What a Comfortable Retirement Will Cost You in Each State
See how much a year of retirement will cost in your state.
How much do you need to retire comfortably? It’s a question in the mind of every American saving for retirement. Unfortunately, there’s not a one-size-fits-all answer. There are several rules of thumb to help you figure out how much to save to retire. But the exact dollar amount you need will depend on a variety of 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 even a small nest egg, while in others, even $2 million won’t be enough. Your age at retirement also plays a factor.
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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 and the District of Columbia: 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. The states are ranked from least to most expensive.
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It should be noted that the suggested annual savings don’t include Social Security payouts, potential pension income or interest earned on savings.
Find out exactly how much you’ll need to retire comfortably in your state.

Mississippi
- Total expenditures: $39,633
- 20% comfort buffer: $9,908
- Cost of a comfortable retirement annually: $49,542
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Kansas
- Total expenditures: $41,441
- 20% comfort buffer: $10,360
- Cost of a comfortable retirement annually: $51,802

Oklahoma
- Total expenditures: $42,155
- 20% comfort buffer: $10,539
- Cost of a comfortable retirement annually: $52,694
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Alabama
- Total expenditures: $42,250
- 20% comfort buffer: $10,563
- Cost of a comfortable retirement annually: $52,813
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Arkansas
- Total expenditures: $42,393
- 20% comfort buffer: $10,598
- Cost of a comfortable retirement annually: $52,991

Georgia
- Total expenditures: $42,536
- 20% comfort buffer: $10,634
- Cost of a comfortable retirement annually: $53,170

Tennessee
- Total expenditures: $42,631
- 20% comfort buffer: $10,658
- Cost of a comfortable retirement annually: $53,288

Missouri
- Total expenditures: $42,869
- 20% comfort buffer: $10,717
- Cost of a comfortable retirement annually: $53,586

New Mexico
- Total expenditures: $43,202
- 20% comfort buffer: $10,800
- Cost of a comfortable retirement annually: $54,002

Indiana
- Total expenditures: $43,297
- 20% comfort buffer: $10,824
- Cost of a comfortable retirement annually: $54,121

Iowa
- Total expenditures: $43,344
- 20% comfort buffer: $10,836
- Cost of a comfortable retirement annually: $54,181

Michigan
- Total expenditures: $43,487
- 20% comfort buffer: $10,872
- Cost of a comfortable retirement annually: $54,359

Ohio
- Total expenditures: $43,773
- 20% comfort buffer: $10,943
- Cost of a comfortable retirement annually: $54,716

Texas
- Total expenditures: $44,058
- 20% comfort buffer: $11,015
- Cost of a comfortable retirement annually: $55,073
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West Virginia
- Total expenditures: $44,201
- 20% comfort buffer: $11,050
- Cost of a comfortable retirement annually: $55,251

Louisiana
- Total expenditures: $44,439
- 20% comfort buffer: $11,110
- Cost of a comfortable retirement annually: $55,548

Kentucky
- Total expenditures: $44,677
- 20% comfort buffer: $11,169
- Cost of a comfortable retirement annually: $55,846

Nebraska
- Total expenditures: $44,677
- 20% comfort buffer: $11,169
- Cost of a comfortable retirement annually: $55,846

Idaho
- Total expenditures: $45,105
- 20% comfort buffer: $11,276
- Cost of a comfortable retirement annually: $56,381

Illinois
- Total expenditures: $45,390
- 20% comfort buffer: $11,348
- Cost of a comfortable retirement annually: $56,738

Wyoming
- Total expenditures: $45,438
- 20% comfort buffer: $11,359
- Cost of a comfortable retirement annually: $56,797

South Carolina
- Total expenditures: $45,866
- 20% comfort buffer: $11,467
- Cost of a comfortable retirement annually: $57,333

North Carolina
- Total expenditures: $45,914
- 20% comfort buffer: $11,478
- Cost of a comfortable retirement annually: $57,392

Wisconsin
- Total expenditures: $46,152
- 20% comfort buffer: $11,538
- Cost of a comfortable retirement annually: $57,690

North Dakota
- Total expenditures: $46,437
- 20% comfort buffer: $11,609
- Cost of a comfortable retirement annually: $58,046

Utah
- Total expenditures: $46,913
- 20% comfort buffer: $11,728
- Cost of a comfortable retirement annually: $58,641

South Dakota
- Total expenditures: $47,103
- 20% comfort buffer: $11,776
- Cost of a comfortable retirement annually: $58,879

Montana
- Total expenditures: $47,722
- 20% comfort buffer: $11,930
- Cost of a comfortable retirement annually: $59,652

Florida
- Total expenditures: $48,055
- 20% comfort buffer: $12,014
- Cost of a comfortable retirement annually: $60,068

Minnesota
- Total expenditures: $48,150
- 20% comfort buffer: $12,037
- Cost of a comfortable retirement annually: $60,187

Virginia
- Total expenditures: $48,198
- 20% comfort buffer: $12,049
- Cost of a comfortable retirement annually: $60,247

Arizona
- Total expenditures: $48,721
- 20% comfort buffer: $12,180
- Cost of a comfortable retirement annually: $60,901

Pennsylvania
- Total expenditures: $49,006
- 20% comfort buffer: $12,252
- Cost of a comfortable retirement annually: $61,258
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Colorado
- Total expenditures: $50,148
- 20% comfort buffer: $12,537
- Cost of a comfortable retirement annually: $62,685

Delaware
- Total expenditures: $51,385
- 20% comfort buffer: $12,846
- Cost of a comfortable retirement annually: $64,232

Nevada
- Total expenditures: $51,433
- 20% comfort buffer: $12,858
- Cost of a comfortable retirement annually: $64,291

New Hampshire
- Total expenditures: $52,099
- 20% comfort buffer: $13,025
- Cost of a comfortable retirement annually: $65,124

Washington
- Total expenditures: $53,622
- 20% comfort buffer: $13,405
- Cost of a comfortable retirement annually: $67,027

New Jersey
- Total expenditures: $54,954
- 20% comfort buffer: $13,738
- Cost of a comfortable retirement annually: $68,692

Maine
- Total expenditures: $55,430
- 20% comfort buffer: $13,857
- Cost of a comfortable retirement annually: $69,287

Vermont
- Total expenditures: $55,572
- 20% comfort buffer: $13,893
- Cost of a comfortable retirement annually: $69,465

Rhode Island
- Total expenditures: $56,714
- 20% comfort buffer: $14,179
- Cost of a comfortable retirement annually: $70,893

Connecticut
- Total expenditures: $58,189
- 20% comfort buffer: $14,547
- Cost of a comfortable retirement annually: $72,736

Maryland
- Total expenditures: $59,712
- 20% comfort buffer: $14,928
- Cost of a comfortable retirement annually: $74,640

Alaska
- Total expenditures: $60,092
- 20% comfort buffer: $15,023
- Cost of a comfortable retirement annually: $75,115
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Oregon
- Total expenditures: $62,757
- 20% comfort buffer: $15,689
- Cost of a comfortable retirement annually: $78,446

Massachusetts
- Total expenditures: $63,042
- 20% comfort buffer: $15,761
- Cost of a comfortable retirement annually: $78,803

California
- Total expenditures: $66,087
- 20% comfort buffer: $16,522
- Cost of a comfortable retirement annually: $82,609

New York
- Total expenditures: $69,418
- 20% comfort buffer: $17,354
- Cost of a comfortable retirement annually: $86,772

District of Columbia
- Total expenditures: $74,461
- 20% comfort buffer: $18,615
- Cost of a comfortable retirement annually: $93,076

Hawaii
- Total expenditures: $74,461
- 20% comfort buffer: $18,615
- Cost of a comfortable retirement annually: $93,076
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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 2020: (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 2021 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 Nov. 3, 2021.
About the Author
Jordan Rosenfeld
Jordan Rosenfeld is a freelance writer and author of nine books. She holds a B.A. from Sonoma State University and an MFA from Bennington College. Her articles and essays about finances and other topics has appeared in a wide range of publications and clients, including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for numerous business clients. As someone who had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and live a better quality of life.