States in the U.S. where you can retire at 65 with under $1 million saved

For many people in the U.S., hitting the million-dollar mark in savings is often seen as the ideal for retirement. Yet, in 32 states across the country, the required savings to retire at 65 is actually below this threshold.

This information comes from a detailed analysis by GOBankingRates, a personal finance site that estimates the minimal savings necessary for households to retire at 65 and sustain 25 years of essential living expenses—including things like housing, groceries, utilities, and medical costs.

In determining the savings needed, GOBankingRates examined cost-of-living data specific to retirees aged 65 and older, factoring in average Social Security benefits from the U.S. Bureau of Labor Statistics. They employed a 4% annual withdrawal rate to estimate how much total savings would be required to meet the remaining costs.

It’s important to note that these figures pertain to the bare minimum needed for daily living expenses; they don’t cover a comfortable retirement lifestyle. Discretionary expenses were not included, and things like inherited wealth or fully paid-off homes weren’t considered either.

This analysis also reflects household expenses, meaning that the retirement costs can be supported by the combined income and savings of multiple individuals living in a single home.

That said, the cost of basic living during retirement can sometimes be higher than expected. Interestingly, a study revealed that roughly half of American workers believe they need at least $500,000 saved to enjoy a comfortable retirement, beyond just the essentials.

Here’s a rundown of states where the estimated minimum retirement savings required at age 65 falls below $1 million.

• Annual living expenses: $53,999
• Savings needed for retirement: $789,037

• Annual living expenses: $54,859
• Savings needed for retirement: $810,538

• Annual living expenses: $61,125
• Savings needed for retirement: $967,190

• Annual living expenses: $56,395
• Savings needed for retirement: $848,933

• Annual living expenses: $60,818
• Savings needed for retirement: $959,511

• Annual living expenses: $58,913
• Savings needed for retirement: $911,901

• Annual living expenses: $55,657
• Savings needed for retirement: $830,504

• Annual living expenses: $55,473
• Savings needed for retirement: $825,896

• Annual living expenses: $54,613
• Savings needed for retirement: $804,395

• Annual living expenses: $56,456
• Savings needed for retirement: $850,469

• Annual living expenses: $56,947
• Savings needed for retirement: $862,756

• Annual living expenses: $58,176
• Savings needed for retirement: $893,472

• Annual living expenses: $57,869
• Savings needed for retirement: $885,793

• Annual living expenses: $52,524
• Savings needed for retirement: $752,178

• Annual living expenses: $54,674
• Savings needed for retirement: $805,931

• Annual living expenses: $56,272
• Savings needed for retirement: $845,862

• Annual living expenses: $60,572
• Savings needed for retirement: $953,368

• Annual living expenses: $56,825
• Savings needed for retirement: $859,684

• Annual living expenses: $59,835
• Savings needed for retirement: $934,938

• Annual living expenses: $56,087
• Savings needed for retirement: $841,254

• Annual living expenses: $57,009
• Savings needed for retirement: $864,291

• Annual living expenses: $51,849
• Savings needed for retirement: $735,284

• Annual living expenses: $59,650
• Savings needed for retirement: $930,331

• Annual living expenses: $56,825
• Savings needed for retirement: $859,684

• Annual living expenses: $56,395
• Savings needed for retirement: $848,933

• Annual living expenses: $55,473
• Savings needed for retirement: $825,896

• Annual living expenses: $55,780
• Savings needed for retirement: $833,575

• Annual living expenses: $60,879
• Savings needed for retirement: $961,047

• Annual living expenses: $61,493
• Savings needed for retirement: $976,405

• Annual living expenses: $54,122
• Savings needed for retirement: $792,109

• Annual living expenses: $60,019
• Savings needed for retirement: $939,546

• Annual living expenses: $58,545
• Savings needed for retirement: $902,686