The average American’s lack of savings paints a fairly discouraging picture of retirement. Many Americans see themselves working past age 65 out of financial necessity, with some people never planning to retire at all.
But the amount of money you need to retire depends on where you live, due to state-by-state differences in the cost of living. In some areas of the country, a nest egg of a bit more than $500,000 may be sizable enough for a 25-year retirement. In other regions, you have to build up your savings even more to reach at least $1.5 million in retirement funds. Hawaii crosses the $2 million mark.
Check out how much exactly you need to save up in each state to live comfortably for 25 years in your post-work life — ranked from least money to most money required.
1. West Virginia
- Annual cost of living: $48,665
- Cost of living after Social Security: $25,515
- How much you need in savings to retire with Social Security: $637,873
2. Oklahoma
- Annual cost of living: $49,591
- Cost of living after Social Security: $26,441
- How much you need in savings to retire with Social Security: $661,019
3. Kansas
- Annual cost of living: $50,343
- Cost of living after Social Security: $27,193
- How much you need in savings to retire with Social Security: $679,826
4. Mississippi
- Annual cost of living: $50,864
- Cost of living after Social Security: $27,714
- How much you need in savings to retire with Social Security: $692,845
5. Alabama
- Annual cost of living: $50,922
- Cost of living after Social Security: $27,772
- How much you need in savings to retire with Social Security: $694,292
6. Arkansas
- Annual cost of living: $51,327
- Cost of living after Social Security: $28,177
- How much you need in savings to retire with Social Security: $704,419
7. Missouri
- Annual cost of living: $51,327
- Cost of living after Social Security: $28,177
- How much you need in savings to retire with Social Security: $704,419
8. Iowa
- Annual cost of living: $51,906
- Cost of living after Social Security: $28,755
- How much you need in savings to retire with Social Security: $718,885
9. Michigan
- Annual cost of living: $52,311
- Cost of living after Social Security: $29,160
- How much you need in savings to retire with Social Security: $729,012
10. Indiana
- Annual cost of living: $52,369
- Cost of living after Social Security: $29,218
- How much you need in savings to retire with Social Security: $730,458
11. Tennessee
- Annual cost of living: $52,369
- Cost of living after Social Security: $29,218
- How much you need in savings to retire with Social Security: $730,458
12. Georgia
- Annual cost of living: $52,832
- Cost of living after Social Security: $29,681
- How much you need in savings to retire with Social Security: $742,031
13. North Dakota
- Annual cost of living: $53,179
- Cost of living after Social Security: $30,028
- How much you need in savings to retire with Social Security: $750,711
14. Louisiana
- Annual cost of living: $53,352
- Cost of living after Social Security: $30,202
- How much you need in savings to retire with Social Security: $755,051
15. South Dakota
- Annual cost of living: $53,352
- Cost of living after Social Security: $30,202
- How much you need in savings to retire with Social Security: $755,051
16. Texas
- Annual cost of living: $53,642
- Cost of living after Social Security: $30,491
- How much you need in savings to retire with Social Security: $762,285
17. Kentucky
- Annual cost of living: $53,815
- Cost of living after Social Security: $30,655
- How much you need in savings to retire with Social Security: $766,625
18. Nebraska
- Annual cost of living: $53,873
- Cost of living after Social Security: $30,723
- How much you need in savings to retire with Social Security: $768,071
19. New Mexico
- Annual cost of living: $53,989
- Cost of living after Social Security: $30,839
- How much you need in savings to retire with Social Security: $770,964
20. Ohio
- Annual cost of living: $54,510
- Cost of living after Social Security: $31,359
- How much you need in savings to retire with Social Security: $783,984
21. Illinois
- Annual cost of living: $54,626
- Cost of living after Social Security: $31,475
- How much you need in savings to retire with Social Security: $786,878
22. Montana
- Annual cost of living: $54,915
- Cost of living after Social Security: $31,764
- How much you need in savings to retire with Social Security: $794,111
23. Minnesota
- Annual cost of living: $55,031
- Cost of living after Social Security: $31,880
- How much you need in savings to retire with Social Security: $797,004
24. Pennsylvania
- Annual cost of living: $55,031
- Cost of living after Social Security: $31,880
