Massachusetts residents, listen up. If you have grand designs of retiring early, you better stop spending and start saving RIGHT NOW. When I say "stop spending", I mean that literally. Do not spend another red cent. You're going to need it.

I hate to be the bearer of bad news, Massachusetts friends and neighbors, but it's now official. If you live in the Commonwealth, you're going to need to be a millionaire if you want to retire early.

First of all, retiring early? Heck, I work in radio. That means no retirement for me. As the late singer/songwriter Warren Zevon observed, "I'll sleep when I'm dead." And that will be me, working until I drop.

Recently, GOBankingRates conducted a study to determine the savings needed to retire by 50 in every state in the country. The numbers are kind of scary. Hey, if you can retire by 50, congratulations are in order. You did something right.

For the majority of Massachusetts, though, it's looking like an impossible task. GOBankingRates crunched the cost of living numbers for every state to come up with the results.

As I stated, the numbers for the Bay State are a little scary. In fact, there are only two states that placed higher than Massachusetts in the study. Those states are California and Hawaii.

WUPE logo
Get our free mobile app

Without further ado, here are the Top 10 States Where You'll Need the Most Money to Retire Early, according to GOBankingRates:

  1. Hawaii ($3,235,126)
  2. California ($2,737,299)
  3. Massachusetts ($2,395,089)
  4. Washington ($2,282,417)
  5. Colorado ($2,070,176)
  6. New Jersey ($2,053,695)
  7. New Hampshire ($2,039,958)
  8. Oregon ($2,018,729)
  9. Utah ($1,983,235)
  10. Alaska ($1,941,503)

I don't know about you, but that number for Massachusetts is certainly scary to me. Almost 2.4 MILLION?? Outside of winning BIG in the Massachusetts State Lottery, that's a goal I will NEVER achieve.

It's a very interesting study. Check it out if you've got the time. Just visit GOBankingRates' website here for cool data, stats, and facts.

LOOK: The 25 least expensive states to live in

Here are the top 25 states with the lowest cost of living in 2022, using data Stacker culled from the Council for Community and Economic Research.

Gallery Credit: Aubrey Jane McClaine

25 richest families in America

To find out which clans hold the most wealth, Stacker compiled a list of the 25 richest families in America using 2020 data from Forbes.

Gallery Credit: Taylor Johnson

LOOK: Here's where people in every state are moving to most

Stacker analyzed the Census Bureau's 2019 American Community Survey data to determine the three most popular destinations for people moving out of each state.

Gallery Credit: Amanda Silvestri

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.

Gallery Credit: Meagan Drillinger

More From WUPE