If you are going to retire comfortably in any of 16 states, you will probably need well over $1 million, according to GOBankingRates. But, the good news is, it won't be so expensive in other states.
The most expensive states to retire in are California ($1.4 million), Massachusetts ($1.6 million), and Hawaii ($2 million). Other states that require a big hunk of investments: Arizona, New Jersey, Maine, Rhode Island, Connecticut, Oregon, Maryland, Vermont, New Hampshire, Washington, and Alaska.
If you are worried about affording retirement, consider moving out of expensive states. The most affordable states are West Virginia, Mississippi, and Oklahoma, according to GOBankingRates.
Other moves to make early on in your life:
* Contribute to your 401(k) or IRA every single month. Saving for 20 to 30 years can build a 401(k) to $250,000-$500,000 and support supplemental withdrawals of $10,000-$20,000, substantially adding to your income from Social Security.
* Maintain a stable marriage with two incomes.
* Build alternative sources of income, such as rental income.
* Avoid debt, especially high-interest debt like credit cards.
* Consult a financial advisor to help you tailor your specific needs.