If you plan on staying in New York when you retire, you're going to need a decent amount of money in the bank. According to WalletHub, New York tops the list of most expensive states to retire in.

WalletHub’s research shows $1 million in retirement savings would cover your living costs for only about 14 years.

New Jersey ranks second on the list and Vermont comes in at number three.

If you're looking for a cheaper option, you might want to head down south.

Alabama is named the most affordable.