How Much You Need To Be Saving for Retirement in Every State If You’re Not Counting On Social Security

July 17, 2024

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Workers in the U.S. have no control over future Social Security benefits, but individuals do have control over how much they are saving for retirement. Experts recommend saving either 10 times your income or 25 times your expenses. Both calculations will give around the same range for how much you need to save for retirement.

Some people use retirement calculators to determine how much they need to save for retirement. Don’t put all your eggs in one basket by relying on those projections alone, especially since the Social Security amount you expect now may not be the same when you’re ready to retire. It’s best you be clear about your goals, peg an ideal retirement and save toward it. It’s better to be prepared and end up with more than you need if Social Security comes in than to have less because you were counting on Social Security.

GOBankingRates analyzed the annual cost of living in every state and provided an accurate analysis of how much savings you’ll need to retire. Check out how much you’ll need saved for retirement in each state below.

West Virginia

Annual cost of living: $48,451
How much savings you need to retire: $1,211,287
Annual cost of groceries: $4,778
Annual cost of housing: $6,711
Annual cost of utilities: $4,003
Annual cost of transportation: $4,587
Annual cost of healthcare: $7,638

Oklahoma

Annual cost of living: $49,955
How much savings you need to retire: $1,248,869
Annual cost of groceries: $4,576
Annual cost of housing: $8,056
Annual cost of utilities: $4,122
Annual cost of transportation: $4,414
Annual cost of healthcare: $7,178

Kansas

Annual cost of living: $50,475
How much savings you need to retire: $1,261,878
Annual cost of groceries: $4,586
Annual cost of housing: $8,711
Annual cost of utilities: $4,075
Annual cost of transportation: $4,310
Annual cost of healthcare: $7,434

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Alabama

Annual cost of living: $50,938
How much savings you need to retire: $1,273,441
Annual cost of groceries: $4,658
Annual cost of housing: $8,114
Annual cost of utilities: $4,266
Annual cost of transportation: $4,508
Annual cost of healthcare: $6,575

Mississippi

Annual cost of living: $51,053
How much savings you need to retire: $1,276,332
Annual cost of groceries: $4,610
Annual cost of housing: $8,792
Annual cost of utilities: $3,842
Annual cost of transportation: $4,434
Annual cost of healthcare: $7,593

Missouri

Annual cost of living: $51,169
How much savings you need to retire: $1,279,223
Annual cost of groceries: $4,581
Annual cost of housing: $9,085
Annual cost of utilities: $4,172
Annual cost of transportation: $4,152
Annual cost of healthcare: $6,876

Arkansas

Annual cost of living: $51,169
How much savings you need to retire: $1,279,223
Annual cost of groceries: $4,557
Annual cost of housing: $8,757
Annual cost of utilities: $3,842
Annual cost of transportation: $4,360
Annual cost of healthcare: $6,650

Iowa

Annual cost of living: $52,094
How much savings you need to retire: $1,302,350
Annual cost of groceries: $4,639
Annual cost of housing: $8,781
Annual cost of utilities: $3,961
Annual cost of transportation: $4,790
Annual cost of healthcare: $7,261

Tennessee

Annual cost of living: $52,210
How much savings you need to retire: $1,305,241
Annual cost of groceries: $4,658
Annual cost of housing: $9,681
Annual cost of utilities: $3,753
Annual cost of transportation: $4,404
Annual cost of healthcare: $6,801

Indiana

Annual cost of living: $52,210
How much savings you need to retire: $1,305,241
Annual cost of groceries: $4,682
Annual cost of housing: $9,096
Annual cost of utilities: $3,829
Annual cost of transportation: $4,686
Annual cost of healthcare: $7,336

Georgia

Annual cost of living: $52,788
How much savings you need to retire: $1,319,696
Annual cost of groceries: $4,687
Annual cost of housing: $9,319
Annual cost of utilities: $3,982
Annual cost of transportation: $4,829
Annual cost of healthcare: $7,532

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Michigan

Annual cost of living: $53,077
How much savings you need to retire: $1,326,923
Annual cost of groceries: $4,715
Annual cost of housing: $9,003
Annual cost of utilities: $4,109
Annual cost of transportation: $4,859
Annual cost of healthcare: $6,854

Louisiana

Annual cost of living: $53,250
How much savings you need to retire: $1,331,259
Annual cost of groceries: $4,596
Annual cost of housing: $9,892
Annual cost of utilities: $3,376
Annual cost of transportation: $4,716
Annual cost of healthcare: $7,125

Texas

Annual cost of living: $53,424
How much savings you need to retire: $1,335,596
Annual cost of groceries: $4,615
Annual cost of housing: $9,599
Annual cost of utilities: $4,389
Annual cost of transportation: $4,582
Annual cost of healthcare: $7,246

Kentucky

Annual cost of living: $53,539
How much savings you need to retire: $1,338,487
Annual cost of groceries: $4,783
Annual cost of housing: $9,143
Annual cost of utilities: $3,690
Annual cost of transportation: $4,701
Annual cost of healthcare: $8,053

