GOBankingRates

What a Comfortable Retirement Will Cost You in Each State

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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.

Read: Costco and 23 More Companies With Surprisingly Great 401(k) Plans
See: 10 Myths About Early Retirement

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.

Discover: Most Tax-Friendly States To Retire

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.

Retire Comfortably
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Mississippi

  • Total expenditures: $39,633
  • 20% comfort buffer: $9,908
  • Cost of a comfortable retirement annually: $49,542

Find Out: What Is a Roth IRA?

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Kansas

  • Total expenditures: $41,441
  • 20% comfort buffer: $10,360
  • Cost of a comfortable retirement annually: $51,802

Learn: 30 Reasons It’s Hard To Retire at 65

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Oklahoma

  • Total expenditures: $42,155
  • 20% comfort buffer: $10,539
  • Cost of a comfortable retirement annually: $52,694

Read More: How Long $500K Will Last in Retirement in Each State

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Alabama

  • Total expenditures: $42,250
  • 20% comfort buffer: $10,563
  • Cost of a comfortable retirement annually: $52,813

Read: 50 Things Every 50-Something Should Know About Retirement

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Arkansas

  • Total expenditures: $42,393
  • 20% comfort buffer: $10,598
  • Cost of a comfortable retirement annually: $52,991
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Georgia

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

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

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

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

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

Retire Comfortably
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Iowa

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

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

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

  • Total expenditures: $44,058
  • 20% comfort buffer: $11,015
  • Cost of a comfortable retirement annually: $55,073

Related: 27 Ugly Truths About Retirement

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West Virginia

  • Total expenditures: $44,201
  • 20% comfort buffer: $11,050
  • Cost of a comfortable retirement annually: $55,251
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Louisiana

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

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

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

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

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

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

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

Retire Comfortably
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North Carolina

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

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

Find Out: 25 Ways To Maximize Your Retirement Benefits

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North Dakota

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

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

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

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

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

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

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

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

  • Total expenditures: $49,006
  • 20% comfort buffer: $12,252
  • Cost of a comfortable retirement annually: $61,258

Take Caution: 14 Key Signs You Will Run Out of Money in Retirement

Retire Comfortably
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Colorado

  • Total expenditures: $50,148
  • 20% comfort buffer: $12,537
  • Cost of a comfortable retirement annually: $62,685
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Delaware

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

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

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

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

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

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

See: How Long $500K Will Last in Retirement in Each State

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Vermont

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

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

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

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

Retire Comfortably
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Alaska

  • Total expenditures: $60,092
  • 20% comfort buffer: $15,023
  • Cost of a comfortable retirement annually: $75,115

Stay Close to Home: The Most Affordable Places To Retire Near You

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Oregon

  • Total expenditures: $62,757
  • 20% comfort buffer: $15,689
  • Cost of a comfortable retirement annually: $78,446
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Massachusetts

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

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

  • Total expenditures: $69,418
  • 20% comfort buffer: $17,354
  • Cost of a comfortable retirement annually: $86,772
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District of Columbia

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

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

More From GOBankingRates

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.