How Much Money You Really Need to Retire ‘Comfortably’ in Minnesota

Retirement is a dream that all Americans have. Unfortunately, there are so many people out there who aren't able to retire or can't retire until much later in life.

If you're working on planning out a retirement fund, I've got just how much it'll cost per year to retire and still live comfortably in Minnesota.

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Obviously, how much you save up in a retirement fund is very important and can make or break when you retire. But as CNBC says, "where you retire can be almost as important". And looking at how much it costs in each state to retire comfortably makes that very clear.

How They Determined How Much It Costs to Retire Comfortably

The study was done by GOBankingRates, and to determine how much you need to retire comfortably in each state they looked at five different factors. Those include how much an individual spends on groceries, healthcare, housing, utilities, and transportation.

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Then, to account for the fact that you'll want to be able to do fun things and, as they say, live comfortably, they also added an additional 20% onto the total cost to pay for all of that fun stuff.

Most Expensive State to Retire

If you've got quite the savings for your retirement and would love to live your golden years out on the beach, then Hawaii is for you.

No surprise, Hawaii is the most expensive place to comfortably retire. The study estimates it would cost $129,296 annually to retire there comfortably. And that's just for one person!

Least Expensive State to Retire

If you'd like someplace that's a bit more affordable than Hawaii, may I interest you in Mississippi?

Mississippi is the least expensive state to retire comfortably. You'll need $61,315 per year to make that happen.

How Much it Costs to Retire Comfortably in Minnesota

As for Minnesota, thankfully we're much closer to the cost of retirement in Mississippi than Hawaii.

According to the study, those five factors we talked about earlier would cost $54,857 per year. Then they give a $10,971 "20% comfort buffer". That gives us a total of $65,828 per year to retire comfortably in Minnesota.

That's not too bad! Especially considering the average cost to retire comfortably in the US is $71,505.96.