The Minimum Savings You Need To Retire in Every State

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Many Americans might feel like they need to be a millionaire to retire with financial security, but the reality is that there are some states that give you a much bigger bang for your buck. In fact, living in a state like New York requires savings that is two times higher than in states like Oklahoma, where you need below a million to retire comfortably.

To find out exactly how much you need to retire in each state, GOBankingRates analyzed the annual cost for retirees, including typical expenses and each state’s cost-of-living index.

Key Findings

• Oklahoma is the lowest-cost state in the list. The cost-of-living index is 84.4, which falls well below the average baseline.
• Hawaii, Massachusetts and California are the highest-cost states. Their cost-of-living index is over 130, which is well above the average.
• Every state that has a cost-of-living index below 100 will allow you to retire with under $1 million.

Expert Insights

• Even small cost-of-living changes can have a huge impact on retirement savings. For example, in Oklahoma, you need $735,284 to retire, while in Arizona, that number is $1,110,019. The gap between the two is $374,735. Moving from a low-cost state to a higher-cost state means you may need substantially more savings.
• California, Hawaii and Massachusetts require $1.5 million to $2.2 million, and the cost is driven by extreme housing prices. For example, the median listing price for a house in Hawaii is $735,000 and in Massachusetts, the median price is $749,450. As a result, most retirees use much of their savings to keep up with mortgage payments.
• Retirement costs in Oklahoma, Mississippi and Arkansas are less expensive due to low housing costs. The average savings needed is between $735,000 and $810,000.
• When you hit a cost-of-living index over 100, you need more than $1 million to retire. For example, in California and Hawaii, you need 2x or 3x the savings of someone living in Oklahoma to maintain the same standard of living. Your money has less buying power as a result.
• A cost-of-living index of 179.7 in Hawaii means that it costs almost 80% more than the national average to live there.
• The best locations for retirees may be states like Tennessee and Texas. They have a cost-of-living index of around 90, but they also have no state income tax. However, you should factor in property taxes for these states.
• Keep in mind, these numbers are considered minimums and do not account for long-term healthcare costs and market volatility.

Oklahoma

• Cost-of-living index: 84.4 
• Annual cost of living: $51,848.61 
• Annual expenditures after Social Security: $29,411.37 
• How much savings you need to retire: $735,284 

Mississippi

• Cost-of-living index: 85.5 
• Annual cost of living: $52,524.36 
• Annual expenditures after Social Security: $30,087.12 
• How much savings you need to retire: $752,178 

Alabama

• Cost-of-living index: 87.9 
• Annual cost of living: $53,998.73 
• Annual expenditures after Social Security: $31,561.49 
• How much savings you need to retire: $789,037 

West Virginia 

• Cost-of-living index: 88.1 
• Annual cost of living: $54,121.59 
• Annual expenditures after Social Security: $31,684.35 
• How much savings you need to retire: $792,109 

Kansas

• Cost-of-living index: 88.9 
• Annual cost of living: $54,613.05 
• Annual expenditures after Social Security: $32,175.81 
• How much savings you need to retire: $804,395  

Missouri 

• Cost-of-living index: 89 
• Annual cost of living: $54,674.48 
• Annual expenditures after Social Security: $32,237.24 
• How much savings you need to retire: $805,931  

Arkansas

• Cost-of-living index: 89.3 
• Annual cost of living: $54,858.78 
• Annual expenditures after Social Security: $32,421.54   
• How much savings you need to retire: $810,358 

Tennessee

• Cost-of-living index: 90.3 
• Annual cost of living: $55,473.10 
• Annual expenditures after Social Security: $33,035.86  
• How much savings you need to retire: $825,896 

Iowa

• Cost-of-living index: 90.3 
• Annual cost of living: $55,473.10 
• Annual expenditures after Social Security: $33,035.86  
• How much savings you need to retire: $825,896  

Indiana

• Cost-of-living index: 90.6 
• Annual cost of living: $55,657.39 
• Annual expenditures after Social Security: $33,220.15  
• How much savings you need to retire: $830,504   

Texas

• Cost-of-living index: 90.8 
• Annual cost of living: $55,780.26 
• Annual expenditures after Social Security: $33,343.02 
• How much savings you need to retire: $833,575 

