How much do you need to retire comfortably? It’s a question in the mind of every American who is saving for retirement.
Unfortunately, there’s not a one-size-fits-all answer. Several rules of thumb help you figure out how much to save to retire. But the exact dollar amount you need will depend on various factors — especially where you plan to live in retirement.
That’s because the cost of living varies from state to state. In some places, you can get by on a small nest egg. In others, even $2 million won’t be enough. Your age at retirement also plays a factor.
To pinpoint the average retirement income you would need to live comfortably throughout the U.S., GOBankingRates looked at five factors in all 50 states: an individual’s spending on groceries, healthcare, housing, utilities and transportation. Then, the annual retirement income needed to cover these living expenses was calculated, with an additional 20% to account for the “comfortable” aspect of retirement.
Here’s an alphabetical look at the cost to retire comfortably in every state.
Alabama
- Total expenditures: $50,980
- 20% comfort buffer: $10,196
- Cost of a comfortable retirement annually: $61,176
Alaska
- Total expenditures: $72,390
- 20% comfort buffer: $14,478
- Cost of a comfortable retirement annually: $86,868
Arizona
- Total expenditures: $63,942
- 20% comfort buffer: $12,788
- Cost of a comfortable retirement annually: $76,730
Arkansas
- Total expenditures: $51,211
- 20% comfort buffer: $10,242
- Cost of a comfortable retirement annually: $61,454
California
- Total expenditures: $83,906
- 20% comfort buffer: $16,781
- Cost of a comfortable retirement annually: $100,687
Colorado
- Total expenditures: $58,908
- 20% comfort buffer: $11,782
- Cost of a comfortable retirement annually: $70,689
Connecticut
- Total expenditures: $65,504
- 20% comfort buffer: $13,101
- Cost of a comfortable retirement annually: $78,605
Delaware
- Total expenditures: $58,387
- 20% comfort buffer: $11,677
- Cost of a comfortable retirement annually: $70,064
Florida
- Total expenditures: $59,660
- 20% comfort buffer: $11,932
- Cost of a comfortable retirement annually: $71,592
Georgia
- Total expenditures: $52,832
- 20% comfort buffer: $10,566
- Cost of a comfortable retirement annually: $63,398
Hawaii
- Total expenditures: $107,746
- 20% comfort buffer: $21,549
- Cost of a comfortable retirement annually: $129,296
Idaho
- Total expenditures: $58,503
- 20% comfort buffer: $11,701
- Cost of a comfortable retirement annually: $70,203
Illinois
- Total expenditures: $53,989
- 20% comfort buffer: $10,798
- Cost of a comfortable retirement annually: $64,787
Indiana
- Total expenditures: $52,253
- 20% comfort buffer: $10,451
- Cost of a comfortable retirement annually: $62,704
Iowa
- Total expenditures: $52,137
- 20% comfort buffer: $10,427
- Cost of a comfortable retirement annually: $62,565
Kansas
- Total expenditures: $50,517
- 20% comfort buffer: $10,103
- Cost of a comfortable retirement annually: $60,620
Kentucky
- Total expenditures: $53,584
- 20% comfort buffer: $10,717
- Cost of a comfortable retirement annually: $64,301
Louisiana
- Total expenditures: $53,295
- 20% comfort buffer: $10,659
- Cost of a comfortable retirement annually: $63,954
Maine
- Total expenditures: $64,405
- 20% comfort buffer: $12,881
- Cost of a comfortable retirement annually: $77,286
Maryland
- Total expenditures: $67,240
- 20% comfort buffer: $13,448
- Cost of a comfortable retirement annually: $80,688
Massachusetts
- Total expenditures: $83,501
- 20% comfort buffer: $16,700
- Cost of a comfortable retirement annually: $100,201
Michigan
- Total expenditures: $53,121
- 20% comfort buffer: $10,624
- Cost of a comfortable retirement annually: $63,745
Minnesota
- Total expenditures: $54,857
- 20% comfort buffer: $10,971
- Cost of a comfortable retirement annually: $65,828
Mississippi
- Total expenditures: $51,096
- 20% comfort buffer: $10,219
- Cost of a comfortable retirement annually: $61,315
Missouri
- Total expenditures: $51,211
- 20% comfort buffer: $10,242
- Cost of a comfortable retirement annually: $61,454
Montana
- Total expenditures: $54,741
- 20% comfort buffer: $10,948
- Cost of a comfortable retirement annually: $65,689
