The Cost To Retire Comfortably in Every State by Age

Retiring early seems to be on everyone’s minds these days.

The growing popularity of the so-called FIRE movement — short for financial independence, retire early — is a testament to how much everyone seems to be craving a chance to stop working, and enjoy a more leisurely pace. While true early retirement, say in your 40s or 50s might not be possible, in many U.S. states, what most people would call an “early” retirement-around 60-is within reach. 

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GOBankingRates looked at the cost of a comfortable retirement in each of the respective states, using data from the Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey 2021 to determine essential expenses, and each state’s itemized cost of living index, sourced from the Missouri Economic Research and Information Center’s 2022 annual cost of living indices.

After calculating total necessities’ expenditures, an additional savings buffer was calculated by assuming that total expenditures covers 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. 

Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash. Check out when you can expect to retire, based on your state of residence.

• Annual cost of a comfortable retirement: $51,109
• Retirement savings needed at 60: $1,022,174
• Retirement savings needed at 70: $511,087

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• Annual cost of a comfortable retirement: $80,117
• Retirement savings needed at 60: $1,602,331
• Retirement savings needed at 70: $801,165

• Annual cost of a comfortable retirement: $63,754
• Retirement savings needed at 60: $1,275,070
• Retirement savings needed at 70: $637,535

• Annual cost of a comfortable retirement: $51,237
• Retirement savings needed at 60: $1,024,737
• Retirement savings needed at 70: $512,368

• Annual cost of a comfortable retirement: $86,515
• Retirement savings needed at 60: $1,730,293
• Retirement savings needed at 70: $865,146

• Annual cost of a comfortable retirement: $62,446
• Retirement savings needed at 60: $1,248,914
• Retirement savings needed at 70: $624,457

• Annual cost of a comfortable retirement: $69,298
• Retirement savings needed at 60: $1,385,968
• Retirement savings needed at 70: $692,984

• Annual cost of a comfortable retirement: $62,908
• Retirement savings needed at 60: $1,258,156
• Retirement savings needed at 70: $629,078

• Annual cost of a comfortable retirement: $61,743
• Retirement savings needed at 60: $1,234,862
• Retirement savings needed at 70: $617,431

• Annual cost of a comfortable retirement: $51,965
• Retirement savings needed at 60: $1,039,291
• Retirement savings needed at 70: $519,645

• Annual cost of a comfortable retirement: $116,635
• Retirement savings needed at 60: $2,332,697
• Retirement savings needed at 70: $1,166,349

• Annual cost of a comfortable retirement: $59,083
• Retirement savings needed at 60: $1,181,657
• Retirement savings needed at 70: $590,828

• Annual cost of a comfortable retirement: $55,680
• Retirement savings needed at 60: $1,113,606
• Retirement savings needed at 70: $556,803

• Annual cost of a comfortable retirement: $53,803
• Retirement savings needed at 60: $1,076,061
• Retirement savings needed at 70: $538,031

• Annual cost of a comfortable retirement: $53,072
• Retirement savings needed at 60: $1,061,435
• Retirement savings needed at 70: $530,717

• Annual cost of a comfortable retirement: $52,844
• Retirement savings needed at 60: $1,056,881
• Retirement savings needed at 70: $528,440

• Annual cost of a comfortable retirement: $52,536
• Retirement savings needed at 60: $1,050,727
• Retirement savings needed at 70: $525,364

• Annual cost of a comfortable retirement: $55,703
• Retirement savings needed at 60: $1,114,054
• Retirement savings needed at 70: $557,027

• Annual cost of a comfortable retirement: $73,247
• Retirement savings needed at 60: $1,464,942
• Retirement savings needed at 70: $732,471

• Annual cost of a comfortable retirement: $73,247
• Retirement savings needed at 60: $1,464,942
• Retirement savings needed at 70: $732,471

• Annual cost of a comfortable retirement: $93,888
• Retirement savings needed at 60: $1,877,759
• Retirement savings needed at 70: $938,880

• Annual cost of a comfortable retirement: $54,650
• Retirement savings needed at 60: $1,092,996
• Retirement savings needed at 70: $546,498

• Annual cost of a comfortable retirement: $58,229
• Retirement savings needed at 60: $1,164,579
• Retirement savings needed at 70: $582,289

• Annual cost of a comfortable retirement: $50,569
• Retirement savings needed at 60: $1,011,389
• Retirement savings needed at 70: $505,694

• Annual cost of a comfortable retirement: $53,123
• Retirement savings needed at 60: $1,062,468
• Retirement savings needed at 70: $531,234

• Annual cost of a comfortable retirement: $62,532
• Retirement savings needed at 60: $1,250,645
• Retirement savings needed at 70: $625,322

