How Much You Need To Supplement Social Security in These 5 Popular Retirement Spots

Social Security benefits were never meant to provide complete retirement income — and they don’t. As of March, the average Social Security payment is $1,864.52 per month. That won’t quite cut it for retirees looking to settle down in states like Florida, Arizona, Colorado, Virginia and Wyoming, which continuously rank among America’s most popular retirement destinations.

Even the states that aren’t particularly expensive require at least some supplementary income to back up your benefits, a fact that Marty Burbank knows well. An estate planning and elder law attorney and the founder of OC Elder Law in Orange County, California, Burbank sits on several prominent boards and has been recognized for his work helping veterans and retirees plan for their financial futures — and he’s come up with some impressively accurate numbers for the following five retirement states.

“From my professional experience guiding numerous families through elder law issues and estate planning, these figures incorporate a broad yet realistic view of what to expect across these varying state dynamics,” he said. “With careful planning, retirees can secure a financially stable and enjoyable retirement.”

Here’s how much you’ll need to supplement your monthly Social Security benefit in five of America’s most popular retirement destinations. 

Florida remains the No. 1 retirement destination in America, but high demand can make for high prices.

“In Florida, retirees often face higher costs in areas like health care and housing due to its popularity as a retirement destination,” said Burbank. “Based on my interactions with clients from this area, I’d estimate an additional $1,500 to $2,000 per month is typically necessary to maintain a comfortable lifestyle while covering these costs.”

According to Forbes, the average cost of living in Florida is $40,512 per year or $3,376 per month. When you add in Social Security, that leaves $1,511 for the average retiree to cover out of pocket in the Sunshine State, which validates Burbank’s math.

Thanks to its sun-soaked climate, natural beauty and endless opportunities for activities, Arizona is also a perennial favorite for America’s retirees. At $39,856 per year or $3,321 per month, the price of daily life is a bit more forgiving than in Florida.

“Arizona’s cost of living is somewhat lower,” said Burbank. “However, due to increasing temperatures and the resultant high utility expenses, I advise planning for an extra $1,200 to $1,600 monthly.”

With $1,456 still outstanding after Social Security, Burbank’s estimation is right in the sweet spot. 

“This estimate helps address both living and occasional health care costs, which frequently concern our elder clientele,” he said.

Two popular states on opposite sides of the country draw legions of retirees for different reasons, different climates and different cultures — but the living costs in both are similar.

“For Colorado and Virginia, the combination of higher property values and recreational opportunities can increase monthly expenses significantly,” said Burbank. “Clients in these states might need between $1,800 and $2,400 additional per month to sustain a quality of life that allows for enjoyment of the local amenities without financial strain.”

Colorado is the more expensive of the two — only 10 states have higher living costs, which average $45,931 per year or $3,828 per month in the Centennial State. That means you’d need a supplemental income of $1,964 after Social Security, putting Burbank right on target once again.

In Virginia, living costs are $43,067 annually or $3,589 monthly. After Social Security, that’s $1,724, which means you might have a little to spare with Burbank’s cautious estimate.

Wyoming joins Colorado as one of the Mountain West’s most popular retirement destinations. The Equality State has the country’s No. 28 highest living costs, which puts it just over the edge in the more affordable half of states.

“Wyoming presents a unique advantage with its no-state-income-tax policy, leading to lower overall living costs,” said Burbank. “Here, additional monthly supplementation might range from $1,000 to $1,500, particularly attractive for those looking to maximize their fixed incomes.”

With living costs averaging $37,550 per year, or $3,129 monthly, retirees need to come up with $1,264 after Social Security, which puts Burbank’s calculations squarely on point once again.