- How much you need in savings to retire with Social Security: $797,004
26. Wyoming
- Annual cost of living: $55,262
- Cost of living after Social Security: $32,112
- How much you need in savings to retire with Social Security: $802,791
26. South Carolina
- Annual cost of living: $55,493
- Cost of living after Social Security: $32,343
- How much you need in savings to retire with Social Security: $808,577
27. Wisconsin
- Annual cost of living: $56,130
- Cost of living after Social Security: $32,980
- How much you need in savings to retire with Social Security: $824,491
28. North Carolina
- Annual cost of living: $56,593
- Cost of living after Social Security: $33,443
- How much you need in savings to retire with Social Security: $836,064
29. Virginia
- Annual cost of living: $58,271
- Cost of living after Social Security: $35,121
- How much you need in savings to retire with Social Security: $878,017
30. Delaware
- Annual cost of living: $58,329
- Cost of living after Social Security: $35,179
- How much you need in savings to retire with Social Security: $879,463
31. Nevada
- Annual cost of living: $58,618
- Cost of living after Social Security: $35,468
- How much you need in savings to retire with Social Security: $886,696
32. Colorado
- Annual cost of living: $59,023
- Cost of living after Social Security: $35,873
- How much you need in savings to retire with Social Security: $896,823
33. Idaho
- Annual cost of living: $59,023
- Cost of living after Social Security: $35,873
- How much you need in savings to retire with Social Security: $896,823
34. Florida
- Annual cost of living: $59,486
- Cost of living after Social Security: $36,336
- How much you need in savings to retire with Social Security: $908,396
35. Utah
- Annual cost of living: $60,701
- Cost of living after Social Security: $37,551
- How much you need in savings to retire with Social Security: $938,776
36. Arizona
- Annual cost of living: $64,521
- Cost of living after Social Security: $41,370
- How much you need in savings to retire with Social Security: $1,034,255
37. Oregon
- Annual cost of living: $64,810
- Cost of living after Social Security: $41,660
- How much you need in savings to retire with Social Security: $1,041,488
38. Maine
- Annual cost of living: $64,868
- Cost of living after Social Security: $41,717
- How much you need in savings to retire with Social Security: $1,042,935
39. Rhode Island
- Annual cost of living: $64,926
- Cost of living after Social Security: $41,775
- How much you need in savings to retire with Social Security: $1,044,381
40. Connecticut
- Annual cost of living: $64,984
- Cost of living after Social Security: $41,833
- How much you need in savings to retire with Social Security: $1,045,828
41. New Hampshire
- Annual cost of living: $65,157
- Cost of living after Social Security: $42,007
- How much you need in savings to retire with Social Security: $1,050,168
42. Washington
- Annual cost of living: $66,083
- Cost of living after Social Security: $42,933
- How much you need in savings to retire with Social Security: $1,073,314
43. Vermont
- Annual cost of living: $66,199
- Cost of living after Social Security: $43,048
- How much you need in savings to retire with Social Security: $1,076,208
44. New Jersey
- Annual cost of living: $66,314
- Cost of living after Social Security: $43,164
- How much you need in savings to retire with Social Security: $1,079,101
45. Maryland
- Annual cost of living: $66,719
- Cost of living after Social Security: $43,569
- How much you need in savings to retire with Social Security: $1,089,227
46. New York
- Annual cost of living: $71,349
- Cost of living after Social Security: $48,198
- How much you need in savings to retire with Social Security: $1,204,959
47. Alaska
- Annual cost of living: $71,638
- Cost of living after Social Security: $48,488
- How much you need in savings to retire with Social Security: $1,212,193
48. California
- Annual cost of living: $83,790
- Cost of living after Social Security: $60,640
- How much you need in savings to retire with Social Security: $1,515,989
49. Massachusetts
- Annual cost of living: $84,426
- Cost of living after Social Security: $61,276
- How much you need in savings to retire with Social Security: $1,531,902
50. Hawaii
- Annual cost of living: $108,152
- Cost of living after Social Security: $85,001
- How much you need in savings to retire with Social Security: $2,125,029
Methodology: For this study, GOBankingRates analyzed each state to find the savings needed to retire. Sources included the U.S. Census American Community Survey, Zillow Home Value Index, Missouri Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey. All data was collected on and is up to date as of March 18, 2025.