What’s the Cost To Retire Comfortably for 30 Years in Every State?

The answer to what it takes to be able to retire pretty simple: money. This comes in the form of Social Security benefits, savings, retirement plans and other investments, but it varies from state to state. Add time into the equation and each state in the nation has a different answer for what it means to “live comfortably” during your golden years.

Find Out: How Far $500,000 in Retirement Savings Plus Social Security Goes in Every State

In a recent study, GOBankingRates took a look at how much money you’ll need for a comfortable retirement in every state. There’s a stark contrast between the states with the lowest and highest amounts of money needed to live comfortably. West Virginia was the easiest place to stretch a dollar of 30 years with $1,828,724 while Hawaii totaled up to $6,558,644, a difference of $4,729,920. 

Curious what it takes to live comfortably during retirement in all 50 states? Check out the rankings and see where your state stands in the rankings and if you can make your budget last 30 years.

• Total cost of living comfortably for 30 years: $1,828,724

• Total cost of living comfortably for 30 years: $1,922,208

• Total cost of living comfortably for 30 years: $1,992,664

• Total cost of living comfortably for 30 years: $2,001,283

• Total cost of living comfortably for 30 years: $2,057,199

• Total cost of living comfortably for 30 years: $2,062,035

• Total cost of living comfortably for 30 years: $2,117,962

• Total cost of living comfortably for 30 years: $2,119,768

• Total cost of living comfortably for 30 years: $2,121,176

• Total cost of living comfortably for 30 years: $2,194,924

• Total cost of living comfortably for 30 years: $2,196,122

• Total cost of living comfortably for 30 years: $2,198,572

• Total cost of living comfortably for 30 years: $2,214,541

• Total cost of living comfortably for 30 years: $2,324,844

• Total cost of living comfortably for 30 years: $2,339,614

• Total cost of living comfortably for 30 years: $2,357,292

• Total cost of living comfortably for 30 years: $2,385,864

• Total cost of living comfortably for 30 years: $2,447,345

• Total cost of living comfortably for 30 years: $2,464,216

• Total cost of living comfortably for 30 years: $2,498,465

• Total cost of living comfortably for 30 years: $2,521,686

• Total cost of living comfortably for 30 years: $2,522,204

• Total cost of living comfortably for 30 years: $2,546,561

• Total cost of living comfortably for 30 years: $2,583,745

• Total cost of living comfortably for 30 years: $2,660,665

• Total cost of living comfortably for 30 years: $2,669,052

• Total cost of living comfortably for 30 years: $2,673.535

• Total cost of living comfortably for 30 years: $2,923,045

• Total cost of living comfortably for 30 years: $2,991,514

• Total cost of living comfortably for 30 years: $3,080,607

• Total cost of living comfortably for 30 years: $3,141,718

• Total cost of living comfortably for 30 years: $3,179,163

• Total cost of living comfortably for 30 years: $3,226,214

• Total cost of living comfortably for 30 years: $3,227,490

• Total cost of living comfortably for 30 years: $3,243,353

• Total cost of living comfortably for 30 years: $3,262,494

• Total cost of living comfortably for 30 years: $3,272,021

• Total cost of living comfortably for 30 years: $3,280,391

• Total cost of living comfortably for 30 years: $3,280,580

• Total cost of living comfortably for 30 years: $3,347,581

• Total cost of living comfortably for 30 years: $3,505,787

• Total cost of living comfortably for 30 years: $3,559,095

• Total cost of living comfortably for 30 years: $3,573,572

• Total cost of living comfortably for 30 years: $3,647,256

• Total cost of living comfortably for 30 years: $3,654,321

• Total cost of living comfortably for 30 years: $3,816,081

• Total cost of living comfortably for 30 years: $4,104,480

• Total cost of living comfortably for 30 years: $4,502,059

• Total cost of living comfortably for 30 years: $5,206,581

• Total cost of living comfortably for 30 years: $6,558,644

Methodology: For this study, GOBankingRates analyzed the 401(k) contributions to find the value of a 401(k) after maximum contributions throughout a 30-year career. First, GOBankingRates found the cost of living for each state as sourced from the Missouri Economic Research Information Center. For each state, the average expenditure costs for residents ages 65 and over were calculated using the national average expenditure costs as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. The average single-family home value can be sourced from Zillow Home Value Index and by assuming a 10% downpayment and using the natinal average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and expenditure costs, the total monthly and annual cost of living can be calculated. Using the IRS’ 401(k) max contribution limits, as sourced from IRS.gov, and by assuming the maximum limits will be increased by the inflation rate. For this study an inflation rate of 2.53% was used as sourced from USInflationCalculator.com. An expected annual rate of return of 10.52% was used, as sourced from Vanguard’s How America Saves. Assuming there are no employer matches and the employee invests the maximum amount for 30 years, the total value of a 401(k) can be calculated. Using the final 401(k) value the leftover savings after 15, 20, and 30 years can be calculated. The exact amount of time needed to drawdown the entire 401(k) can be calculated using the annual cost of living comfortably and the total 401(k) value at the age of 66. All data was collected on and is up to date as of Sept. 16, 2024.