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How Much Savings Is Needed To Retire by 40 in Every State

April 10, 2025

10 min Read

Written by T. Woods

Edited by Levi Leidy

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GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

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Want to retire early? Depending on where you live, you may need to step up your nest egg savings to reach this milestone.

To find out how much is needed in savings to retire at 40, GOBankingRates reviewed each state’s cost-of-living indexes and average overall expenditures for retired households to determine the average annual cost of living for each state.

Ranked in order from the least to the most savings you’d need to cover the cost of living expenses, this is how much savings is needed to retire by 40 in every U.S. state.

West Virginia

Total monthly cost: $4,055
Total annual cost: $48,665
Live to 80, 40 years of retirement, CoL: $1,946,612
Live to 85, 45 years of retirement, CoL: $2,189,939
Live to 90, 50 years of retirement, CoL: $2,433,265
Live to 100, 60 years of retirement, CoL: $2,919,918

Oklahoma

Total monthly cost: $4,133
Total annual cost: $49,591
Live to 80, 40 years of retirement, CoL: $1,983,646
Live to 85, 45 years of retirement, CoL: $2,231,602
Live to 90, 50 years of retirement, CoL: $2,433,265
Live to 100, 60 years of retirement, CoL: $2,919,918

Kansas

Total monthly cost: $4,195
Total annual cost: $50,343
Live to 80, 40 years of retirement, CoL: $2,013,737
Live to 85, 45 years of retirement, CoL: $2,265,454
Live to 90, 50 years of retirement, CoL: $2,517,171
Live to 100, 60 years of retirement, CoL: $3,020,605

Today’s Top Offers

Mississippi

Total monthly cost: $4,239
Total annual cost: $59,864
Live to 80, 40 years of retirement, CoL: $2,034,569
Live to 85, 45 years of retirement, CoL: $2,288,890
Live to 90, 50 years of retirement, CoL: $2,543,211
Live to 100, 60 years of retirement, CoL: $3,051,853

Alabama

Total monthly cost: $4,244
Total annual cost: $50,922
Live to 80, 40 years of retirement, CoL: $2,036,883
Live to 85, 45 years of retirement, CoL: $2,291,494
Live to 90, 50 years of retirement, CoL: $2,546,104
Live to 100, 60 years of retirement, CoL: $3,055,325

Arkansas

Total monthly cost: $4,277
Total annual cost: $51,327
Live to 80, 40 years of retirement, CoL: $2,053,086
Live to 85, 45 years of retirement, CoL: $2,309,721
Live to 90, 50 years of retirement, CoL: $2,566,357
Live to 100, 60 years of retirement, CoL: $3,079,629

Missouri

Total monthly cost: $4,277
Total annual cost: $51,327
Live to 80, 40 years of retirement, CoL: $2,053,086
Live to 85, 45 years of retirement, CoL: $2,309,721
Live to 90, 50 years of retirement, CoL: $2,566,357
Live to 100, 60 years of retirement, CoL: $3,079,269

Iowa

Total monthly cost: $4,325
Total annual cost: $51,906
Live to 80, 40 years of retirement, CoL: $2,076,232
Live to 85, 45 years of retirement, CoL: $2,335,761
Live to 90, 50 years of retirement, CoL: $2,595,290
Live to 100, 60 years of retirement, CoL: $3,114,348

Michigan

Total monthly cost: $4,359
Total annual cost: $52,311
Live to 80, 40 years of retirement, CoL: $2,092,435
Live to 85, 45 years of retirement, CoL: $2,353,989
Live to 90, 50 years of retirement, CoL: $2,615,543
Live to 100, 60 years of retirement, CoL: $3,138,652

Indiana

Total monthly cost: $4,364
Total annual cost: $52,369
Live to 80, 40 years of retirement, CoL: $2,094,749
Live to 85, 45 years of retirement, CoL: $2,356,593
Live to 90, 50 years of retirement, CoL: $2,618,437
Live to 100, 60 years of retirement, CoL: $3,142,124

Tennessee

Total monthly cost: $4,364
Total annual cost: $52,369
Live to 80, 40 years of retirement, CoL: $2,094,749
Live to 85, 45 years of retirement, CoL: $2,356,749
Live to 90, 50 years of retirement, CoL: $2,618,437
Live to 100, 60 years of retirement, CoL: $3,142,124

Today’s Top Offers

Georgia

Total monthly cost: $4,403
Total annual cost: $52,832
Live to 80, 40 years of retirement, CoL: $2,113,266
Live to 85, 45 years of retirement, CoL: $2,377,425
Live to 90, 50 years of retirement, CoL: $2,641,583
Live to 100, 60 years of retirement, CoL: $3,169,899

