How Much Money You Need to Retire Comfortably in Ohio, MI, IN, or IL

For a millennial pushing 30 like myself, retirement seems like a pipe dream. But hey, no reason not to try, huh? Regardless, there are many of you out there who are nearing retirement within the next five to 10 years. The time to prepare was many years ago, sure, but if your late 20s were anything like mine, good luck with that.

Retiring comfortably means something different to everyone. Some folks have built a standard of living that they feel they shouldn't have to give up in retirement. While these people may be well off enough to retire comfortably, having a financial advisor of sorts to help determine how they can and should spend their money goes a long way in helping to preserve that lifestyle.

On the other hand, it varies from state to state. Maybe someone wants to retire where the cost of living is lower than where they've worked most of their life. Maybe they had a place in mind but weren't aware of the varying costs.

CNBC recently released a study indicating how much money retirees in each state would need to live out their retirement comfortably. The study used data from the Bureau of Labor Statistics to determine annual costs of food, shelter, transportation, health care and utilities. An additional cash buffer of 20% was then added on top of the expenditures to determine how much money retirees aged 65 and older would need to live comfortably. The breakdown for select Midwest states is listed below.

Ohio

• Total expenditures: $46,614
• 20% comfort buffer: $11,654
• Cost of a comfortable retirement annually: $58,268

Michigan

• Total expenditures: $47,813
• 20% comfort buffer: $11,953
• Cost of a comfortable retirement annually: $59,767

Indiana

• Total expenditures: $47,031
• 20% comfort buffer: $11,758
• Cost of a comfortable retirement annually: $58,789

Illinois

• Total expenditures: $47,918
• 20% comfort buffer: $11,979
• Cost of a comfortable retirement annually: $59,897

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As you can tell, there isn't much difference in retiring in any of these Midwest states. Having roughly $60,000 set aside for each year will be more than enough to live comfortably.

With that in mind, what about states where snowbirds may retire to?

Alabama

• Total expenditures: $45,415
• 20% comfort buffer: $11,354
• Cost of a comfortable retirement annually: $56,769

Arizona

• Total expenditures: $56,312
• 20% comfort buffer: $14,078
• Cost of a comfortable retirement annually: $70,390

California

• Total expenditures: $72,320
• 20% comfort buffer: $18,080
• Cost of a comfortable retirement annually: $90,399

Florida

• Total expenditures: $54,487
• 20% comfort buffer: $13,622
• Cost of a comfortable retirement annually: $68,109

Hawai'i

• Total expenditures: $96,982
• 20% comfort buffer: $24,246
• Cost of a comfortable retirement annually: $121,228

Texas

• Total expenditures: $48,283
• 20% comfort buffer: $12,071
• Cost of a comfortable retirement annually: $60,353

Snowbirds would have to save quite a bit extra per year to retire somewhere warmer. And with Alabama, coming from a former Alabamian, the typical retirement locations such as Fairhope, Foley or Gulf Shores would likely call for a bit more in savings than the final numbers indicated.

But speaking of snowbirds, where are the best places to avoid the snow of the Midwest? The gallery below has plenty of information on just that.