Given Florida’s penchant for attracting retirees, many might be wondering what it takes to actually settle down in the Sunshine State for your golden years.
Luckily, GOBankingRates released a study this month looking into exactly that.
To be specific, the study examines the minimum amount of savings that retirees will likely need to live in each state comfortably.
“How much you should have saved for retirement depends on a few key factors, including your location,” the study reads. “Where you choose to spend your golden years is critical. Living in California will look drastically different to your wallet than, say, living in Kansas will.”
Aside from location, researchers took a look at the cost of living to determine the easiest places to retire.
[BELOW: A financial expert provides some tips to save up for retirement]
And when taking that into account, it turned out that West Virginia was the cheapest place to do so, needing only around $712,000.
On the flip side, Hawaii was ranked the most expensive state, with a cost-of-living index that’s 80% over the national median. That translates out to minimum savings of over $2.2 million.
But what about Florida?
Well, the state wasn’t the most expensive on the list, as its cost of living ($61,529) fell pretty close to the national median.
However, that still puts the minimum savings to comfortably retire in Florida at just below six figures — $977,296.
If you’re still building up your savings to prepare for future retirement, GoBankingRates has a handy guide to ensure you’re on the right track.
- By Age 30: You should have savings roughly equal to your annual salary.
- By Age 35: You should have savings equal to at least twice your annual salary.
- By Age 45: You should have savings equal to at least four times your annual salary.
- By Age 55: You should have savings equal to at least six times your annual salary.
- By Age 60: You should have savings equal to at least eight times your annual salary.
Meanwhile, the full state-by-state breakdown is as follows:
| Rank | State | Cost-of-Living Index* | Annual Cost of Living | Minimum Savings to Retire |
|---|---|---|---|---|
| 1 | Hawaii | 184.6 | $110,921 | $2,212,084 |
| 2 | Massachusetts | 146.9 | $88,627 | $1,645,764 |
| 3 | California | 144.7 | $86,945 | $1,612,716 |
| 4 | Alaska | 123.4 | $74,147 | $1,292,753 |
| 4 | New York | 123.4 | $74,147 | $1,292,753 |
| 6 | New Jersey | 114.8 | $68,980 | $1,163,566 |
| 7 | Vermont | 114.1 | $68,559 | $1,153,051 |
| 8 | Washington | 113.6 | $68,259 | $1,145,540 |
| 9 | Maine | 113.5 | $68,199 | $1,144,038 |
| 10 | Arizona | 112.8 | $67,778 | $1,133,522 |
| 11 | Rhode Island | 112.4 | $67,538 | $1,127,514 |
| 12 | Connecticut | 111.7 | $67,117 | $1,116,998 |
| 13 | New Hampshire | 111.5 | $66,997 | $1,113,994 |
| 14 | Oregon | 110.0 | $66,096 | $1,091,462 |
| 15 | Utah | 109.5 | $65,795 | $1,083,951 |
| 16 | Colorado | 102.7 | $61,709 | $981,803 |
| 17 | Florida | 102.4 | $61,529 | $977,296 |
| 18 | Idaho | 102.0 | $61,289 | $971,288 |
| 19 | Virginia | 100.5 | $60,387 | $948,755 |
| 20 | Delaware | 100.2 | $60,207 | $944,248 |
| 21 | Nevada | 100.1 | $60,147 | $942,746 |
| 22 | Wisconsin | 99.3 | $59,666 | $930,729 |
| 23 | Maryland | 98.9 | $59,426 | $924,720 |
| 24 | North Carolina | 97.6 | $58,645 | $905,192 |
| 25 | Illinois | 95.5 | $57,383 | $873,646 |
| 26 | Wyoming | 95.4 | $57,323 | $872,144 |
| 27 | Minnesota | 95.3 | $57,263 | $870,642 |
| 28 | South Carolina | 95.2 | $57,203 | $869,140 |
| 29 | Pennsylvania | 94.9 | $57,023 | $864,633 |
| 29 | Ohio | 94.9 | $57,023 | $864,633 |
| 31 | Montana | 94.0 | $56,482 | $851,114 |
| 32 | Louisiana | 93.5 | $56,181 | $843,603 |
| 33 | New Mexico | 92.9 | $55,821 | $834,590 |
| 33 | Kentucky | 92.9 | $55,821 | $834,590 |
| 35 | Nebraska | 92.8 | $55,761 | $833,087 |
| 36 | Texas | 92.6 | $55,640 | $830,083 |
| 37 | South Dakota | 92.3 | $55,460 | $825,577 |
| 37 | Michigan | 92.3 | $55,460 | $825,577 |
| 39 | North Dakota | 92.1 | $55,340 | $822,572 |
| 40 | Georgia | 91.5 | $54,980 | $813,559 |
| 41 | Indiana | 91.3 | $54,859 | $810,555 |
| 42 | Iowa | 90.4 | $54,319 | $797,035 |
| 43 | Tennessee | 90.0 | $54,078 | $791,027 |
| 44 | Arkansas | 89.0 | $53,477 | $776,005 |
| 44 | Missouri | 89.0 | $53,477 | $776,005 |
| 46 | Alabama | 88.8 | $53,357 | $773,000 |
| 47 | Oklahoma | 87.9 | $52,816 | $759,481 |
| 48 | Mississippi | 87.5 | $52,576 | $753,472 |
| 49 | Kansas | 86.7 | $52,095 | $741,455 |
| 50 | West Virginia | 84.8 | $50.954 | $712,913 |
*The Cost-of-Living Index measures a state’s cost of living as a proportion of the national median, which is 100.