North Dakota

Total monthly cost: $4,432
Total annual cost: $53,179
Live to 80, 40 years of retirement, CoL: $2,127,154
Live to 85, 45 years of retirement, CoL: $2,393,048
Live to 90, 50 years of retirement, CoL: $2,658,943
Live to 100, 60 years of retirement, CoL: $3,190,731

Louisiana

Total monthly cost: $4,446
Total annual cost: $53,352
Live to 80, 40 years of retirement, CoL: $2,134,098
Live to 85, 45 years of retirement, CoL: $2,400,860
Live to 90, 50 years of retirement, CoL: $2,667,623
Live to 100, 60 years of retirement, CoL: $3,201,147

South Dakota

Total monthly cost: $4,446
Total annual cost: $53,352
Live to 80, 40 years of retirement, CoL: $2,134,098
Live to 85, 45 years of retirement, CoL: $2,400,860
Live to 90, 50 years of retirement, CoL: $2,667,623
Live to 100, 60 years of retirement, CoL: $3,201,147

Texas

Total monthly cost: $4,470
Total annual cost: $53,642
Live to 80, 40 years of retirement, CoL: $2,145,671
Live to 85, 45 years of retirement, CoL: $2,413,880
Live to 90, 50 years of retirement, CoL: $2,682,089
Live to 100, 60 years of retirement, CoL: $3,218,507

Kentucky

Total monthly cost: $4,485
Total annual cost: $53,815
Live to 80, 40 years of retirement, CoL: $2,152,615
Live to 85, 45 years of retirement, CoL: $2,421,692
Live to 90, 50 years of retirement, CoL: $2,690,769
Live to 100, 60 years of retirement, CoL: $3,228,923

Nebraska

Total monthly cost: $4,489
Total annual cost: $53,873
Live to 80, 40 years of retirement, CoL: $2,154,930
Live to 85, 45 years of retirement, CoL: $2,424,296
Live to 90, 50 years of retirement, CoL: $2,693,662
Live to 100, 60 years of retirement, CoL: $3,232,395

New Mexico

Total monthly cost: $4,499
Total annual cost: $53,989
Live to 80, 40 years of retirement, CoL: $2,159,559
Live to 85, 45 years of retirement, CoL: $2,429,504
Live to 90, 50 years of retirement, CoL: $2,699,449
Live to 100, 60 years of retirement, CoL: $3,239,339

Today’s Top Offers

Ohio

Total monthly cost: $4,542
Total annual cost: $54,510
Live to 80, 40 years of retirement, CoL: $2,180,391
Live to 85, 45 years of retirement, CoL: $2,452,940
Live to 90, 50 years of retirement, CoL: $2,725,489
Live to 100, 60 years of retirement, CoL: $3,270,586

Illinois

Total monthly cost: $4,552
Total annual cost: $54,626
Live to 80, 40 years of retirement, CoL: $2,185,020
Live to 85, 45 years of retirement, CoL: $2,458,148
Live to 90, 50 years of retirement, CoL: $2,731,275
Live to 100, 60 years of retirement, CoL: $3,277,530

Montana

Total monthly cost: $4,576
Total annual cost: $54,915
Live to 80, 40 years of retirement, CoL: $2,196,593
Live to 85, 45 years of retirement, CoL: $2,471,168
Live to 90, 50 years of retirement, CoL: $2,745,742
Live to 100, 60 years of retirement, CoL: $3,294,890

Minnesota

Total monthly cost: $4,586
Total annual cost: $55,031
Live to 80, 40 years of retirement, CoL: $2,201,223
Live to 85, 45 years of retirement, CoL: $2,476,375
Live to 90, 50 years of retirement, CoL: $2,751,528
Live to 100, 60 years of retirement, CoL: $3,301,834

Pennsylvania

Total monthly cost: $4,586
Total annual cost: $55,031
Live to 80, 40 years of retirement, CoL: $2,201,223
Live to 85, 45 years of retirement, CoL: $2,476,375
Live to 90, 50 years of retirement, CoL: $2,751,528
Live to 100, 60 years of retirement, CoL: $3,301,834

Wyoming

Total monthly cost: $4,605
Total annual cost: $55,262
Live to 80, 40 years of retirement, CoL: $2,210,481
Live to 85, 45 years of retirement, CoL: $2,486,791
Live to 90, 50 years of retirement, CoL: $2,763,102
Live to 100, 60 years of retirement, CoL: $3,315,722

