How much you need to retire in every state after Social Security—from $644,000 in North Dakota to $1 million in New Jersey

Retirement planning varies significantly across the United States, with the amount needed to retire comfortably ranging from $644,000 in North Dakota to $1 million in New Jersey, according to a 2026 Schroders U.S. Retirement Survey. Many Americans are falling short of their retirement savings goals, with 51% expecting less than $500,000 saved by retirement age and only 30% anticipating reaching $1 million.

The survey, which polled 1,500 U.S. investors aged 30 to 79 in March and April, highlights the stark disparity in retirement savings across the nation.

Wall Street leaders have suggested that Americans may need even more substantial savings, with BlackRock CEO Larry Fink warning that $2 million is necessary for a comfortable retirement, and Vanguard data indicating that a $1 million goal remains distant for many retirees. The necessary retirement savings depend on various factors, including where one lives, personal spending habits, and the extent of Social Security benefits.

Investopedia estimated that a single retiree would need anywhere from $644,000 in North Dakota to approximately $1.02 million in New Jersey to retire comfortably, based on the average spending of a 65 or older American living alone in 2024, which was about $59,600 annually. Social Security covers around $23,700 of this cost, leaving a gap of approximately $35,900 per year. Under the commonly accepted 4% rule, which suggests withdrawing 4% of retirement savings annually, this gap would require a nest egg of about $898,000.

However, these estimates come with several caveats. They reflect average spending, which may not align with everyone's lifestyle, and do not account for state income taxes on retirement income, long-term care expenses, or local senior property-tax breaks. Additionally, they assume current benefit levels remain unchanged, despite potential future reductions due to Social Security's funding shortfall.

The effect of location on retirement savings is significant, with housing costs being a major driver of the disparity. For example, retirees collecting $1,500 a month would need about $786,000 in North Dakota and $1.16 million in New Jersey, while those collecting $5,000 a month would need less compared to lower-cost states. Housing costs vary widely, from $7,000 annually in West Virginia to $19,000 in California, with everyday prices being 6% higher in Hawaii and 7% lower in South Dakota.

Overall, the amount needed for a comfortable retirement is highly dependent on individual circumstances and the cost of living in one's state of residence.