How Much You Need Saved To Live a Middle-Class Retirement in the Midwest

A middle-class person can live a pretty affordable retirement in the Midwest.

According to a recent GOBankingRates study, a middle-class retiree can subsist for a solid 20 years on around $500,000 (after Social Security). The most expensive Midwestern state for a 20-year middle-class retirement is Minnesota, at around $700,000 on average. The cheapest state is Missouri, at about $457,000.

Check out what a middle-class retirement costs in the Midwest states.

• Middle-class income range: $54,468 to $163,404
• Amount needed for 20-year retirement with Social Security: $627,202
• Amount needed for 20-year retirement without Social Security: $1,089,360

• Middle-class income range: $46,701 to $140,102
• Amount needed for 20-year retirement with Social Security: $471,855
• Amount needed for 20-year retirement without Social Security: $934,013

• Middle-class income range: $48,765 to $146,294
• Amount needed for 20-year retirement with Social Security: $513,135
• Amount needed for 20-year retirement without Social Security: $975,293

• Middle-class income range: $48,426 to $145,278
• Amount needed for 20-year retirement with Social Security: $506,362
• Amount needed for 20-year retirement without Social Security: $968,520

• Middle-class income range: $47,433 to $142,298
• Amount needed for 20-year retirement with Social Security: $486,495
• Amount needed for 20-year retirement without Social Security: $948,653

• Middle-class income range: $58,371 to $175,112
• Amount needed for 20-year retirement with Social Security: $705,255
• Amount needed for 20-year retirement without Social Security: $1,167,413

• Middle-class income range: $45,947 to $137,840
• Amount needed for 20-year retirement with Social Security: $456,775
• Amount needed for 20-year retirement without Social Security: $918,933

• Middle-class income range: $49,990 to $149,970
• Amount needed for 20-year retirement with Social Security: $537,642
• Amount needed for 20-year retirement without Social Security: $999,800

• Household median income: $73,959 
• Middle-class income range: $50,633 to $151,898
• Amount needed for 20-year retirement with Social Security: $550,495
• Amount needed for 20-year retirement without Social Security: $1,012,653

• Middle-class income range: $46,453 to $139,360
• Amount needed for 20-year retirement with Social Security: $466,908
• Amount needed for 20-year retirement without Social Security: $929,067

• 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

• Middle-class income range: $50,447 to $151,340
• Amount needed for 20-year retirement with Social Security: $546,775
• Amount needed for 20-year retirement without Social Security: $1,008,933

Methodology: For this study, GOBankingRates analyzed each state to find out how much you will need saved for retirement. First GOBankingRates found total population, population ages 65 and over, total households, and household median income, all sourced from the U.S. Census American Community Survey. Using the cost of living for each state, as sourced from the Missouri Economic Research and Information Center, and the average cost of living for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated for each state. The average single-family home value from December 2024 was sourced from Zillow Home Value Index and the average mortgage cost was calculated (assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Research). Using the average mortgage and average expenditure costs, the average cost of living was calculated. Middle-class income is defined by Pew Research Center as two-thirds to double the national median income. The minimum income needed to be middle class was calculated and the savings needed to retire was calculated. The average income for one person was sourced from the Social Security Administration for December 2024, and the retirement savings needed after Social Security benefits was calculated. All data was collected on and is up to date as of Jan. 24, 2025.