South Carolina

Total monthly cost: $4,624
Total annual cost: $55,493
Live to 80, 40 years of retirement, CoL: $2,219,740
Live to 85, 45 years of retirement, CoL: $2,497,207
Live to 90, 50 years of retirement, CoL: $2,774,675
Live to 100, 60 years of retirement, CoL: $3,329,610

Wisconsin

Total monthly cost: $4,678
Total annual cost: $56,130
Live to 80, 40 years of retirement, CoL: $2,245,201
Live to 85, 45 years of retirement, CoL: $2,525,851
Live to 90, 50 years of retirement, CoL: $2,806,501
Live to 100, 60 years of retirement, CoL: $3,367,801

Today’s Top Offers

North Carolina

Total monthly cost: $4,716
Total annual cost: $56,593
Live to 80, 40 years of retirement, CoL: $2,263,718
Live to 85, 45 years of retirement, CoL: $2,546,683
Live to 90, 50 years of retirement, CoL: $2,829,647
Live to 100, 60 years of retirement, CoL: $3,395,577

Virginia

Total monthly cost: $4,856
Total annual cost: $58,271
Live to 80, 40 years of retirement, CoL: $2,330,842
Live to 85, 45 years of retirement, CoL: $2,622,198
Live to 90, 50 years of retirement, CoL: $2,913,553
Live to 100, 60 years of retirement, CoL: $3,496,264

Delaware

Total monthly cost: $4,861
Total annual cost: $58,329
Live to 80, 40 years of retirement, CoL: $2,333,157
Live to 85, 45 years of retirement, CoL: $2,624,802
Live to 90, 50 years of retirement, CoL: $2,916,446
Live to 100, 60 years of retirement, CoL: $3,399,736

Nevada

Total monthly cost: $4,885
Total annual cost: $58,618
Live to 80, 40 years of retirement, CoL: $2,344,730
Live to 85, 45 years of retirement, CoL: $2,637,822
Live to 90, 50 years of retirement, CoL: $2,930,913
Live to 100, 60 years of retirement, CoL: $3,517,095

Colorado

Total monthly cost: $4,919
Total annual cost: $59,023
Live to 80, 40 years of retirement, CoL: $2,360,933
Live to 85, 45 years of retirement, CoL: $2,656,049
Live to 90, 50 years of retirement, CoL: $2,951,166
Live to 100, 60 years of retirement, CoL: $3,541,399

Idaho

Total monthly cost: $4,919
Total annual cost: $59,023
Live to 80, 40 years of retirement, CoL: $2,360,,933
Live to 85, 45 years of retirement, CoL: $2,656,049
Live to 90, 50 years of retirement, CoL: $2,951,166
Live to 100, 60 years of retirement, CoL: $3,541,399

Florida

Total monthly cost: $4,957
Total annual cost: $59,486
Live to 80, 40 years of retirement, CoL: $2,379,450
Live to 85, 45 years of retirement, CoL: $2,676,881
Live to 90, 50 years of retirement, CoL: $2,974,312
Live to 100, 60 years of retirement, CoL: $3,569,175

Utah

Total monthly cost: $5,058
Total annual cost: $60,701
Live to 80, 40 years of retirement, CoL: $2,428,057
Live to 85, 45 years of retirement, CoL: $2,731,565
Live to 90, 50 years of retirement, CoL: $3,035,072
Live to 100, 60 years of retirement, CoL: $3,642,086

Today’s Top Offers

Arizona

Total monthly cost: $5,377
Total annual cost: $64,521
Live to 80, 40 years of retirement, CoL: $2,580,824
Live to 85, 45 years of retirement, CoL: $2,903,427
Live to 90, 50 years of retirement, CoL: $3,226,030
Live to 100, 60 years of retirement, CoL: $3,871,235

Oregon

Total monthly cost: $5,401
Total annual cost: $64,810
Live to 80, 40 years of retirement, CoL: $2,592,397
Live to 85, 45 years of retirement, CoL: $2,916,446
Live to 90, 50 years of retirement, CoL: $3,240,496
Live to 100, 60 years of retirement, CoL: $3,888,595

Maine

Total monthly cost: $5,406
Total annual cost: $64,868
Live to 80, 40 years of retirement, CoL: $2,594,711
Live to 85, 45 years of retirement, CoL: $2,919,050
Live to 90, 50 years of retirement, CoL: $3,243,389
Live to 100, 60 years of retirement, CoL: $3,892,067

