10 U.S. states where you need $1 million to retire comfortably, with 5 in the Northeast (2024)

On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual's 2024 Planning and Progress study.

But in certain states, like Hawaii, you'd actually need more than that. The minimum amount of savings you'd need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study.

The personal finance site calculates that this amount, plus Social Security benefits, would be enough to cover costs for necessities like groceries, housing, utilities, car expenses, discretionary spending and savings over a 25-year retirement.

To determine the minimum retirement savings requirements in each state, GOBankingRates examined how much Americans 65 and older spend each year on groceries, transportation, housing, utilities and health care using data from the Bureau of Labor Statistics' 2022 Consumer Expenditure Survey.

It also looked at each state's cost of living through theMissouri Economic Research and Information Centerstate-by-state cost of living index, based on the Council for Community and Economic Researchsurvey data.

Here are the 10 states where you'd need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It.

• Minimum retirement savings needed: $2,051,077

• Minimum retirement savings needed: $1,600,097

• Minimum retirement savings needed: $1,432,425

• Minimum retirement savings needed: $1,289,325

• Minimum retirement savings needed: $1,287,880

• Minimum retirement savings needed: $1,133,217

• Minimum retirement savings needed: $1,131,771

• Minimum retirement savings needed: $1,121,653

• Minimum retirement savings needed: $1,120,208

• Minimum retirement savings needed: $1,118,762

It's no secret that Hawaii can be an expensive place to live. The median home sale price is around $813,000 as of March 2024, according to Redfin. And $1 million in retirement savings would run out in about 10 years — the fastest of any state.

While the state doesn't tax income from Social Security, income from retirement savings accounts, such as 401(k)s and traditional IRAs, is fully taxed.

However, Hawaii offers a number of features that retirees may find attractive, such as stunning landscapes and easy access to pristine beaches.

It's important to remember that everyone's definition of a "comfortable retirement" will be different.

While you may not necessarily want to retire as a millionaire, having a clear savings goal in mind can help you figure out how much you'll need to start setting aside now in order to retire comfortably.

If you don't know where to start, CNBC Make It's retirement calculator can help you figure out how much you may need, based on factors like your age, current income and savings.

And although a location's cost of living can be an important factor when deciding where to retire, it's not the only thing to consider. Your decision will depend on a number of personal preferences, such as whether you want to live closer to family or how much you plan to spend on activities like travel.

Correction: This story has been updated to reflect that Hawaii does not tax income from traditional IRAs.

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