Shocking Savings Total You Need to Retire Comfortably in Illinois

It's none of my business how much savings you have put away for retirement, but it better be a big number if you plan to retire comfortably in Illinois based on a new study.

I'm not gonna mention how old I am, but let's just say that it's a little too late for me to start saving for retirement. Hopefully you're in a better situation. I got curious about how much money a person needs in the bank if they want to retire in Illinois without any money worries and what I found was staggering.

Instead of just relying on one site's data, I found a couple. Go Banking Rates has new numbers current as of the start of 2025 and what they recommend for a comfortable retirement in Illinois will drop your jaw:

• Annual groceries cost: $4,730
• Annual housing cost: $9,213
• Annual utilities cost: $3,740
• Annual transportation cost: $4,997
• Annual healthcare cost: $7,231
• Total annual expenditures: $53,077

They say you'll need $1,000,000 to live just over 18 years in Illinois. 

There's an even more recent study that Yahoo Finance shared just a few days ago. Their breakdown is interesting as they have an amount you need in savings if you plan to retire at age 60 and another for age 70. Brace yourself. The last two numbers are shocking.

• Annual cost of a comfortable retirement: $59,824

• Retirement savings needed at 60: $1,196,470

• Retirement savings needed at 70: $598,235

Perhaps I don't get out of the house enough, but I don't even know anyone that has that kind of money put back. I would argue that many could retire on much lesser amounts if they don't live an extravagant lifestyle. Or, at least I hope so.