Planning to retire in the Midwest? The amount of money middle-class retirees need in savings varies greatly depending on whether you’re retiring with or without Social Security benefits. An original GOBankingRates study from January 2025 revealed that a 20-year retirement without Social Security requires more than $1 million in four Midwestern states.
However, you won’t need to save nearly as much if you’re planning to draw these benefits. On the high end, a retiree in Minnesota would need $705,255 in savings while retirees in Missouri would need $456,775 saved up to fund a 20-year retirement with Social Security.
Ranked in alphabetical order, here’s how much you need to save for a 20-year middle-class retirement in the Midwest.
South Dakota
- Middle-class income range: $48,281 to $144,842
- Amount needed for 20-year retirement with Social Security: $503,455
- Amount needed for 20-year retirement without Social Security: $965,613