire; $66,997 annual expense of living 
• recent Jersey: $1.2 million to retire; $68,980 annual expense of living 
• recent York: $1.3 million to retire; $74,147 annual expense of living 
• Oregon: $1.1 million to retire; $66,096 annual expense of living 
• Rhode Island: $1.1 million to retire; $67,538 annual expense of living 
• Utah: $1.1 million to retire; $65,795 annual expense of living 
• Vermont: $1.2 million to retire; $68,559 annual expense of living 
• Washington: $1.1 million to retire; $68,259 annual expense of living 

And what if I’m not a millionaire?

Don’t have a million dollars? Here are a few popular retirement fund states with lower costs. 

• Colorado: $981,803 to retire; $61,709 annual expense of living 
• Florida: $977,296 to retire; $61,529 annual expense of living 
• recent Mexico: $834,590 to retire; $55,821 annual expense of living 
• North Carolina: $905,192 to retire; $58,645 annual expense of living 
• Virginia: $948,755 to retire; $60,387 annual expense of living 
• West Virginia: $712,913 to retire; $50,954 annual expense of living