How Much Money Do You Need To Retire in Montana?

We all want a piece of Big Sky Country, but if you plan to retire in Montana, how much do you need?

Everyone's dream of working today is hoping to retire one day. Many of us living in Montana would love a plot of land and a home to enjoy during our older years. Who wouldn't want to live in Montana during retirement? The views are immaculate, and it can be cheap to live here, depending on the location.

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With inflation and rising prices of food and homes, how much do you need to retire in Montana? Is it attainable, or will it be a problem?

If you hope you won't need to break the bank to retire in Montana, you better start saving money.

Go Banking Rates published the Minimum You Need To Retire in Every State, and Montana's number is pretty daunting.

If you plan on retiring in Montana by age 65, you need to save at least a minimum of $713,000, but the average retirement is around $891,000.

Why is Montana's retirement number so high? Over the past few years, we have seen prices skyrocket in Montana. Markets like Bozeman, Missoula, Whitefish, and other high-profile cities and towns have seen single-family homes double or triple in the past five years.

If you own one of these homes, one of the issues they face yearly is how much they pay in property tax. Folks are paying thousands or more on property taxes, and it's becoming a burden on many Montanans.

How's your retirement fund going?

For more details, check out Go Banking Rates.