How Much Money You Need to Retire in Michigan in 2025

Is your retirement plan on track? Learn about Michigan's rankings in retirement savings and what it takes to live comfortably in the mitten.

When it's time to drop out of the rat race, are you going to be in a good place financially to retire comfortably?  In America, you can retire as early as age 62, but to get your full retirement benefits, the retirement age is 67.

As of 2021, according to ClickOnDetroit.com, the average life expectancy in Michigan is just under 76 years old.  Important note: Everyone's situation is different. Some people will retire earlier, and some people will have greater financial needs than others.  We're going to take a look at averages with the help of Go Banking Rates and a calculator.

Get our free mobile app

If you are a Michigander and plan on staying here after retirement, the news is pretty good.  Michigan is the 13th lowest out of all 50 United States when it comes to the amount of money you need to retire.

For example, if you retire with $1 million in retirement savings today in Michigan, that money would last you 19 years.  That's not too bad. That's using gobankrates.com's formulation of an average of $52,614 of annual expenses needed for a retired Michigander.

How Much Money You Need to Retire in Michigan

• $526,140 will last 10 years.
• $789,210 will last 15 years.
• $1,052,280 will last 20 years.
• $1,315,350 will last 25 years.
• $1,578,420 will last 30 years.

Now that we've crunched the numbers. Let's find the best places to settle down in Michigan.