North Dakota

Annual cost of living: $53,655
How much savings you need to retire: $1,341,378
Annual cost of groceries: $4,533
Annual cost of housing: $9,611
Annual cost of utilities: $3,533
Annual cost of transportation: $4,879
Annual cost of healthcare: $8,241

Illinois

Annual cost of living: $53,944
How much savings you need to retire: $1,348,605
Annual cost of groceries: $4,687
Annual cost of housing: $9,611
Annual cost of utilities: $4,151
Annual cost of transportation: $4,819
Annual cost of healthcare: $7,532

Nebraska

Annual cost of living: $54,002
How much savings you need to retire: $1,350,050
Annual cost of groceries: $4,711
Annual cost of housing: $9,435
Annual cost of utilities: $3,834
Annual cost of transportation: $4,750
Annual cost of healthcare: $7,721

South Dakota

Annual cost of living: $54,002
How much savings you need to retire: $1,350,050
Annual cost of groceries: $4,682
Annual cost of housing: $10,301
Annual cost of utilities: $3,626
Annual cost of transportation: $5,067
Annual cost of healthcare: $7,691

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New Mexico

Annual cost of living: $54,118
How much savings you need to retire: $1,352,941
Annual cost of groceries: $4,596
Annual cost of housing: $10,301
Annual cost of utilities: $3,664
Annual cost of transportation: $4,572
Annual cost of healthcare: $7,615

Ohio

Annual cost of living: $54,349
How much savings you need to retire: $1,358,723
Annual cost of groceries: $4,754
Annual cost of housing: $9,821
Annual cost of utilities: $4,312
Annual cost of transportation: $4,755
Annual cost of healthcare: $7,133

Montana

Annual cost of living: $54,696
How much savings you need to retire: $1,367,396
Annual cost of groceries: $4,783
Annual cost of housing: $9,915
Annual cost of utilities: $3,554
Annual cost of transportation: $5,314
Annual cost of healthcare: $8,211

Minnesota

Annual cost of living: $54,811
How much savings you need to retire: $1,370,287
Annual cost of groceries: $4,907
Annual cost of housing: $9,529
Annual cost of utilities: $4,096
Annual cost of transportation: $4,656
Annual cost of healthcare: $8,015

Wyoming

Annual cost of living: $54,985
How much savings you need to retire: $1,374,623
Annual cost of groceries: $4,816
Annual cost of housing: $10,242
Annual cost of utilities: $3,622
Annual cost of transportation: $4,375
Annual cost of healthcare: $7,985

Pennsylvania

Annual cost of living: $55,274
How much savings you need to retire: $1,381,850
Annual cost of groceries: $4,720
Annual cost of housing: $10,032
Annual cost of utilities: $4,384
Annual cost of transportation: $5,314
Annual cost of healthcare: $6,665

Wisconsin

Annual cost of living: $56,083
How much savings you need to retire: $1,402,087
Annual cost of groceries: $4,711
Annual cost of housing: $10,640
Annual cost of utilities: $4,147
Annual cost of transportation: $4,577
Annual cost of healthcare: $8,264

South Carolina

Annual cost of living: $56,430
How much savings you need to retire: $1,410,759
Annual cost of groceries: $4,778
Annual cost of housing: $10,605
Annual cost of utilities: $4,710
Annual cost of transportation: $4,701
Annual cost of healthcare: $7,005

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North Carolina

Annual cost of living: $56,951
How much savings you need to retire: $1,423,768
Annual cost of groceries: $4,720
Annual cost of housing: $10,862
Annual cost of utilities: $4,185
Annual cost of transportation: $4,755
Annual cost of healthcare: $7,917

Delaware

Annual cost of living: $58,338
How much savings you need to retire: $1,458,459
Annual cost of groceries: $4,888
Annual cost of housing: $11,341
Annual cost of utilities: $4,147
Annual cost of transportation: $5,106
Annual cost of healthcare: $7,668

Idaho

Annual cost of living: $58,454
How much savings you need to retire: $1,461,350
Annual cost of groceries: $4,965
Annual cost of housing: $11,797
Annual cost of utilities: $3,321
Annual cost of transportation: $5,427
Annual cost of healthcare: $7,352

Virginia

Annual cost of living: $58,570
How much savings you need to retire: $1,464,241
Annual cost of groceries: $4,792
Annual cost of housing: $12,510
Annual cost of utilities: $4,232
Annual cost of transportation: $4,661
Annual cost of healthcare: $7,691

Colorado

Annual cost of living: $58,859
How much savings you need to retire: $1,471,468
Annual cost of groceries: $4,816
Annual cost of housing: $12,651
Annual cost of utilities: $3,825
Annual cost of transportation: $4,627
Annual cost of healthcare: $7,955

Nevada

Annual cost of living: $59,379
How much savings you need to retire: $1,484,477
Annual cost of groceries: $4,989
Annual cost of housing: $12,744
Annual cost of utilities: $4,562
Annual cost of transportation: $5,808
Annual cost of healthcare: $6,831

