U.S. states where you can retire at 65 with less than $1 million

For many Americans, $1 million is considered a savings benchmark for retirement. But in 32 U.S. states, the estimated minimum required to retire at age 65 is less than that.

That’s according to a state-by-state analysis by personal finance site GOBankingRates, which estimates the minimum household savings needed to retire at age 65 and cover basic living expenses, including housing, food, transportation, utilities and health care, for 25 years.

GOBankingRates looked at cost-of-living data for retirees age 65 and older from the U.S. Bureau of Labor Statistics, minus average Social Security income, to determine minimum savings amounts in each state. He then used a 4% annual withdrawal rate to estimate the total amount of savings needed to cover remaining expenses.

These estimates focus not on a comfortable retirement but on the minimum amount needed to cover daily living expenses. They exclude discretionary expenses and don’t take into account factors like inheritances or paid off mortgages.

The analysis is also based on household spending; This means retirement costs can be supported by more than one person’s savings or income from a given household.

Even so, basic living expenses in retirement may exceed many people’s expectations. Nearly half of U.S. workers say they’ll need at least $500,000 to retire comfortably (not just to cover basic needs) 2025 Bank Rate Survey.

Here’s a look at U.S. states where the estimated minimum savings needed to retire at age 65 are under $1 million.

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