📈 Investment & Retirement Calculators Minnesota

Minnesota Retirement Calculator

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

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

Minnesota Quick Facts

9.8% Income Tax Rate

1.12% Property Tax Rate

$77,706 Median Income

96.8 Cost of Living

How This Calculator Works

Calculation methodology and assumptions

Retirement planning for Minnesota. Minnesota taxes retirement income at rates up to 9.85%. Cost of living index: 96.8 (100 = national avg). Desired income is pre-filled based on 80% of Minnesota's median household income, adjusted for local costs. Uses compound growth with 4% safe withdrawal rate.

Key State Information

Retiring in Minnesota: Minnesota taxes retirement income at rates up to 9.85%. Cost of living: 96.8/100. Property tax: 1.12%. Median home: $330,000. Average home insurance: $1,980/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 Minnesota a good state to retire in?

Minnesota's state income tax of up to 9.85% may reduce retirement income significantly. Cost of living is near the national average. Median home price: $330,000.

How much do I need to retire in Minnesota?

Using the 4% rule, to generate $5,180/month (80% of Minnesota median income) you'd need approximately $1,554,120 saved. Adjust up or down based on your lifestyle and housing costs.