Rhode Island

Total monthly cost: $5,410
Total annual cost: $64,926
Live to 80, 40 years of retirement, CoL: $2,597,026
Live to 85, 45 years of retirement, CoL: $2,921,654
Live to 90, 50 years of retirement, CoL: $3,246,283
Live to 100, 60 years of retirement, CoL: $3,895,539

Connecticut

Total monthly cost: $5,415
Total annual cost: $64,984
Live to 80, 40 years of retirement, CoL: $2,599,341
Live to 85, 45 years of retirement, CoL: $2,924,258
Live to 90, 50 years of retirement, CoL: $3,249,176
Live to 100, 60 years of retirement, CoL: $3,899,011

New Hampshire

Total monthly cost: $5,430
Total annual cost: $65,157
Live to 80, 40 years of retirement, CoL: $2,606,285
Live to 85, 45 years of retirement, CoL: $2,932,070
Live to 90, 50 years of retirement, CoL: $3,257,856
Live to 100, 60 years of retirement, CoL: $3,909,427

Washington

Total monthly cost: $5,507
Total annual cost: $66,083
Live to 80, 40 years of retirement, CoL: $2,643,319
Live to 85, 45 years of retirement, CoL: $2,973,734
Live to 90, 50 years of retirement, CoL: $3,304,149
Live to 100, 60 years of retirement, CoL: $3,964,978

Vermont

Total monthly cost: $5,517
Total annual cost: $66,199
Live to 80, 40 years of retirement, CoL: $2,647,948
Live to 85, 45 years of retirement, CoL: $2,978,942
Live to 90, 50 years of retirement, CoL: $3,309,935
Live to 100, 60 years of retirement, CoL: $3,971,922

Today’s Top Offers

New Jersey

Total monthly cost: $5,526
Total annual cost: $66,314
Live to 80, 40 years of retirement, CoL: $2,652,577
Live to 85, 45 years of retirement, CoL: $2,984,150
Live to 90, 50 years of retirement, CoL: $3,315,722
Live to 100, 60 years of retirement, CoL: $3,978,866

Maryland

Total monthly cost: $5,560
Total annual cost: $66,719
Live to 80, 40 years of retirement, CoL: $2,668,780
Live to 85, 45 years of retirement, CoL: $3,002,377
Live to 90, 50 years of retirement, CoL: $3,335,975
Live to 100, 60 years of retirement, CoL: $4,003,170

New York

Total monthly cost: $5,946
Total annual cost: $71,349
Live to 80, 40 years of retirement, CoL: $2,853,951
Live to 85, 45 years of retirement, CoL: $3,210,695
Live to 90, 50 years of retirement, CoL: $3,567,439
Live to 100, 60 years of retirement, CoL: $4,280,927

Alaska

Total monthly cost: $5,970
Total annual cost: $71,638
Live to 80, 40 years of retirement, CoL: $2,865,524
Live to 85, 45 years of retirement, CoL: $3,223,715
Live to 90, 50 years of retirement, CoL: $3,581,905
Live to 100, 60 years of retirement, CoL: $4,298,286

California

Total monthly cost: $6,982
Total annual cost: $83,790
Live to 80, 40 years of retirement, CoL: $3,351,599
Live to 85, 45 years of retirement, CoL: $3,770,549
Live to 90, 50 years of retirement, CoL: $4,189,498
Live to 100, 60 years of retirement, CoL: $5,027,398

Massachusetts

Total monthly cost: $7,036
Total annual cost: $84,426
Live to 80, 40 years of retirement, CoL: $3,377,060
Live to 85, 45 years of retirement, CoL: $3,799,192
Live to 90, 50 years of retirement, CoL: $4,221,325
Live to 100, 60 years of retirement, CoL: $5,065,590

Hawaii

Total monthly cost: $9,013
Total annual cost: $108,152
Live to 80, 40 years of retirement, CoL: $4,326,062
Live to 85, 45 years of retirement, CoL: $4,866,820
Live to 90, 50 years of retirement, CoL: $5,407,578
Live to 100, 60 years of retirement, CoL: $6,489,093

Methodology: For this study, GOBankingRates analyzed each U.S. state to find the cost to retire by 40. The cost of living indexes were sourced from the Missouri Economic and Research Information Center, and using the average overall expenditures for retired households as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average annual cost of living for each state can be calculated. Assuming you retire at 40, the cost to live to different age ranges can be calculated. The total population, population ages 65 and over, and total households were all sourced from the U.S. Census American Community Survey. All data was collected on and is up to date as of March 25th, 2025.

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