Utah

Annual cost of living: $59,495
How much savings you need to retire: $1,487,368
Annual cost of groceries: $4,706
Annual cost of housing: $13,083
Annual cost of utilities: $3,999
Annual cost of transportation: $4,938
Annual cost of healthcare: $6,748

Florida

Annual cost of living: $59,610
How much savings you need to retire: $1,490,259
Annual cost of groceries: $5,022
Annual cost of housing: $12,674
Annual cost of utilities: $4,486
Annual cost of transportation: $4,997
Annual cost of healthcare: $7,585

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Arizona

Annual cost of living: $63,889
How much savings you need to retire: $1,597,222
Annual cost of groceries: $4,893
Annual cost of housing: $15,024
Annual cost of utilities: $4,283
Annual cost of transportation: $5,185
Annual cost of healthcare: $7,057

Maine

Annual cost of living: $64,351
How much savings you need to retire: $1,608,786
Annual cost of groceries: $4,831
Annual cost of housing: $14,253
Annual cost of utilities: $4,698
Annual cost of transportation: $5,487
Annual cost of healthcare: $8,663

Connecticut

Annual cost of living: $65,450
How much savings you need to retire: $1,636,249
Annual cost of groceries: $4,893
Annual cost of housing: $13,773
Annual cost of utilities: $5,668
Annual cost of transportation: $5,318
Annual cost of healthcare: $8,098

Rhode Island

Annual cost of living: $65,566
How much savings you need to retire: $1,639,140
Annual cost of groceries: $4,864
Annual cost of housing: $13,493
Annual cost of utilities: $6,011
Annual cost of transportation: $4,899
Annual cost of healthcare: $7,932

New Hampshire

Annual cost of living: $65,681
How much savings you need to retire: $1,642,031
Annual cost of groceries: $4,778
Annual cost of housing: $13,621
Annual cost of utilities: $4,393
Annual cost of transportation: $5,551
Annual cost of healthcare: $7,804

New Jersey

Annual cost of living: $65,739
How much savings you need to retire: $1,643,477
Annual cost of groceries: $4,965
Annual cost of housing: $15,854
Annual cost of utilities: $4,240
Annual cost of transportation: $5,284
Annual cost of healthcare: $7,917

Oregon

Annual cost of living: $65,970
How much savings you need to retire: $1,649,258
Annual cost of groceries: $5,205
Annual cost of housing: $15,784
Annual cost of utilities: $3,774
Annual cost of transportation: $5,996
Annual cost of healthcare: $8,475

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Vermont

Annual cost of living: $66,317
How much savings you need to retire: $1,657,931
Annual cost of groceries: $5,075
Annual cost of housing: $15,059
Annual cost of utilities: $4,770
Annual cost of transportation: $4,983
Annual cost of healthcare: $8,279

Washington

Annual cost of living: $68,549
How much savings you need to retire: $1,663,713
Annual cost of groceries: $5,195
Annual cost of housing: $14,872
Annual cost of utilities: $3,867
Annual cost of transportation: $6,283
Annual cost of healthcare: $8,890

Maryland

Annual cost of living: $67,185
How much savings you need to retire: $1,679,613
Annual cost of groceries: $5,042
Annual cost of housing: $16,556
Annual cost of utilities: $4,638
Annual cost of transportation: $5,175
Annual cost of healthcare: $7,593

New York

Annual cost of living: $71,174
How much savings you need to retire: $1,779,349
Annual cost of groceries: $4,955
Annual cost of housing: $19,432
Annual cost of utilities: $4,333
Annual cost of transportation: $5,432
Annual cost of healthcare: $7,970

Alaska

Annual cost of living: $72,330
How much savings you need to retire: $1,808,258
Annual cost of groceries: $6,068
Annual cost of housing: $14,124
Annual cost of utilities: $6,307
Annual cost of transportation: $5,783
Annual cost of healthcare: $11,544

Massachusetts

Annual cost of living: $83,431
How much savings you need to retire: $2,085,784
Annual cost of groceries: $4,989
Annual cost of housing: $24,881
Annual cost of utilities: $6,312
Annual cost of transportation: $5,625
Annual cost of healthcare: $9,319

California

Annual cost of living: $83,836
How much savings you need to retire: $2,095,903
Annual cost of groceries: $5,387
Annual cost of housing: $24,518
Annual cost of utilities: $5,752
Annual cost of transportation: $6,984
Annual cost of healthcare: $7,970

Hawaii

Annual cost of living: $107,657
How much savings you need to retire: $2,691,428
Annual cost of groceries: $5,953
Annual cost of housing: $36,619
Annual cost of utilities: $7,472
Annual cost of transportation: $6,861
Annual cost of healthcare: $9,199

Methodology: In order to find out exactly how much you need to retire in your state without Social Security, GOBankingRates found the annual cost of expenditures for a retired person in each state by multiplying the 65 year and older expenditures from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey by the cost of living index for each state from the Missouri Economic Research and Information Center’s 2024 Q1 cost of living series. To find how much money a retired person would need to save, we divided each state’s annual expenditures, by .04, assuming drawing down savings by 4% each year to pay for living expenses. All data was collected and is up to date as of June 24, 2024.

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