How much you need to retire in every state after Social Security

Key Points:

• A recent survey of 1,500 U.S. investors aged 30 to 79 found that 51% expect to have less than $500,000 saved for retirement, with only 30% anticipating reaching $1 million; BlackRock CEO Larry Fink suggests Americans need $2 million to retire comfortably.
• Vanguard data shows the average 401(k) balance for participants 65 and older is $330,186, with a median of $103,202, indicating many are far from the million-dollar retirement savings goal.
• Investopedia estimates a single retiree needs between $644,000 and $1.02 million depending on the state, based on an average annual spending of $59,600, Social Security benefits, and a 4% withdrawal rule.
• Geographic differences, especially housing costs, significantly impact retirement savings needs, with states like California and Hawaii requiring much larger nest eggs compared to lower-cost states like West Virginia and Oklahoma.
• Different models using the 4% rule yield varied estimates; for example, Retirement Living suggests retirees in Hawaii may need up to $2.17 million, highlighting how assumptions about spending and cost of living greatly influence retirement savings targets.