Where you retire could mean the difference of almost $1.5M. Here are the most and least expensive states and how to plan

Core Insights - The article emphasizes the importance of considering the state of residence for retirement, as it significantly impacts the amount of savings required for a comfortable retirement [1] Summary by Sections Retirement Savings Requirements - To retire comfortably in Hawaii, an individual needs $2.2 million, while in Oklahoma, the requirement is only $735,284, highlighting a difference of over $1.25 million [2] - The study utilizes data from the Bureau of Labor Statistics' 2024 Consumer Expenditure Survey to determine the necessary savings for retirement across different states [3] Cost of Living Analysis - The study calculates the average annual cost of living for Americans aged 65 and over, adjusting for the cost of living index from the Missouri Economic Research and Information Center's 2025 Q3 series [4] - The five states with the lowest savings requirements for retirement are Oklahoma, Mississippi, Alabama, West Virginia, and Kansas, while the most expensive states include Hawaii, Massachusetts, California, Alaska, and New York [6] Relocation Considerations - Retirees may consider relocating to states with lower living costs or may need to increase their savings to maintain their current residence [5]