To ensure a comfortable retirement, decisions on savings, investments, Social Security, and living location are crucial. A recent study reveals the substantial differences in savings needed to retire comfortably in each state, ranging from $735,284 in Oklahoma to $2.2 million in Hawaii.

The study calculates retirement savings requirements based on cost of living data and the 4% withdrawal rule. The top five states with the lowest savings needs are Oklahoma, Mississippi, Alabama, West Virginia, and Kansas, while Hawaii, Massachusetts, California, Alaska, and New York are the most expensive.

Considering factors beyond cost of living, such as healthcare quality and lifestyle, is essential when choosing a retirement destination. The top five states where people over 60 moved in 2023 were Florida, North Carolina, Arizona, South Carolina, and Georgia, indicating other important considerations for retirees.

If retirement savings fall short of expectations, many workers believe they will need at least $1 million to retire comfortably. Strategies to boost savings include paying down debt, managing risks, building an emergency fund, and maximizing retirement account contributions, especially with employer matching.

To increase savings further, paying off a mortgage and redirecting those funds to savings, exploring income-boosting opportunities, or considering a move to a more affordable state are viable options. Planning ahead and taking proactive steps can help ensure a financially secure retirement.

Read more at Yahoo Finance: Where you retire could mean the difference of almost $1.5M. Here are the most and least expensive states and how to plan