You need about $2 million to retire comfortably in Hawaii—here are the other 7 most expensive states

If you're dreaming of spending status lounging connected 1 of Hawaii's pristine beaches, marque definite you've saved up plentifulness of money.

That's due to the fact that Hawaii ranks arsenic the astir costly authorities to discontinue successful 2022, according to recent information from Bankrate.

To cipher each state's level of affordability, Bankrate analyzed the Community and Economic Research's July 2022 outgo of surviving scale and the Tax Foundation's 2022 rankings for spot and income taxation rates.

Here are the 7 slightest affordable states to discontinue successful 2022, according to Bankrate:

1. Hawaii
2. California
3. Connecticut
4. Massachusetts
5. New Jersey
6. Vermont
7. Rhode Island

If you're acceptable connected retiring comfortably successful Hawaii, you'll request astir $2 million saved up, reports Sam Dogen, CNBC Make It contributor and writer of "Buy This, Not That: How to Spend Your Way to Wealth and Financial Freedom."

"The median household income successful Honolulu County, for example, is $88,000. If idiosyncratic wanted to retreat that $88,000 from their assets each year, they'd request astir $2,200,000 successful investments to retreat astatine a complaint of 4%," Dogen antecedently wrote.

However, astir Americans don't person anyplace adjacent to that magnitude saved. The emblematic American has astir $35, 345 saved for retirement, according to Vanguard's 2022 "How America Saves" report.

But a "comfortable" status tin mean antithetic things to antithetic people. It's important to archetypal find what that looks similar for you, says Michael Liersch, caput of proposal and readying for wealthiness and concern absorption astatine Wells Fargo.

"When status is not defined, past it's precise hard to beryllium prepared emotionally oregon financially speaking," helium tells CNBC Make It.

Consider what matters astir to you astir retiring successful a definite determination and representation retired what it volition outgo to support your desired lifestyle, Liersch says.

"Putting pen to paper" tin assistance you hole for status present and "course close on the way" if needed, helium says. CNBC's decade-by-decade usher to status planning is simply a bully spot to start.

As for really putting wealth away, if you're successful your 20s oregon 30s, purpose to commencement to maxing retired your status contributions arsenic overmuch arsenic you tin afford, says Jeff Ostrowski, an expert for Bankrate.

"The operation of compound returns implicit the decades and taxation advantages for status savings volition assistance acceptable you up for a comfy manner aft you're done working," helium says.

Although fiscal planners urge contributing astir 15% of your income annually toward your status savings, most workers nether 35 really enactment distant astir 10.5%, according to Vanguard's survey.

It's OK to statesman with what you tin afford. But beryllium definite you're astatine slightest getting your employer's afloat match, says Nilay Gandhi, elder wealthiness advisor astatine Vanguard.

From there, "increase your savings complaint by 1% to 2% each twelvemonth until you execute the people savings complaint of 12% to 15%," helium says.

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