Retirement Retirement Planning

The Minimum Savings You Need to Retire in These 10 Popular Retirement States

Some retirement destinations are surprisingly affordable.

By Josh Koebert , Edited by Laura Hohenstein

Updated April 29, 2026

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Once you know where you plan to live during retirement, it's time to figure out if your savings measure up. The cost of a stress-free retirement can vary by hundreds of thousands of dollars depending on the state, driven by differences in housing, health care, taxes, and everyday expenses.

According to data from Kiplinger, the minimum savings needed to retire can range from under $800,000 in more affordable areas to well over $1.5 million in pricier states. At the same time, AARP data shows retirees are expanding their horizons beyond traditional hotspots, prioritizing overall quality of life alongside affordability.

Let's take a closer look at 10 of the most popular retirement states and the minimum savings you'll need to make it work in each.

Editor's note: All savings data comes from Kiplinger, unless otherwise stated. All cost-of-living percentages come from Insure.com.

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Florida

Savings needed to retire: $967,190

Florida remains one of the most popular retirement destinations thanks to its warm climate and tax-friendly policies, including no state income tax on retirement income.

But affordability isn't as strong as many may assume. Seniors need almost $1 million to comfortably cover expenses in the state, largely due to rising housing and insurance costs. Health care costs also trend higher, averaging $647 per month. While the Sunshine State remains popular, the price of admission has gone up significantly.

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Arizona

Savings needed to retire: $1,110,019

With its dry climate and scenic desert landscapes, Arizona continues to attract seniors. Cities like Phoenix and Tucson are magnets for retirees, although rapid population growth has driven up housing costs.

Arizona's cost of living is approximately 8% higher than the national average, placing it firmly in the mid-to-high range for retirees. Although you need over $1.1 million to retire to Arizona, it's still relatively affordable compared to coastal markets like California, which requires $1.5 million or $83,997 per year.

Texas

Savings needed to retire: $833,575

Texas lands close to the national average in cost of living, but with a key tradeoff: no state income tax, but higher property taxes.

Housing costs are below the national median, making it one of the more accessible large states for retirees. Property taxes average around $5,900 annually, which adds a significant recurring expense. Still, AARP found that Texas was second in inbound senior migration in 2025 and retained a significant number of these retirees over 65.

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For a limited time, you can get your first month free with a Single Payment home warranty plan.

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North Carolina

Savings needed to retire: $934,938

North Carolina is a "sweet spot" state, combining affordability with lifestyle appeal. Costs are generally below the national average, especially for housing.

The state offers a mix of coastal and inland living, and while prices have risen in cities like Raleigh and Charlotte, they remain reasonable compared to national hotspots.

South Carolina

Savings needed to retire: $859,684

Thanks to its warm climate and relatively low cost of living, South Carolina has emerged as a retirement favorite. It is one of the more affordable coastal states, with costs below the national average across most categories.

Housing is significantly cheaper than the national median, and property taxes are among the lowest in the country, averaging $1,788 per year. Health care costs are also relatively low.

Tennessee

Savings needed to retire: $825,896

Tennessee's cost of living is about 9% below the national average, putting it firmly in the "affordable" category. The state's biggest advantage is its tax structure (no state income tax). Additionally, housing costs are low in many areas outside Nashville.

With lower overall expenses, retirees can often make it work with under $830,000, which is the lowest threshold among these 10 popular destinations.

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Georgia

Savings needed to retire: $848,933

Georgia features a balanced cost profile, generally below or near the national average, depending on location. For example, housing remains affordable outside Atlanta, and the state offers tax breaks on retirement income, which can help stretch savings further.

These facts, combined with the draw of mild winters, make Georgia a solid middle-tier option.

Nevada

Savings needed to retire: $953,368

Nevada has no state income tax. Nevertheless, housing and utility costs have risen as the population has grown in recent years. It's home to major outdoor destinations and active adult communities, and Las Vegas has overtaken Tucson in inbound retiree migration in 2025, according to AARP.

Bear in mind that Nevada's cost of living is climbing, particularly in Las Vegas and Reno. The state now sits slightly above the national average, reflecting a shift from bargain destination to mid-range option.

Colorado

Savings needed to retire: $1,016,336

Colorado's cost of living is about 4% above the national average, but that figure understates the impact of housing costs in popular areas. Home prices and health care costs are among the highest in this group, and the state's renowned outdoor lifestyle comes at a premium price.

As a result, retirees typically need over $1 million in savings to maintain a comfortable lifestyle.

Massachusetts

Savings needed to retire: $1,755,055

If you're headed for Massachusetts as your retirement destination, you should know it's one of the most expensive states in the country, with costs about 48% above the U.S. average. Housing is the largest factor, with average rents and home values increasingly out of reach for many. Overall annual living expenses also rank among the highest nationwide.

That pushes the required retirement savings to over $1.5 million, making it the most unaffordable place to retire comfortably on our list.

Bottom line

Where you retire matters just as much as how much you save. While some states let you retire comfortably with under $900,000, others may require at least double that amount.

As you make your retirement plan and choose your destination, it's worth running the numbers. A lower cost-of-living state could shave years off your working timeline. At the same time, a pricier location might require significantly more savings to maintain the same lifestyle (and not be feasible in the long term).

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