You need to be a millionaire just to cover basic retirement costs in 15 U.S. states, according to a new analysis by GOBankingRates. The states with the highest retirement expenses tend to also have the highest housing costs, whether it’s big-city hubs like New York and California, or Hawaii, where the natural beauty and mild climate attracts numerous retirees. In fact, Hawaii is the most expensive state to retire in. The cost of essentials — housing, groceries, transportation, utilities and health care — for 25 years adds up to about $2.21 million. That’s significantly more than Massachusetts and California, where retirees need around $1.6 million each to get by. The estimates come from the latest average cost of living data from the U.S. Bureau of Labor Statistics. After subtracting average Social Security income from the annual expenditures, GOBankingRates divided the remaining amount by 4%, following a common rule of thumb for safely drawing down retirement savings. The totals represent the bare minimum needed to retire without accounting for other factors like rising inflation, discretionary spending or unexpected expenses. Here’s a look the 15 most expensive states to retire in, ranked by total savings needed: 1. Hawaii Annual cost of living: $110,921 Savings you need to retire: $2,212,084 2. Massachusetts Annual cost of living: $88,268 Savings you need to retire: $1,645,764 3. California Annual cost of living: $86,946 Savings you need to retire: $1,612,716 4. Alaska Annual cost of living: $74,147 Savings you need to retire: $1,292,753 5. New York Annual cost of living: $74,147 Savings you need to retire: $1,292,753 6. New Jersey Annual cost of living: $68,980 Savings you need to retire: $1,163,566 7. Vermont Annual cost of living: $68,559 Savings you need to retire: $1,153,051 8. Washington Annual cost of living: $68,259 Savings you need to retire: $1,145,540 9. Maine Annual cost of living: $68,199 Savings you need to retire: $1,144,038 10. Arizona Annual cost of living: $67,778 Savings you need to retire: $1,133,522 11. Rhode Island Annual cost of living: $67,538 Savings you need to retire: $1,127,514 12. Connecticut Annual cost of living: $67,117 Savings you need to retire: $1,116,998 13. New Hampshire Annual cost of living: $66,997 Savings you need to retire: $1,113,994 14. Oregon Annual cost of living: $66,096 Savings you need to retire: $1,091,462 15. Utah Annual cost of living: $65,795 Savings you need to retire: $1,083,951 Want to up your AI skills and be more productive? Take CNBC’s new online course How to Use AI to Be More Successful at Work. Expert instructors will teach you how to get started, practical uses, tips for effective prompt-writing, and mistakes to avoid. Sign up now and use coupon code EARLYBIRD for an introductory discount of 30% off $67 (+ taxes and fees) through February 11, 2025. Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.