To retire comfortably in Connecticut, you should plan on having around $1.1 million in retirement savings. However, the exact amount depends on your lifestyle, retirement age, health needs, and income sources such as Social Security or pensions. Connecticut is one of the more expensive states to retire in, so planning ahead is essential.

Key Factors That Affect Retirement Savings in Connecticut

1. Annual Spending Needs

The average comfortable annual retirement income in Connecticut is estimated at $58,000. This number may increase if you plan to travel, dine out frequently, or maintain a more luxurious lifestyle.

2. Age at Retirement

The earlier you retire, the more savings you’ll need. For example:

• Retiring at 60 requires a larger nest egg since you’ll draw from it longer.

• Retiring at 70 may reduce the total savings needed because Social Security benefits will be higher and your retirement period shorter.

3. Lifestyle Choices

Your personal goals—whether that’s frequent travel, owning a second home, or focusing on simple living—play a major role in how much money you need to retire in CT.

4. Other Income Sources

Social Security, pensions, annuities, or part-time work can help reduce the amount of savings you’ll need to withdraw annually.

How to Estimate Your Retirement Needs

1. Calculate Your Pre-Retirement Income
   This serves as your baseline. Most retirees aim to replace 70–80% of their pre-retirement income to maintain their standard of living.

2. Estimate Annual Retirement Spending
   Subtract expected Social Security and pension income from your annual target spending to see how much your savings must cover.

3. Apply the 4% Rule
   As a general guideline, you can withdraw 4% of your retirement savings per year without running out of money too quickly.

   • Example: If you need $50,000 per year, you’d want about $1.25 million in savings ($50,000 ÷ 0.04).

4. Use Retirement Calculators
   Online retirement calculators let you plug in your personal numbers (age, income, lifestyle goals, expected expenses) for a more tailored estimate.

Bottom Line: Retirement in Connecticut

Most retirees in Connecticut will need around $1.1 million in savings, but your personal target may be higher or lower depending on when you retire and how you want to live. Start by estimating your annual spending, factoring in Social Security and other income, and applying the 4% rule to see if your savings are on track.