Dreaming of a Middle-Class Retirement in the Midwest? Here’s What You Need To Save

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.

• 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

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• 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

• 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

Dive into more original studies and surveys available at the GOBankingRates original research center.

Methodology: 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.