Free retirement calculator tailored for Minnesota (MN). Calculate instantly with state-specific rates and rules.
Minnesota's high quality of life, excellent healthcare (Mayo Clinic, Allina Health), and strong communities are significant draws. However, the state's income tax rates are among the highest in the nation, and cold winters can increase energy and healthcare costs for retirees.
| Data Point | Value |
|---|---|
| Average Retirement Savings (55-64 age group) | $180,000 |
| Median Household Income | $77,720 |
| Minnesota Tax on Retirement Income | Minnesota taxes Social Security income, though partial exemptions apply for lower and middle-income residents. |
Minnesota taxes Social Security income, though partial exemptions apply for lower and middle-income residents. The subtraction amount phases out for higher earners. Minnesota income tax rates range from 5.35% to 9.85%, making it one of the higher-tax states for retirees.
The average Minnesota household nearing retirement (ages 55-64) has approximately $180,000 in retirement savings. Financial planners commonly recommend having 10-12x your final salary saved by retirement age. For the median Minnesota income of $77,720, that suggests a target of roughly $777,200 to $932,640.
Use CalcuWealth's retirement calculator to model your specific situation — including your expected Social Security, any Minnesota pension, and your investment portfolio — to find your personal retirement number.
Data: US Census Bureau ACS 2023, Zillow (2024), Vanguard How America Saves (2023), NCES. Updated 2024–2025. Figures reflect state averages — consult a licensed financial advisor for personalized guidance.
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