Those totals were then multiplied by 25 or 30 years, excluding Social Security payments, since those benefits would supplement retirees' personal savings.
The study assumes that retirees will receive annual Social Security payments of $21,566.76, the U.S. average based on the most recent information provided by the Social Security Administration.
For a 25-year retirement, you'd need just over $2 million in Hawaii — the most of all states by far.
That's followed by Massachusetts, California and New York, along with 12 other states where you'd need at least $1 million saved up to retire.
In contrast, you'd need less than $700,000 for a 25-year retirement in West Virginia, the lowest in the country.
Persons:
GOBankingRates, you'd, That's
Organizations:
Bureau of Labor Statistics, Missouri Economic Research, Information Center, Social, Social Security Administration, U.S, Social Security
Locations:
U.S, Missouri, Hawaii, Massachusetts , California, New York, West Virginia