These Are the 5 Most Desirable Retirement Locations — But Most Retirees Can't Afford Them, New Data Reveals If money were no object, American retirees have their hearts set on warm, luxurious destinations.

The average American believes they'll need about $1.9 million to retire comfortably, according to a survey conducted by Schwab Retirement Plan Services, yet the average household retirement savings of those aged 65 to 74 is just $609,230, per the Federal Reserve's 2022 Survey of Consumer Finances.

Of course, where someone plans to retire is a significant factor in just how much money they'll need to live out their golden years.

According to personal finance site GoBankingRates, retirees who flock to expensive U.S. states like Hawaii or New York will need more than $1 million just to fund their living expenses for 15 years, while those who opt for places with lower costs of living in the Midwest or South will see their money go a lot further.