The 15 Most Expensive US States to Retire – No. 1 is asking for more than $2 million

You need to be a millionaire just to cover basic retirement expenses in 15 states of the USA, according to a new GOBankingRates analysis.

States with the highest retirement costs also tend to have the highest housing costs, whether they’re big cities like New York and California or Hawaii, where natural beauty and a mild climate attract many retirees.

In fact, Hawaii is the most expensive state to retire. The cost of basic necessities – housing, groceries, transportation, utilities and health care – over 25 years is about $2.21 million. That’s far more than Massachusetts and California, where retirees need about $1.6 million each to get by.

Estimates are based on the latest data from the US Bureau of Labor Statistics on the average cost of living. After subtracting the average Social Security income from the annual expenses, GOBankingRates divided the remaining amount by 4%, resulting in a general rule of thumb for safe use of retirement savings.

The total amounts represent the minimum required for retirement consideration of other factors for example, rising inflation, discretionary spending or unforeseen expenses.

Here’s a look at the 15 most expensive states to retire in, ranked by total savings needed:

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