• Annual cost of a comfortable retirement: $55,487
• Retirement savings needed at 60: $1,109,735
• Retirement savings needed at 70: $554,867

• Annual cost of a comfortable retirement: $63,791
• Retirement savings needed at 60: $1,275,828
• Retirement savings needed at 70: $637,914

• Annual cost of a comfortable retirement: $68,366
• Retirement savings needed at 60: $1,367,312
• Retirement savings needed at 70: $683,656

• Annual cost of a comfortable retirement: $67,528
• Retirement savings needed at 60: $1,350,552
• Retirement savings needed at 70: $675,276

• Annual cost of a comfortable retirement: $56,536
• Retirement savings needed at 60: $1,130,728
• Retirement savings needed at 70: $565,364

• Annual cost of a comfortable retirement: $81,765
• Retirement savings needed at 60: $1,635,297
• Retirement savings needed at 70: $577,641

• Annual cost of a comfortable retirement: $57,764
• Retirement savings needed at 60: $1,155,282
• Retirement savings needed at 70: $577,641

• Annual cost of a comfortable retirement: $59,916
• Retirement savings needed at 60: $1,198,323
• Retirement savings needed at 70: $599,161

• Annual cost of a comfortable retirement: $53,583
• Retirement savings needed at 60: $1,071,665
• Retirement savings needed at 70: $535,832

• Annual cost of a comfortable retirement: $50,750
• Retirement savings needed at 60: $1,015,009
• Retirement savings needed at 70: $507,504

• Annual cost of a comfortable retirement: $74,229
• Retirement savings needed at 60: $1,484,577
• Retirement savings needed at 70: $742,289

• Annual cost of a comfortable retirement: $58,395
• Retirement savings needed at 60: $1,167,902
• Retirement savings needed at 70: $583,951

• Annual cost of a comfortable retirement: $66,637
• Retirement savings needed at 60: $1,332,740
• Retirement savings needed at 70: $666,370

• Annual cost of a comfortable retirement: $55,575
• Retirement savings needed at 60: $1,111,491
• Retirement savings needed at 70: $555,746

• Annual cost of a comfortable retirement: $56,597
• Retirement savings needed at 60: $1,131,936
• Retirement savings needed at 70: $565,968

• Annual cost of a comfortable retirement: $52,885
• Retirement savings needed at 60: $1,057,697
• Retirement savings needed at 70: $528,849

• Annual cost of a comfortable retirement: $54,682
• Retirement savings needed at 60: $1,093,642
• Retirement savings needed at 70: $546,821

• Annual cost of a comfortable retirement: $60,449
• Retirement savings needed at 60: $1,208,978
• Retirement savings needed at 70: $604,489

• Annual cost of a comfortable retirement: $71,814
• Retirement savings needed at 60: $1,436,283
• Retirement savings needed at 70: $718,142

• Annual cost of a comfortable retirement: $61,817
• Retirement savings needed at 60: $1,236,337
• Retirement savings needed at 70: $618,169

• Annual cost of a comfortable retirement: $69,185
• Retirement savings needed at 60: $1,383,709
• Retirement savings needed at 70: $691,855

• Annual cost of a comfortable retirement: $54,011
• Retirement savings needed at 60: $1,080,212
• Retirement savings needed at 70: $540,106

• Annual cost of a comfortable retirement: $58,832
• Retirement savings needed at 60: $1,176,644
• Retirement savings needed at 70: $588,322

• Annual cost of a comfortable retirement: $54,392
• Retirement savings needed at 60: $1,087,846
• Retirement savings needed at 70: $543,923

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John Csiszar contributed to the reporting for this article.

Methodology: GOBankingRates looked at the cost of a comfortable retirement in each of the respective states, GOBankingRates analyzed consumption expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics’ (BLS) Consumer Expenditure Survey 2021: (1) annual spending on groceries, defined as “food at home” by the BLS; (2) annual spending on housing, defined as “shelter” by the BLS; (3) annual spending on transportation, defined as “”Gasoline, other fuels, and motor oil” + “other vehicle expenses” by the BLS; (4) annual spending on healthcare; (5) annual spending on utilities, defined as “uilities, fuels and other services” by BLS. These were then adjusted to every state’s itemized cost of living index, sourced from the Missouri Economic Research and Information Center’s 2022 annual cost of living indices. After calculating total neccessities expenditures, an additional savings buffer was calculated by assuming that total expenditures covers 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then calculated how much savings you need to retire comfortably from ages 60-70 in each state. All of GOBankingRates original data and analyses was conducted on February 23, 2023.