North Dakota

• Cost-of-living index: 91.3 
• Annual cost of living: $56,087.42 
• Annual expenditures after Social Security: $33,650.18  
• How much savings you need to retire: $841,254 

Nebraska 

• Cost-of-living index: 91.6 
• Annual cost of living: $56,271.71 
• Annual expenditures after Social Security: $33,834.47   
• How much savings you need to retire: $845,862 

Georgia

• Cost-of-living index: 91.8 
• Annual cost of living: $56,394.58 
• Annual expenditures after Social Security: $33,957.34   
• How much savings you need to retire: $848,933 

South Dakota

• Cost-of-living index: 91.8 
• Annual cost of living: $56,394.58 
• Annual expenditures after Social Security: $33,957.34   
• How much savings you need to retire: $848,933 

Kentucky

• Cost-of-living index: 91.9 
• Annual cost of living: $56,456.01 
• Annual expenditures after Social Security: $34,018.77 
• How much savings you need to retire: $850,469   

New Mexico

• Cost-of-living index: 92.5 
• Annual cost of living: $56,824.60 
• Annual expenditures after Social Security: $34,387.36  
• How much savings you need to retire: $859,684 

South Carolina 

• Cost-of-living index: 92.5 
• Annual cost of living: $56,824.60 
• Annual expenditures after Social Security: $34,387.36  
• How much savings you need to retire: $859,684 

Louisiana 

• Cost-of-living index: 92.7 
• Annual cost of living: $56,947.46 
• Annual expenditures after Social Security: $34,510.22 
• How much savings you need to retire: $862,756 

Ohio

• Cost-of-living index: 92.8 
• Annual cost of living: $57,008.90 
• Annual expenditures after Social Security: $34,571.66 
• How much savings you need to retire: $864,291  

Minnesota

• Cost-of-living index: 94.2 
• Annual cost of living: $57,868.94 
• Annual expenditures after Social Security: $35,431.70 
• How much savings you need to retire: $885,793 

Michigan 

• Cost-of-living index: 94.7 
• Annual cost of living: $58,176.10 
• Annual expenditures after Social Security: $35,783.86 
• How much savings you need to retire: $893,472   

Wyoming

• Cost-of-living index: 95.3 
• Annual cost of living: $58,544.70 
• Annual expenditures after Social Security: $36,107.46  
• How much savings you need to retire: $902,686  

Illinois

• Cost-of-living index: 95.9 
• Annual cost of living: $58,913.29 
• Annual expenditures after Social Security: $36,476.05  
• How much savings you need to retire: $911,901 

Pennsylvania  

• Cost-of-living index: 97.1 
• Annual cost of living: $59,650.47 
• Annual expenditures after Social Security: $37,213.23 
• How much savings you need to retire: $930,331 

North Carolina

• Cost-of-living index: 97.4 
• Annual cost of living: $59,834.77 
• Annual expenditures after Social Security: $37,397.53 
• How much savings you need to retire: $934,938  

Wisconsin  

• Cost-of-living index: 97.7 
• Annual cost of living: $60,019.06 
• Annual expenditures after Social Security: $37,581.82  
• How much savings you need to retire: $939,546 

Nevada

• Cost-of-living index: 98.6 
• Annual cost of living: $60,571.95 
• Annual expenditures after Social Security: $38,134.71 
• How much savings you need to retire: $953,368  

Idaho

• Cost-of-living index: 99 
• Annual cost of living: $60,817.68 
• Annual expenditures after Social Security: $38,380.44   
• How much savings you need to retire: $959,511   

Utah

• Cost-of-living index: 99.1 
• Annual cost of living: $60,879.11 
• Annual expenditures after Social Security: $38,441.87 
• How much savings you need to retire: $961,047 

Florida

• Cost-of-living index: 99.5 
• Annual cost of living: $61,124.84 
• Annual expenditures after Social Security: $38,687.60 
• How much savings you need to retire: $967,190 

Virginia

• Cost-of-living index: 100.1 
• Annual cost of living: $61,493.43 
• Annual expenditures after Social Security: $39,056.19 
• How much savings you need to retire: $976,405  

