Friday, June 14, 2024
Hawai'i Free Press

Current Articles | Archives

Thursday, January 11, 2024
Hawaii: $2.5M needed to retire
By Selected News Articles @ 1:56 PM :: 1457 Views :: Hawaii Statistics, Cost of Living

16 States Where You’ll Need at Least $1 Million To Retire

by Jordan Rosenfeld, Go Banking Rates, January 10, 2024

Retirement may be a time to take it easy, but only if you have enough money to do so comfortably. According to a recent Charles Schwab survey, Americans think they’ll need $1.8 million in retirement savings to be able to retire comfortably.

If that sounds like a jaw-dropping amount of money, depending on which state you live in and the age at which you retire, that figure may not be far off.

In order to find out which states you’ll need more than $1 million to retire comfortably, GOBankingRates found the annual cost of expenditures for a retired person in each state using data from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey, the Missouri Economic Research and Information Center and the Social Security Administration’s Monthly Statistical Snapshot. All data was collected and is up to date as of Jan. 8.

Key Findings

The three most expensive states to retire in are California ($78K/yr), Massachusetts ($85K/yr)  and Hawaii ($103K/yr).
The three most affordable states to retire in are West Virginia, Mississippi and Oklahoma.
Annual healthcare expenses, groceries and utilities are the most expensive in Alaska.

Hawaii #1

  • Annual expenditures: $103,610
  • Cost of living index: 179.2
  • Minimum needed for 25 years of retirement: $2,051,077
  • Minimum needed for 30 years of retirement: $2,463,757

read … 16 States Where You'll Need at Least $1 Million To Retire


TEXT "follow HawaiiFreePress" to 40404

Register to Vote


Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together


Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii