If you’re like many Americans, you might be wondering, “How much do I need to retire?” Unfortunately, there’s not a one-size-fits-all answer. There are several rules of thumb to help you figure how much to save to retire. But the exact dollar amount you need will depend on a variety 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.
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: Per capita spending on groceries, healthcare, gas and fuel, housing and utilities and personal consumption expenditures not included in the four other categories. Then, the annual retirement income needed to cover these living expenses was calculated, with an additional 20 percent to account for the “comfortable” aspect of retirement. Note that suggested annual savings don’t include Social Security payouts, potential pension income or interest earned on savings.
51. Mississippi
A comfortable retirement costs: $37,750 a year
Mississippi has the lowest cost of living in the U.S., which is why it requires the least amount of retirement income to live comfortably here. For 20 years in retirement, you would need savings of $755,000. That’s about half as much as you would need to live comfortably in the most expensive place in our rankings.
50. Arkansas
A comfortable retirement costs: $38,896 a year
The annual amount spent on housing and utilities in Arkansas — $4,791 — is slightly lower than in Mississippi, as is annual grocery spending of $2,529. But healthcare and transportation costs are higher, which is why it takes about $1,000 more to live comfortably in Arkansas than Mississippi.
However, the total savings needed for a 20-year retirement still comes in well below $1 million. To know how much to save for retirement in Arkansas, you would need $777,925.
49. Alabama
A comfortable retirement costs: $39,170 a year
Retirees in Alabama can live comfortably on less than $40,000 a year. But that’s still more than the average annual Social Security benefit of $16,428. Nonetheless, thanks to its low cost of living, Mobile, Ala., is one of the best places to live only on a Social Security check.
Over the course of a 20-year retirement, you would need $783,400 in savings to cover the cost of living in Alabama.
48. Oklahoma
A comfortable retirement costs: $41,223 a year
To live comfortably for 20 years in retirement in Oklahoma, you would need savings of $824,450. Oklahoma retirees benefit most from low grocery costs. The state has the lowest annual spending on groceries — just $2,327. However, the average spent on gas and fuel — $1,186 — is higher than in most states.
47. South Carolina
A comfortable retirement costs: $41,583 a year
Low healthcare costs are one of the big financial benefits of retiring in South Carolina. The state’s average annual spending on healthcare — $5,633 — is among the lowest in the U.S. Plus, the average cost of senior care in South Carolina is lower than in most states, according to a separate GOBankingRates study.
Combined with other expenses, you would need a total of $831,650 in retirement savings to live comfortably for 20 years.
46. Kentucky
A comfortable retirement costs: $41,610 a year
As long as you don’t blow all of your money betting on the Kentucky Derby, you’ll need $832,200 in savings for a 20-year comfortable retirement in the Bluegrass State. In particular, Kentucky residents benefit from low housing costs. The average spent annually on housing and utilities is just $5,311 — the sixth lowest in our rankings.
45. Idaho
A comfortable retirement costs: $42,066 a year
The low cost of living in Idaho makes it possible to retire comfortably here with savings of $841,325. Not everything is incredibly cheap here, though. The average annual spending on groceries, at $2,934, is higher in Idaho than in the majority of states. Fortunately, there are lots of ways to save hundreds on groceries. So retirees can take steps to keep down this cost.
44. North Carolina
A comfortable retirement costs: $42,224 a year
Low healthcare costs help keep North Carolina among the 10 cheapest places to have a comfortable retirement. The average annual spending on healthcare in North Carolina — $5,690 — is the seventh lowest in our rankings.
To cover living expenses for 20 years in retirement in North Carolina, you would need savings of $844,475.
43. Louisiana
A comfortable retirement costs: $42,726 a year
Although annual spending on gas and healthcare in Louisiana doesn’t rank among the lowest, affordable housing costs help make the state one of the 10 places where it costs the least to have a comfortable retirement. Annual spending on housing and utilities is just $5,615.
The total you’ll need saved to live comfortably for 20 years in retirement is Louisiana is $854,525.
42. Tennessee
A comfortable retirement costs: $42,774 a year
You’ll need savings of $855,475 to live comfortably in retirement in Tennessee. It’s one of the states where $1 million will last longest in retirement.
41. West Virginia
A comfortable retirement costs: $43,023 a year
Retirees can benefit from low housing costs in West Virginia. The state’s annual spending on housing and utilities — $4,872 — is the second lowest in the U.S.
However, annual healthcare spending of $7,431 is higher than in the majority of states. The total savings needed to live comfortably in retirement for 20 years in West Virginia is $860,450. Unfortunately, West Virginia is one of the worst states to retire rich — which might make it hard for retirees to have enough in savings.
40. Arizona
A comfortable retirement costs: $43,225 a year
If you’re looking for a retirement spot that offers warm weather and sunny days, you’ll find it in Arizona. Fortunately, it’s also among the 15 states where it costs the least to retire comfortably. You’ll need $864,500 in savings to get you through 20 years of retirement here.
Housing costs are higher here than in the other top 15 cheapest places. But Arizona has the third-lowest annual healthcare spending — $5,275.
39. Georgia
A comfortable retirement costs: $43,321 a year
Although housing costs are lower in Georgia than in Arizona, spending on healthcare, groceries and gas is higher in the Peach State. Still, the annual retirement income needed to live comfortably in Georgia comes in under $50,000. And the amount of savings needed to sustain a 20-year retirement is $866,425.
38. Utah
A comfortable retirement costs: $43,893 a year
How much do you need to retire in Utah? You can live comfortably for 20 years on savings of $877,850.
Retirees will benefit from low grocery and healthcare costs in Utah. The state has both the second-lowest annual grocery spending — $2,487 — and healthcare spending — $5,201 — in our rankings.
37. Indiana
A comfortable retirement costs: $44,541 a year
Low grocery and housing costs help make it easy to have a comfortable retirement in Indiana for less than $50,000 a year. However, retirees need to watch out for gas and healthcare costs that are higher than in more than half of the other states. Over 20 years, you’ll need $890,825 in savings to cover all living expenses and have a buffer.
36. New Mexico
A comfortable retirement costs: $44,624 a year
You’ll need $829,475 in savings to live comfortably in retirement for 20 years in the Land of Enchantment. Overall, the cost of living is relatively low in New Mexico. But the state has the 10th-highest annual spending on gas and fuel — $1,198.
35. Kansas
A comfortable retirement costs: $44,980 a year
Kansas is one of the states where you’re least likely to live paycheck to paycheck — which might leave residents more room in their budget to save for retirement. Fortunately, Kansas retirees can live comfortably for less than $50,000 a year. So they’ll need $899,600 in savings for 20 years in retirement.
34. Nevada
A comfortable retirement costs: $45,221 a year
It takes savings of $904,425 to have a comfortable 20-year retirement in Nevada. The state actually has the lowest annual healthcare spending — $5,153. Annual spending on gas and fuel in Nevada also ranks among the 10 lowest. But housing costs that are higher than in more than half of the states prevent Nevada from being one of the states where it costs the least to retire comfortably.
33. Texas
A comfortable retirement costs: $45,671 a year
You can live comfortably on a retirement income of less than $50,000 a year in Texas, and would need savings of $913,425 to cover costs for 20 years. However, in some places across the state, you can live on a lot less. Texas is home to several of the best cities to retire on a budget of $1,000 a month thanks to a low cost of living, another GOBankingRates study found.
32. Iowa
A comfortable retirement costs: $46,256 a year
Iowa ranks among the bottom half of states for healthcare spending. And annual spending per capita on housing and utilities in the state — $5,656 — is the 11th lowest in our rankings.
However, Iowa is among the top half of states for grocery spending and has the seventh-highest annual spending on gas and fuel. As a result, it would take $925,125 in savings to live comfortably in retirement for 20 years in Iowa.
31. Ohio
A comfortable retirement costs: $46,811 a year
Housing and grocery costs are lower in Ohio than in the majority of states, which helps make it possible to live comfortably in retirement on less than $50,000 a year. However, Ohio ranks among the top half of states for healthcare spending. So you would need $936,225 in savings for a 20-year comfortable retirement in Ohio.
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30. Missouri
A comfortable retirement costs: $46,908 a year
Missouri has the ninth-lowest annual grocery spending — $2,680. And spending on housing and utilities is lower here than in more than half of the states. However, gas and healthcare expenses are higher than in the majority of states. To live comfortably for 20 years, you would need $938,150 in retirement savings.
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29. Florida
A comfortable retirement costs: $48,305 a year
Although Florida isn’t among the states where a comfortable retirement costs the least, it’s one of seven states with no income tax — which means residents can hang onto more of their money. One of the best cities for retirement in this income-tax-free state is Tampa, according to another GOBankingRates study. It’s one of the top U.S. cities where your retirement nest egg stretches furthest.
28. Wisconsin
A comfortable retirement costs: $48,485 a year
Wisconsin ranks near the middle of states for the retirement income needed to live comfortably. Annual spending on housing in Wisconsin — $6,363 — is lower than in half of the states. But Wisconsin’s spending for groceries, healthcare and gas ranks among the top half of states. As a result, you would need $969,700 in retirement savings to live comfortably for 20 years in Wisconsin.
27. Nebraska
A comfortable retirement costs: $48,713 a year
Relatively low housing costs make it possible to live on a retirement income of less than $50,000 a year in Nebraska. Other expenses in the state aren’t as low. In fact, Nebraska has the sixth-highest annual spending on gas — $1,414.
To live comfortably in retirement for 20 years in Nebraska, you would need $974,250 in savings.
26. Michigan
A comfortable retirement costs: $49,165 a year
Michigan doesn’t have any astronomically high living expenses. But it doesn’t have any that are particularly low, which is why it ranks among the middle of states. You’ll need $983,300 in savings to cover expenses for 20 years in this state.
25. South Dakota
A comfortable retirement costs: $49,344 a year
South Dakota is another one of the seven states with no income tax. Although residents can hang onto more of their retirement income, it takes more money to retire comfortably here than in half of the states. Because of South Dakota has some of the highest healthcare and gas costs in the nation, you would need $986,875 in savings to generate enough retirement income for 20 years.
24. Oregon
A comfortable retirement costs: $49,678 a year
You can get by on less than $50,000 of retirement income annually in Oregon — but just barely. It has the ninth-highest grocery spending, and annual housing spending of $7,511 is higher than in the majority of states. However, Oregon has the ninth-lowest spending on gas and fuel. To cover all expenses and live comfortably, you’d need $993,550 in savings for 20 years in retirement.
23. Wyoming
A comfortable retirement costs: $50,409 a year
Wyoming is the first state in our rankings that requires more than $50,000 in annual retirement income to live comfortably and more than $1 million in retirement savings. It has the second-highest annual spending on gas and fuel. And Wyoming’s grocery spending ranks among the top 10 highest.
However, at $5,756, Wyoming has the eighth-lowest annual spending on healthcare in our rankings.
22. Pennsylvania
A comfortable retirement costs: $51,108 a year
Pennsylvania ranks near the middle of states for grocery, gas and housing costs. However, healthcare costs that are higher than in the majority of states pull Pennsylvania down slightly in our overall rankings. As a result, it takes savings of $1,022,150 to live comfortably in retirement for 20 years in Pennsylvania.
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21. Montana
A comfortable retirement costs: $51,505 a year
Montana ranks among the middle of states for spending on healthcare and housing. However, retirees might feel the pinch of grocery and gas costs on their wallets. That’s because Montana has the eighth-highest grocery spending and gas spending per capita. To cover all living expenses, you’d need $1.03 million for 20 years of retirement.
20. Virginia
A comfortable retirement costs: $52,040 a year
Healthcare spending and gas spending in Virginia is lower than in the majority of states. Grocery spending, though, is higher than in more than half of the other states. What really drags Virginia down in our rankings, though, is the high cost of housing. Spending on housing and utilities per capita is the ninth highest in the U.S. As a result, you’d need more than $50,000 in annual retirement income and $1.04 million to cover expenses for 20 years in retirement in Virginia.
19. Illinois
A comfortable retirement costs: $52,215 a year
Although it takes more money to live comfortably in retirement in Illinois than in more than half of the other states, not all living expenses are high here. In fact, Illinois has the sixth-lowest grocery spending and gas spending per capita. Plus, it ranks in the bottom half of states for healthcare spending. But housing costs are higher than in the majority of states.
To live comfortably in retirement for 20 years, you would need $1.04 million in Illinois.
18. California
A comfortable retirement costs: $52,284 a year
You might be surprised that California isn’t one of the top 10 states where it costs the most to have a comfortable retirement, given the high cost of living in the state. Of course, $1.05 million in savings might not be enough for a 20-year retirement in some parts of the state.
17. Rhode Island
A comfortable retirement costs: $53,068 a year
In Rhode Island, $1 million in savings won’t even last you 20 years in retirement. To cover the cost of living here, you’d need $1.06 million for a 20-year retirement. High housing and healthcare spending are a big reason why it takes more retirement income to live comfortably in Rhode Island.
16. Colorado
A comfortable retirement costs: $53,310 a year
Although it’s not one of the cheapest places to retire, Colorado has the eighth-lowest gas spending and 13th-lowest healthcare spending in our rankings. However, you would need retirement savings of $1.07 million to cover the high cost of housing. Colorado has the 10th-highest spending on housing and utilities.
15. Delaware
A comfortable retirement costs: $53,585 a year
You need $1.07 million in savings to live comfortably in retirement for 20 years in Delaware. High housing costs are a factor — as well as healthcare spending, which is the fourth highest in our ranking.
14. Washington
A comfortable retirement costs: $53,653 a year
Grocery and housing costs are higher in Washington than in the majority of states, which is why it takes savings of $1.07 million to live comfortably in retirement here for 20 years. However, low gas costs help soften the blow of these high expenses. Washington has the fifth-lowest spending on gas and fuel in our rankings — just $651 annually.
13. Maine
A comfortable retirement costs: $53,776 a year
The annual spending for housing in Maine is about $2,000 less than in Washington. But it still takes more retirement income to live comfortably in Maine because other living expenses are higher — especially gas spending, which is $1,452 annually.
And Maine has the fourth-highest grocery costs in our rankings. To cover all expenses for a 20-year retirement here, you would need $1.08 million in savings.
12. Minnesota
A comfortable retirement costs: $54,913 a year
All living expenses we examined are higher in Minnesota than in the majority of states. Healthcare costs are especially high. At $7,816, Minnesota has the 10th-highest annual healthcare spending per capita. To cover costs in Minnesota for 20 years in retirement, you’d need just under $1.1 million.
11. Maryland
A comfortable retirement costs: $55,935 a year
Another GOBankingRates’ study found that Maryland is one of the best states to retire rich. That’s a good thing for retirees because they’ll need more income to live comfortably than residents of most other states. High housing costs are a big reason. Maryland has the third-highest annual spending on housing per capita — $9,738.
To have enough to cover living expenses for 20 years in retirement in Maryland, you would need $1.1 million.
10. Hawaii
A comfortable retirement costs: $56,404 a year
The cost of living is high in Hawaii, but it’s not the place where it costs the most to live comfortably because some expenses actually are lower here than in other states. In fact, Hawaii has the lowest annual spending on gas and fuel per capita — $522.
Annual healthcare spending is lower here than in almost half of the other states. To live comfortably in retirement for 20 years in Hawaii, it would take $1.13 million.
9. New York
A comfortable retirement costs: $58,633 a year
Parts of New York are notoriously expensive places to live. So it should come as no surprise that you would need to have $1.17 million to cover living expenses for 20 years in retirement here.
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8. Vermont
A comfortable retirement costs: $59,560 a year
Vermont has the second-highest annual grocery spending per capita in our rankings — $4,210. It has the fourth-highest spending on gas and fuel and the eighth-highest annual healthcare spending. And housing costs are higher here than in the majority of states. So it’s no wonder you’d need $1.19 million to cover expenses over a 20-year retirement.
7. North Dakota
A comfortable retirement costs: $60,281 a year
The only expense in North Dakota that isn’t among the highest in the U.S. is housing. Spending on groceries, healthcare and gas is higher here than in the majority of states. In fact, North Dakota has the highest annual spending per capita on gas and fuel — $2,346.
As a result, it’s one of seven states where it takes more than $60,000 a year to live comfortably. Over 20 years in retirement, you would need $1.2 million.
6. Connecticut
A comfortable retirement costs: $60,621 a year
Not all living expenses in Connecticut rank near the top in the nation. Spending on housing, groceries and healthcare do. But annual spending per capita on gas and fuel in Connecticut is lower than in more than half of the states. However, you’ll still need about $1.2 million to cover living expenses for 20 years in retirement here.
5. New Hampshire
A comfortable retirement costs: $61,013 a year
New Hampshire is one of the best states for families to live a richer life, another GOBankingRates study found. However, it’s far from being the cheapest place to retire. Cost of living expenses are high across the board in this state. That’s why you’ll need $1.22 million to cover expenses over 20 years in retirement here.
4. New Jersey
A comfortable retirement costs: $61,215 a year
High housing costs make New Jersey one of the states where it costs most to live a comfortable retirement. Annual per capita spending on housing and utilities here is the second highest in the U.S — $9,846.
3. Alaska
A comfortable retirement costs: $61,934 a year
Bundle up and build your retirement savings if you want to retire in Alaska. You’ll need $1.238 million to cover living costs over 20 years.
2. Massachusetts
A comfortable retirement costs: $64,976 a year
Massachusetts is the state where it costs the most to live a comfortable retirement. That’s because the No. 1 spot isn’t a state.
Annual spending on groceries, healthcare and housing in Massachusetts is near the top in the nation. Only gas spending is lower here than in more than half of the states. To cover all of these expenses, you’d need just under $1.3 million over 20 years in retirement.
1. District of Columbia
A comfortable retirement costs: $71,054 a year
If you want to know how much money you need to retire in Washington, D.C., the answer is “A lot.” To be more precise, you’d need to save $1.42 million to cover living expenses for 20 years in retirement.
Per capita spending on groceries, healthcare and housing is higher in the nation’s capital than in any state. It’s also one of many places where healthcare spending per capita is higher than spending for housing. Retirees would likely need to use strategies to make healthcare more affordable.
Where a Comfortable Retirement Costs the Least and Most
The five states where a comfortable retirement costs the least are all in the southeast, where living costs are particularly low. The surprising results from this study relate to a place that didn’t make the top five states where a comfortable retirement costs the most — Hawaii. The Aloha state might be the most expensive state in America, but per-capita spending in Hawaii is lower than other states.
Click through to see the cities where your retirement nest egg will stretch the furthest.
More on Retirement Planning
Methodology: GOBankingRates sourced 2016 data, the most recent data available, on five consumption expenditures by state from the U.S. Bureau of Labor Statistics: 1) per capita grocery spending; 2) per capita healthcare spending; 3) per capita gas and fuel spending; 4) per capita housing and utilities spending; 5) per capita personal consumption expenditures not included in the four other categories. This study calculated the annual retirement income necessary to cover these personal consumption expenditures and have an additional 20 percent in income to cover other expenses. Suggested annual savings don’t include Social Security payouts, potential pension income or interest earned on savings. All data and analyses included in this article are accurate at the time this study was conducted in December 2017.