The top 15 most expensive U.S. states to retire, with No. 1 needing at least $2 million in savings.

According to a new analysis by GOBankingRates, you need to be a millionaire just to cover basic retirement costs in 15 U.S. states.

Retirees tend to face higher expenses in states with both high retirement and housing costs, such as New York, California, and Hawaii.

Hawaii is the most expensive state to retire in, with the cost of essentials for 25 years totaling approximately $2.21 million, which is significantly higher than the amount needed in Massachusetts and California, where retirees require around $1.6 million each to sustain their lifestyle.

According to the latest average cost of living data from the U.S. Bureau of Labor Statistics, GOBankingRates estimates that after subtracting average Social Security income from annual expenditures, the remaining amount, when divided by 4%, provides a common rule of thumb for safely drawing down retirement savings.

The minimum amount required to retire without considering factors such as inflation, discretionary spending, or unforeseen expenses is represented by the totals.

The 15 most expensive states to retire in, ranked by the total savings required, are as follows:

1. Hawaii

• Annual cost of living: $110,921
• Savings you need to retire: $2,212,084

2. Massachusetts

• Annual cost of living: $88,268
• Savings you need to retire: $1,645,764

3. California

• Annual cost of living: $86,946
• Savings you need to retire: $1,612,716

4. Alaska

• Annual cost of living: $74,147
• Savings you need to retire: $1,292,753

5. New York

• Annual cost of living: $74,147
• Savings you need to retire: $1,292,753

6. New Jersey

• Annual cost of living: $68,980
• Savings you need to retire: $1,163,566

7. Vermont

• Annual cost of living: $68,559
• Savings you need to retire: $1,153,051

8. Washington

• Annual cost of living: $68,259
• Savings you need to retire: $1,145,540

9. Maine

• Annual cost of living: $68,199
• Savings you need to retire: $1,144,038

10. Arizona

• Annual cost of living: $67,778
• Savings you need to retire: $1,133,522

11. Rhode Island

• Annual cost of living: $67,538
• Savings you need to retire: $1,127,514

12. Connecticut

• Annual cost of living: $67,117
• Savings you need to retire: $1,116,998

13. New Hampshire

• Annual cost of living: $66,997
• Savings you need to retire: $1,113,994

14. Oregon

• Annual cost of living: $66,096
• Savings you need to retire: $1,091,462

15. Utah

• Annual cost of living: $65,795
• Savings you need to retire: $1,083,951

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