COASTING ALONG
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The standard recommendation for saving up for your retirement is that it's best you save at least 15% of your annual income. And recently, some retirement experts have recommended that millennials should save almost half of their income if they want to retire by the age of 65. Depending on where you live, the amount of savings required to retire may differ greatly because of factors such as life expectancy and yearly living expenses. Taking into account these factors, personal finance site HowMuch has created a map that shows the amount needed for comfortable retirement and the average retirement age in different states in the US.


As you can see from the map, states in the Northeast and the West generally require more savings than states in the South and the Midwest. Hawaii and Alaska are also expensive states for requirement: you'll need at least $1.8 million to retire comfortably in Hawaii, which has the highest annual living expenses among all the states at $99,170, and if you retired in Alaska, you'd need at least $1.3 million.

Here are also the top five most expensive and least expensive states and the amount of savings necessary for a comfortable retirement in each state:

Top Five Most Expensive States For Retirement

1. Hawaii: $1,844,556
2. California: $1,456,286
3. New York: $1,408,121
4. Alaska: $1,341,805 
5. Oregon: $1,335,752

Top Five Least Expensive States For Retirement

1. Mississippi: $617,661
2. Tennessee: $660,870
3. Alabama: $712,832
4. Oklahoma: $723,859 
5. Arkansas: $728,010

[Read more at HowMuch for the methodology behind the map]

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