Nebraska
- Total expenditures: $54,047
- 20% comfort buffer: $10,809
- Cost of a comfortable retirement annually: $64,856
Nevada
- Total expenditures: $59,428
- 20% comfort buffer: $11,886
- Cost of a comfortable retirement annually: $71,314
New Hampshire
- Total expenditures: $65,736
- 20% comfort buffer: $13,147
- Cost of a comfortable retirement annually: $78,883
New Jersey
- Total expenditures: $65,794
- 20% comfort buffer: $13,159
- Cost of a comfortable retirement annually: $78,952
New Mexico
- Total expenditures: $54,163
- 20% comfort buffer: $10,833
- Cost of a comfortable retirement annually: $64,995
New York
- Total expenditures: $71,233
- 20% comfort buffer: $14,247
- Cost of a comfortable retirement annually: $85,480
North Carolina
- Total expenditures: $56,998
- 20% comfort buffer: $11,400
- Cost of a comfortable retirement annually: $68,398
North Dakota
- Total expenditures: $53,700
- 20% comfort buffer: $10,740
- Cost of a comfortable retirement annually: $64,440
Ohio
- Total expenditures: $54,394
- 20% comfort buffer: $10,879
- Cost of a comfortable retirement annually: $65,273
Oklahoma
- Total expenditures: $49,996
- 20% comfort buffer: $9,999
- Cost of a comfortable retirement annually: $59,995
Oregon
- Total expenditures: $66,025
- 20% comfort buffer: $13,205
- Cost of a comfortable retirement annually: $79,230
Pennsylvania
- Total expenditures: $55,320
- 20% comfort buffer: $11,064
- Cost of a comfortable retirement annually: $66,384
Rhode Island
- Total expenditures: $65,620
- 20% comfort buffer: $13,124
- Cost of a comfortable retirement annually: $78,744
South Carolina
- Total expenditures: $56,477
- 20% comfort buffer: $11,295
- Cost of a comfortable retirement annually: $67,773
South Dakota
- Total expenditures: $54,047
- 20% comfort buffer: $10,809
- Cost of a comfortable retirement annually: $64,856
Tennessee
- Total expenditures: $52,253
- 20% comfort buffer: $10,451
- Cost of a comfortable retirement annually: $62,704
Texas
- Total expenditures: $53,468
- 20% comfort buffer: $10,694
- Cost of a comfortable retirement annually: $64,162
Utah
- Total expenditures: $59,544
- 20% comfort buffer: $11,909
- Cost of a comfortable retirement annually: $71,453
Vermont
- Total expenditures: $66,372
- 20% comfort buffer: $13,274
- Cost of a comfortable retirement annually: $79,647
Virginia
- Total expenditures: $58,618
- 20% comfort buffer: $11,724
- Cost of a comfortable retirement annually: $70,342
Washington
- Total expenditures: $66,604
- 20% comfort buffer: $13,321
- Cost of a comfortable retirement annually: $79,925
West Virginia
- Total expenditures: $48,492
- 20% comfort buffer: $9,698
- Cost of a comfortable retirement annually: $58,190
Wisconsin
- Total expenditures: $56,130
- 20% comfort buffer: $11,226
- Cost of a comfortable retirement annually: $67,356
Wyoming
- Total expenditures: $55,031
- 20% comfort buffer: $11,006
- Cost of a comfortable retirement annually: $66,037
Jordan Rosenfeld and John Csiszar contributed to the reporting for this article.
Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) most recent Consumer Expenditure Survey release for the full year of 2023: (1) annual spending on groceries, defined as “food at home;” (2) annual spending on housing, defined as “shelter;” (3) annual spending on transportation, defined as “gasoline, other fuels and motor oil” AND “other vehicle expenses;” (4) annual spending on healthcare; (5) annual spending on utilities, defined as “utilities, fuels, and public services;” and (6) overall average annual expenditures. Spending estimates were adjusted to the state level by multiplying each cost category by its corresponding cost of living index score in each state, sourced from the Missouri Economic Research and Information Center’s 2024 Q2 cost of living index data. After calculating total consumption expenditures, an additional (7) savings buffer was calculated by assuming that total expenditures consume 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then combined factors (6) and (7) and factored it out by 20 (assuming 20 years of retirement) to give (8) retirement savings needed to live comfortably. All data was collected on and up to date as of Oct. 1, 2024.