📈 Investment & Retirement Calculators Michigan

Michigan Retirement Calculator

Plan your retirement in Michigan. Factor in lower cost of living and state income tax. Free calculator.

Free — No Sign-up Verified Data Editorially Reviewed Updated Feb 2026

Michigan Quick Facts

4.3% Income Tax Rate

1.54% Property Tax Rate

$63,202 Median Income

91.4 Cost of Living

How This Calculator Works

Calculation methodology and assumptions

Retirement planning for Michigan. Michigan has a flat 4.25% state income tax on retirement income. Cost of living index: 91.4 (100 = national avg). Desired income is pre-filled based on 80% of Michigan's median household income, adjusted for local costs. Uses compound growth with 4% safe withdrawal rate.

Key State Information

Retiring in Michigan: Michigan has a flat 4.25% state income tax on retirement income. Cost of living: 91.4/100. Property tax: 1.54%. Median home: $235,000. Average home insurance: $1,820/yr.

Standard financial formulas Pre-filled with real state data Estimates only — not financial advice

Data Source

Census Bureau, Tax Foundation, SSA

View Original Source | Verified 2024-12-01 | Updated annually

Frequently Asked Questions

Is Michigan a good state to retire in?

Michigan's state income tax of up to 4.25% may reduce retirement income significantly. Cost of living is near the national average. Median home price: $235,000.

How much do I need to retire in Michigan?

Using the 4% rule, to generate $4,213/month (80% of Michigan median income) you'd need approximately $1,264,040 saved. Adjust up or down based on your lifestyle and housing costs.