Want To Retire Comfortably in the South? Here’s How Much You Must Save Every Month

The total cost of a comfortable 20-year retirement in the Southern region of the United States ultimately depends on the state you plan on retiring in and the age you start saving. 

To determine how much money you need to save monthly for a comfortable retirement in the South, GOBankingRates pulled data from the U.S. Census American Community Survey, Missouri Economic and Research Information Center and more.

The amounts listed are what is needed after Social Security is factored in — the average annual payout from that program is $22,510. These amounts also assume no investment gains. If you are investing your money, it will reduce the monthly amount you need to save to hit the comfortable retirement target.

Keep reading to see how much you’ll need to save for a comfortable retirement in the South.

• Annual cost of a comfortable living: $73,678
• Cost of 20 years of comfortable retirement: $573,163

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $796
• If you start at age 30: $1,024

• Annual cost of a comfortable living: $69,517
• Cost of 20 years of comfortable retirement: $489,937

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $907
• If you start at age 30: $1,167

• Annual cost of a comfortable living: $98,685
• Cost of 20 years of comfortable retirement: $1,073,314

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,988
• If you start at age 30: $2,556

• Annual cost of a comfortable living: $101,626
• Cost of 20 years of comfortable retirement: $1,132,118

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $2,097
• If you start at age 30: $2,696

• Annual cost of a comfortable living: $89,501
• Cost of 20 years of comfortable retirement: $889,631

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,647
• If you start at age 30: $2,118

• Annual cost of a comfortable living: $72,899
• Cost of 20 years of comfortable retirement: $557,577

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,033
• If you start at age 30: $1,328

• Annual cost of a comfortable living: $69,971
• Cost of 20 years of comfortable retirement: $499,020

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $924
• If you start at age 30: $1,188

• Annual cost of a comfortable living: $105,060
• Cost of 20 years of comfortable retirement: $1,200,803

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $2,224
• If you start at age 30: $2,859

• Annual cost of a comfortable living: $67,151
• Cost of 20 years of comfortable retirement: $442,620

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $820
• If you start at age 30: $1,054

• Annual cost of a comfortable living: $90,206
• Cost of 20 years of comfortable retirement: $903,726

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,674
• If you start at age 30: $2,152

• Annual cost of a comfortable living: $72,010
• Cost of 20 years of comfortable retirement: $539,812

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,000
• If you start at age 30: $1,285

• Annual cost of a comfortable living: $84,702
• Cost of 20 years of comfortable retirement: $793,646

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,470
• If you start at age 30: $1,890

• Annual cost of a comfortable living: $84,451
• Cost of 20 years of comfortable retirement: $788,630

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,460
• If you start at age 30: $1,878

• Annual cost of a comfortable living: $85,459
• Cost of 20 years of comfortable retirement: $808,779

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $1,498
• If you start at age 30: $1,926

• Annual cost of a comfortable living: $100,213
• Cost of 20 years of comfortable retirement: $1,103,871

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $2,044
• If you start at age 30: $2,628

• Annual cost of a comfortable living: $66,745
• Cost of 20 years of comfortable retirement: $434,501

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

• If you start at age 20: $805
• If you start at age 30: $1,035

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 information for each state including total population, population ages 65 and over, total households, and household median income all sourced from the US Census American Community Survey. Using this data the percentage of the population ages 65 and over can be 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 can be 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 can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be 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 can be 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 November 15th, 2024.