$945,000 in savings is needed to retire comfortably in New York at age 65, Investopedia estimated, making the state one of the costliest places for retirees.
The study pegs annual retirement spending in New York at about $61,700; after an average $23,704 Social Security benefit, retirees face an income gap of roughly $38,000 a year.
Investopedia used the 4% withdrawal rule—designed to stretch savings about 30 years—and factored in housing, non-housing costs, regional price differences and expected Social Security income.
New York's target sits about $52,000 above the national average of roughly $898,000, though the estimate reflects that the state does not tax Social Security benefits.
New Jersey and Hawaii ranked highest at about $1.02 million, while North Dakota, Arkansas, Mississippi, West Virginia and Iowa required the least savings.