For many Americans, $1 million is seen as a savings benchmark for retirement. But in 32 U.S. states, the estimated minimum needed to retire at 65 is less than that.

That's according to a state-by-state analysis from personal finance website GOBankingRates, which estimates the minimum household savings needed to retire at 65 and cover essential living expenses over 25 years, including housing, groceries, transportation, utilities and health care.

To determine savings minimums in each state, GOBankingRates looked at cost of living data for retirees 65 and older from the U.S. Bureau of Labor Statistics, minus average Social Security income. It then used a 4% annual withdrawal rate to estimate the total amount of savings needed to cover remaining expenses.

These estimates focus on the minimum needed to cover day-to-day living costs, not a comfortable retirement. They exclude discretionary spending and don't account for factors like inheritances or paid-off mortgages.

The analysis is also based on household expenses, meaning that retirement costs could be supported by more than one person's savings or income for a given home.

Even so, basic living costs in retirement can exceed what many people expect. About half of U.S. workers say they'll need at least $500,000 to retire comfortably — not just cover essentials — according to a 2025 Bankrate survey.

Here's a look at the U.S. states where the estimated minimum savings needed to retire at 65 comes in below $1 million.

Alabama Annual cost of living: $53,999 Savings you need to retire: $789,037 Arkansas Annual cost of living: $54,859 Savings you need to retire: $810,538 Florida Annual cost of living: $61,125 Savings you need to retire: $967,190 Georgia Annual cost of living: $56,395 Savings you need to retire: $848,933 Idaho Annual cost of living: $60,818 Savings you need to retire: $959,511 Illinois Annual cost of living: $58,913 Savings you need to retire: $911,901 Indiana Annual cost of living: $55,657 Savings you need to retire: $830,504 Iowa Annual cost of living: $55,473 Savings you need to retire: $825,896 Kansas Annual cost of living: $54,613 Savings you need to retire: $804,395 Kentucky Annual cost of living: $56,456 Savings you need to retire: $850,469 Louisiana Annual cost of living: $56,947 Savings you need to retire: $862,756 Michigan Annual cost of living: $58,176 Savings you need to retire: $893,472 Minnesota Annual cost of living: $57,869 Savings you need to retire: $885,793 Mississippi Annual cost of living: $52,524 Savings you need to retire: $752,178 Missouri Annual cost of living: $54,674 Savings you need to retire: $805,931 Nebraska Annual cost of living: $56,272 Savings you need to retire: $845,862 Nevada Annual cost of living: $60,572 Savings you need to retire: $953,368 New Mexico Annual cost of living: $56,825 Savings you need to retire: $859,684 North Carolina Annual cost of living: $59,835 Savings you need to retire: $934,938 North Dakota Annual cost of living: $56,087 Savings you need to retire: $841,254 Ohio Annual cost of living: $57,009 Savings you need to retire: $864,291 Oklahoma Annual cost of living: $51,849 Savings you need to retire: $735,284 Pennsylvania Annual cost of living: $59,650 Savings you need to retire: $930,331 South Carolina Annual cost of living: $56,825 Savings you need to retire: $859,684 South Dakota Annual cost of living: $56,395 Savings you need to retire: $848,933 Tennessee Annual cost of living: $55,473 Savings you need to retire: $825,896 Texas Annual cost of living: $55,780 Savings you need to retire: $833,575 Utah Annual cost of living: $60,879 Savings you need to retire: $961,047 Virginia Annual cost of living: $61,493 Savings you need to retire: $976,405 West Virginia Annual cost of living: $54,122 Savings you need to retire: $792,109 Wisconsin Annual cost of living: $60,019 Savings you need to retire: $939,546 Wyoming Annual cost of living: $58,545 Savings you need to retire: $902,686

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