27 States Where You Can Retire for 20 Years on Less Than $1 Million

A question for a number of overlapping generations at the moment is how reliable Social Security will be in the future, how long it will last and how much savings will be necessary to create a comfortable retirement. 

It’s a concern that is also dictated not just by Social Security funding or the size of a savings account, but by location. To put it simply, some states are very expensive to live in and will drain retirement savings quickly, while other states are rather inexpensive and affordable for the long term.

For that reason, GOBankingRates has crunched a variety of numbers (cost of living, healthcare costs, state economies, mortgage rates, Social Security benefits) to determine the 27 states in America in which a retiree can cruise in a comfortable 20-year retirement for less than $1 million.

Also see where you can retire for 25 years for that amount. 

• Annual cost of a comfortable living: $92,599
• Cost of 20 years of comfortable retirement with Social Security: $951,593
• Cost of 20 years of comfortable retirement without Social Security: $1,401,790

• Annual cost of a comfortable living: $92,488
• Cost of 20 years of comfortable retirement with Social Security: $949,365
• Cost of 20 years of comfortable retirement without Social Security: $1,399,561

• Annual cost of a comfortable living: $80,935
• Cost of 20 years of comfortable retirement with Social Security: $903,726
• Cost of 20 years of comfortable retirement without Social Security: $1,353,923

• Annual cost of a comfortable living: $89,501
• Cost of 20 years of comfortable retirement with Social Security: $889,631
• Cost of 20 years of comfortable retirement without Social Security: $1,339,828

• Annual cost of a comfortable living: $87,554
• Cost of 20 years of comfortable retirement with Social Security: $850,965
• Cost of 20 years of comfortable retirement without Social Security: $1,300,891

• Annual cost of a comfortable living: $85,827
• Cost of 20 years of comfortable retirement with Social Security: $816,151
• Cost of 20 years of comfortable retirement without Social Security: $1,266,348

• Annual cost of a comfortable living: $85,459
• Cost of 20 years of comfortable retirement with Social Security: $808,779
• Cost of 20 years of comfortable retirement without Social Security: $1,258,975

• Annual cost of a comfortable living: $111,328
• Cost of 20 years of comfortable retirement with Social Security: $805,701
• Cost of 20 years of comfortable retirement without Social Security: $1,255,898

• Annual cost of a comfortable living: $84,702
• Cost of 20 years of comfortable retirement with Social Security: $793,646
• Cost of 20 years of comfortable retirement without Social Security: $1,243,843

• Annual cost of a comfortable living: $84,451
• Cost of 20 years of comfortable retirement with Social Security: $788,630
• Cost of 20 years of comfortable retirement without Social Security: $1,238,827

• Annual cost of a comfortable living: $84,406
• Cost of 20 years of comfortable retirement with Social Security: $767,734
• Cost of 20 years of comfortable retirement without Social Security: $1,217,931

• Annual cost of a comfortable living: $81,739
• Cost of 20 years of comfortable retirement with Social Security: $734,378
• Cost of 20 years of comfortable retirement without Social Security: $1,184,575

• Annual cost of a comfortable living: $80,935
• Cost of 20 years of comfortable retirement with Social Security: $718,307
• Cost of 20 years of comfortable retirement without Social Security: $1,168,504

• Annual cost of a comfortable living: $79,958
• Cost of 20 years of comfortable retirement with Social Security: $698,758
• Cost of 20 years of comfortable retirement without Social Security: $1,148,955

• Annual cost of a comfortable living: $77,613
• Cost of 20 years of comfortable retirement with Social Security: $651,857
• Cost of 20 years of comfortable retirement without Social Security: $1,102,054

• Annual cost of a comfortable living: $77,275
• Cost of 20 years of comfortable retirement with Social Security: $645,105
• Cost of 20 years of comfortable retirement without Social Security: $1,095,302

• Annual cost of a comfortable living: $76,431
• Cost of 20 years of comfortable retirement with Social Security: $628,219
• Cost of 20 years of comfortable retirement without Social Security: $1,078,415

• Annual cost of a comfortable living: $76,058
• Cost of 20 years of comfortable retirement with Social Security: $620,769
• Cost of 20 years of comfortable retirement without Social Security: $1,070,966

• Annual cost of a comfortable living: $74,527
• Cost of 20 years of comfortable retirement with Social Security: $590,147
• Cost of 20 years of comfortable retirement without Social Security: $1,040,344

• Annual cost of a comfortable living: $74,293
• Cost of 20 years of comfortable retirement with Social Security: $585,465
• Cost of 20 years of comfortable retirement without Social Security: $1,035,662

• Annual cost of a comfortable living: $73,678
• Cost of 20 years of comfortable retirement with Social Security: $573,163
• Cost of 20 years of comfortable retirement without Social Security: $1,023,360

• Annual cost of a comfortable living: $72,899
• Cost of 20 years of comfortable retirement with Social Security: $557,577
• Cost of 20 years of comfortable retirement without Social Security: $1,007,774

• Annual cost of a comfortable living: $72,010
• Cost of 20 years of comfortable retirement with Social Security: $539,812
• Cost of 20 years of comfortable retirement without Social Security: $1,990,009

• Annual cost of a comfortable living: $69,971
• Cost of 20 years of comfortable retirement with Social Security: $499,020
• Cost of 20 years of comfortable retirement without Social Security: $949,217

• Annual cost of a comfortable living: $69,517
• Cost of 20 years of comfortable retirement with Social Security: $489,937
• Cost of 20 years of comfortable retirement without Social Security: $940,133

• Annual cost of a comfortable living: $67,151
• Cost of 20 years of comfortable retirement with Social Security: $442,620
• Cost of 20 years of comfortable retirement without Social Security: $892,817

• Annual cost of a comfortable living: $66,745
• Cost of 20 years of comfortable retirement with Social Security: $434,501
• Cost of 20 years of comfortable retirement without Social Security: $884,697

Methodology: For this study, GOBankingRates analyzed each state to find the amount you need to save monthly in order to retire comfortably. First, GOBankingRates found each state’s total population, population ages 65 and over, total households and household median income, all sourced from the U.S. Census American Community Survey. Using this data, the percentage of the population ages 65 and over was calculated. The cost-of-living indexes were sourced from the Missouri Economic and Research Information Center and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost-of-living indexes for grocery, healthcare, utilities, transportation and miscellaneous, as well as the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each state was calculated. The average single-family home value was sourced from Zillow Home Value Index for October 2024. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living were calculated. Using the 50/30/20 rule that states that needs should not exceed 50% of household income, the total cost of living was doubled in order to find the amount needed to live comfortably. The average Social Security benefits were sourced from the Social Security Administration for each state. Using the average Social Security benefits as well as the total cost of living comfortably, the amount needed to live comfortably after Social Security benefits can be calculated. A variety of ages were used to calculate savings; started saving at 20, 25 and 30, the age of retirement is 65, and the life expectancy is 80, 85 and 90 years old. The amount needed before and after Social Security benefits was calculated for each age of starting savings and each age of life expectancy. All data was collected on and is up to date as of Nov. 15, 2024.