How Much Money You Need To Live in 4 Popular Retirement States, Plus Social Security

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Social Security benefits were never meant to provide full retirement income in the United States, and for most retirees, they certainly don’t. The retirement benefit amount you receive starts to really shrink when you stack it up against skyrocketing housing costs, grocery bills and long-term healthcare expenses.

According to the Social Security Administration (SSA), the current national average for Social Security retirement benefit checks is about $2,000 a month. For perspective, the maximum Social Security benefit in 2025 is $5,108 per month if you delay claiming until age 70, and $4,018 per month if you wait until you reach full retirement age, which is between 66 and 67.

Even the states that aren’t particularly expensive require at least some supplementary income to back up your benefits. In most cases, what you get won’t quite cut it for retirees looking to settle down in states like Florida, Arizona, Colorado and Wyoming, which continuously rank among America’s most popular retirement destinations.

Florida

• Average annual cost of living: $79,444

Florida remains the No. 1 retirement destination in America, but high demand can make for high prices. This shouldn’t come as much of a surprise, considering all the white sand beaches, high quality of life and popular retirement cities in the Sunshine State.

However, Floridian living isn’t always affordable living, and retirees often face higher costs in areas like healthcare and housing due to its popularity as a retirement spot. If the average monthly cost of living is around $6,620, and the average Social Security check in Florida is about $2,024, then the amount you’ll need to cover expenses is around $4,596.

Arizona

• Average annual cost of living: $86,167

Thanks to its sun-soaked climate, natural beauty and endless opportunities for easy access to senior-friendly activities, Arizona is also a perennial favorite for America’s retirees. However, at an average monthly cost of living calculated to be over $7,000, you may need to really think about how you will supplement your retirement income. 

Due to increasing temperatures and the resultant high utility bills, keep in mind that your monthly expenses can greatly fluctuate. With the estimated average Social Security check for retired workers in Arizona being approximately $2,119 per month, this means you would need to make up for over $5,000 that your benefits won’t cover.

Colorado 

• Average annual cost of living: $78,826

Whether it’s the mountains, high elevation or recreational options when living a life of leisure, Colorado is often found on lists of popular retirement destinations. For the Rocky Mountain State, the combination of higher property values and outdoor enthusiast opportunities can increase monthly expenses significantly.

Colorado is more expensive than many might assume, as the estimated monthly cost of living can be around $6,568. The average monthly Social Security check for a retiree in Colorado is approximately $2,204, which means you’ll need about $4,364 on top of what you receive from the SSA. 

Wyoming

• Average annual cost of living: $73,802

Wyoming joins Colorado as one of the Mountain West’s most popular retirement destinations. The Equality State has the country’s No. 25 highest living costs, which puts it just at the halfway point for affordability among the other states.

Wyoming presents a unique advantage with its no-state-income-tax policy, leading to lower overall living costs. However, additional monthly supplementation might be in the range of $4,200, considering the monthly cost of living comes in around $6,150 and the average social security benefit check in Wyoming is just $1,950.

Andrew Lisa contributed to the reporting for this article.

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