Colorado

• Cost-of-living index: 102.7 
• Annual cost of living: $63,090.66 
• Annual expenditures after Social Security: $40,653.42 
• How much savings you need to retire: $1,016,336 

Delaware

• Cost-of-living index: 102.8 
• Annual cost of living: $63,152.10 
• Annual expenditures after Social Security: $40,714.86  
• How much savings you need to retire: $1,017,871 

Arizona

• Cost-of-living index: 108.8 
• Annual cost of living: $66,838.02 
• Annual expenditures after Social Security: $44,400.78 
• How much savings you need to retire: $1,110,019 

New Hampshire

• Cost-of-living index: 109.2 
• Annual cost of living: $67,083.74 
• Annual expenditures after Social Security: $44,646.50   
• How much savings you need to retire: $1,116,163 

Montana

• Cost-of-living index: 109.8 
• Annual cost of living: $67,452.34 
• Annual expenditures after Social Security: $45,015.10 
• How much savings you need to retire: $1,125,377  

Oregon

• Cost-of-living index: 111.8 
• Annual cost of living: $68,680.98 
• Annual expenditures after Social Security: $46,243.74  
• How much savings you need to retire: $1,156,093 

Rhode Island

• Cost-of-living index: 113.4 
• Annual cost of living: $69,663.89 
• Annual expenditures after Social Security: $47,226.65  
• How much savings you need to retire: $1,180,666 

Vermont

• Cost-of-living index: 113.7 
• Annual cost of living: $69,848.18 
• Annual expenditures after Social Security: $47,410.94 
• How much savings you need to retire: $1,185,274 

Washington 

• Cost-of-living index: 113.9 
• Annual cost of living: $69,971.05  
• Annual expenditures after Social Security: $47,533.81 
• How much savings you need to retire: $1,188,345 

Connecticut

• Cost-of-living index: 114.1 
• Annual cost of living: $70,093.91 
• Annual expenditures after Social Security: $47,656.67 
• How much savings you need to retire: $1,191,417  

Maine

• Cost-of-living index: 114.2 
• Annual cost of living: $70,155.34 
• Annual expenditures after Social Security: $47,718.10  
• How much savings you need to retire: $1,192,953 

New Jersey

• Cost-of-living index: 114.6 
• Annual cost of living: $70,401.07 
• Annual expenditures after Social Security: $47,963.83 
• How much savings you need to retire: $1,199,096 

Maryland

• Cost-of-living index: 118.9 
• Annual cost of living: $73,042.65 
• Annual expenditures after Social Security: $50,605.41 
• How much savings you need to retire: $1,265,135 

New York

• Cost-of-living index: 126.6 
• Annual cost of living: $77,772.91 
• Annual expenditures after Social Security: $55,335.67  
• How much savings you need to retire: $1,383,392 

Alaska

• Cost-of-living index: 127.7 
• Annual cost of living: $78,448.66 
• Annual expenditures after Social Security: $56,011.42  
• How much savings you need to retire: $1,400,286 

California

• Cost-of-living index: 136.7 
• Annual cost of living: $83,997.54 
• Annual expenditures after Social Security: $61,540.30 
• How much savings you need to retire: $1,538,508   

Massachusetts

• Cost-of-living index: 150.8 
• Annual cost of living: $92,639.46 
• Annual expenditures after Social Security: $70,202.22 
• How much savings you need to retire: $1,755,055 

Hawaii

• Cost-of-living index: 179.7  
• Annual cost of living: $110,393.30 
• Annual expenditures after Social Security: $87,956.06  
• How much savings you need to retire: $2,198,902  

Methodology: In order to find out exactly how much you need to retire in your state, GOBankingRates found the annual cost of living for a retired person in each state by multiplying the “65 year and older” expenditure data from the Bureau of Labor Statistics’ 2024 Consumer Expenditure Survey by each state’s cost-of-living index from the Missouri Economic Research and Information Center’s 2025 Q3 cost-of-living series. To find how much money a retired person would need to save, we divided each state’s estimated annual expenditures — minus the annual Social Security income, sourced from the Social Security Administration’s Monthly Statistical Snapshot (November 2025) — by .04, assuming drawing down savings by 4% each year to pay for living expenses. All data was collected on and is up to date as of Jan. 7, 2026.

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