MILWAUKEE – Where you live can have a significant impact on how much money you need saved for retirement. And according to a new study, Wisconsin ranks near the middle of the pack in terms of the most and least expensive states for retirees.

Big picture view:

MoneyLion, a consumer finance app and marketplace, examined how much money Americans would need to save each month to retire comfortably in each state. The study weighed factors such as average retiree household expenses, Social Security income and the age at which a person started saving for retirement.

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The study’s full methodology can be found on MoneyLion’s website.

What they’re saying:

Ted Jenkin, managing partner at Exit Wealth Advisors, told FOX Business that state income taxes and real estate property taxes are two of the biggest expenses that retirees need to look at. Thomas Aiello, National Taxpayers Union vice president of federal affairs, added that taxes are a reason some retirees may move to places like Florida, Texas and Tennessee – which offer no sate income tax or “death” tax.

How much in Wisconsin?

Local perspective:

Wisconsin ranked No. 28 in MoneyLion’s study, which determined someone would need to save $1,096,140 to retire comfortably at age 65. That’s based on a $54,807 average annual cost of retirement over 20 years.

To hit that number, MoneyLion said someone would need to start saving $2,030 per month at age 20 or $2,610 per month starting at age 30.

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By the numbers:

MoneyLion’s study also determined the following savings needed to retire comfortably at age 65 (as well as the average annual cost of retirement over 20 years) in neighboring states:

• Minnesota, No. 25: $1,162,628 ($58,131)
• Illinois, No. 34: $1,003,326 ($50,166)
• Michigan, No. 42: $868,526 ($43,426)
• Iowa, No. 43: $821,180 ($41,059)

Hawaii was the most expensive state for retirees, with $3,132,206 needed to retire comfortably at age 65. The most affordable state in the study was West Virginia, with $664,463 needed to retire comfortably at age 65.

The mayor of Minneapolis and his staff are defying a community survey by recommending a group to develop a site at George Floyd Square that did not receive the most support in that survey.

It still received positive feedback, and the city council will have final say, but for now, Mayor Jacob Frey and city staff feel that the Minnesota Agape Movement is best suited to handle future development of the former gas station at 38^th and Chicago, now known as The Peoples’ Way. 

But according to a survey of community stakeholders, the group Rise & Remember garnered the most strongly positive reactions overall. 

Since the city shared this development, the mayor’s office has declined multiple interview requests, as we try to learn his reasoning. We also had other questions about what seems like a contradiction in how he’s felt about community being involved in this process so far.

Minneapolis City Council overrides mayor’s veto of George Floyd Square pedestrian mall study

For example, following a city council override of his veto as they pushed for a 38^th & Chicago plan that community surveying found was not wanted in February 2025, the mayor lashed out at council members. 

“Today’s short-sighted decision by the council has ignored community wishes and is a colossal waste of both time and money,” Mayor Frey said that February day last year.

As we continued to try to get clarity surrounding the mayor’s decision to move forward with Agape, a city spokesperson shared the following:

City staff has taken community input, including the survey results, into consideration for this Peoples’ Way recommendation. Community input was one of multiple factors, such as relevant experience, we considered for the evaluation criteria outlined in the RFQ. One of the things we heard from community was a desire for the applicants to collaborate on a project since they all bring strengths to the table. Agape is ready and willing to collaborate with all stakeholders and community in a development process.

Within the city’s announcement about the recommendation, the mayor shared the following:

George Floyd Square carries significant meaning for Minneapolis and for people around the world,” said Mayor Jacob Frey. “We’re looking forward to partnering with Agape and the community as we take this next step together to continue building toward the long-term vision for the Square.

This development is already getting council pushback — members will have final say and the Business, Housing, and Zoning Committee will first address it on June 2, with plans for the full council to June 11. 

Council member Jason Chavez, whose ward includes part of George Floyd Square, sent the following statement:

Mayor Frey promised a decision on the future of the People’s Way in May 2025 and instead took an extra year to make a decision. He also chose to disregard the data and the community’s preference.

I have concerns about fairness, transparency, and accountability about the entire process. The results of the city-commissioned survey showed that the Rise and Remember proposal received the most support, was most closely aligned with community values, and received the most strongly positive reactions overall. Mayor Frey sat on the results of this survey for over a year.

In an interview with 5 EYEWITNESS NEWS, council member Soren Stevenson, whose ward also partly falls in George Floyd Square, says his community is ready to move forward and has frustrations with how things have been handled thus far.

“There was such an opportunity to listen to what the community had asked for, and we’re not there,” Stevenson said about this most recent development.

“It’s been, it’s been really confusing and troubling for community members to understand, like, am I giving you my feedback because you want it and you’re going to use it, or am I giving you my feedback, so that you can check the box that feedback has been gotten?” Stevenson added.