Where do your clients plan to spend their retirement? If they have their heart set on Hawaii, the most expensive U.S. state for retirement, they should have more than $2 million in their retirement account, according to an analysis released by GoBankingRates.
The personal banking site estimated how much money individuals will need to save to retire in each U.S. state. To determine the figures, GoBankingRates looked at the estimate average annual expenditures of a typical retired person in each state and subtracted it from the average annual Social Security check. The analysis assumed retirees would be drawing down savings by 4% each year and the money would last 26 years.
The data found Mississippi to be the cheapest state to retire in, where retirees will need about $667,000. Wisconsin falls near the center of the rankings at $811,723.