Millions of Americans are worried that they won’t have enough savings to retire comfortably — and the concern is particularly severe among those over 50.
How much you should have saved for retirement depends on a few key factors, including your location. Where you choose to spend your golden years is critical. Living in California will look drastically different to your wallet than, say, living in Kansas will.
Check Out: How Far $750,000 in Retirement Savings Plus Social Security Goes in Every State
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Let’s break this all down. How much do you need in savings to afford a retirement in each state? GOBankingRates recently surveyed to find out.
To find out exactly how much you need to retire in each state, GOBankingRates found the annual cost of expenditures for a retired person in each state, along with the cost-of-living index and more.
Let’s explore how much you’ll need to spend your golden years in each state.
West Virginia
Cost-of-living index: 84.8
Annual cost of living: $50,954
Annual expenditures after Social Security: $28,517
How much savings you need to retire: $712,913
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Kansas
Cost-of-living index: 86.7
Annual cost of living: $52,095
Annual expenditures after Social Security: $29,658
How much savings you need to retire: $741,455
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Mississippi
Cost-of-living index: 87.5
Annual cost of living: $52,576
Annual expenditures after Social Security: $30,139
How much savings you need to retire: $753,472
Oklahoma
Cost-of-living index: 87.9
Annual cost of living: $52,816
Annual expenditures after Social Security: $30,379
How much savings you need to retire: $759,481
Alabama
Cost-of-living index: 88.8
Annual cost of living: $53,357
Annual expenditures after Social Security: $30,920
How much savings you need to retire: $773,000
Missouri
Cost-of-living index: 89.0
Annual cost of living: $53,477
Annual expenditures after Social Security: $31,040
How much savings you need to retire: $776,005
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Arkansas
Cost-of-living index: 89.0
Annual cost of living: $53,477
Annual expenditures after Social Security: $31,040
How much savings you need to retire: $776,005
Tennessee
Cost-of-living index: 90.0
Annual cost of living: $54,078
Annual expenditures after Social Security: $31,641
How much savings you need to retire: $791,027
Iowa
Cost-of-living index: 90.4
Annual cost of living: $54,319
Annual expenditures after Social Security: $31,881
How much savings you need to retire: $797,035
Indiana
Cost-of-living index: 91.3
Annual cost of living: $54,859
Annual expenditures after Social Security: $32,422
How much savings you need to retire: $810,555
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Georgia
Cost-of-living index: 91.5
Annual cost of living: $54,980
Annual expenditures after Social Security: $32,542
How much savings you need to retire: $813,559
North Dakota
Cost-of-living index: 92.1
Annual cost of living: $55,340
Annual expenditures after Social Security: $32,903
How much savings you need to retire: $822,572
Michigan
Cost-of-living index: 92.3
Annual cost of living: $55,460
Annual expenditures after Social Security: $33,023
How much savings you need to retire: $825,577
South Dakota
Cost-of-living index: 92.3
Annual cost of living: $55,640
Annual expenditures after Social Security: $33,023
How much savings you need to retire: $825,577
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Texas
Cost-of-living index: 92.6
Annual cost of living: $55,640
Annual expenditures after Social Security: $33,203
How much savings you need to retire: $830,083
Nebraska
Cost-of-living index: 92.8
Annual cost of living: $55,761
Annual expenditures after Social Security: $33,324
How much savings you need to retire: $833,087
Kentucky
Cost-of-living index: 92.9
Annual cost of living: $55,821
Annual expenditures after Social Security: $33,384
How much savings you need to retire: $834,590
New Mexico
Cost-of-living index: 92.9
Annual cost of living: $55,821
Annual expenditures after Social Security: $33,384
How much savings you need to retire: $834,590
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Louisiana
Cost-of-living index: 93.5
Annual cost of living: $56,181
Annual expenditures after Social Security: $33,744
How much savings you need to retire: $843,603
Montana
Cost-of-living index: 94.0
Annual cost of living: $56,482
Annual expenditures after Social Security: $34,044
How much savings you need to retire: $851,114
Ohio
Cost-of-living index: 94.9
Annual cost of living: $57,023
Annual expenditures after Social Security: $34,585
How much savings you need to retire: $864,633
Pennsylvania
Cost-of-living index: 94.9
Annual cost of living: $57,023
Annual expenditures after Social Security: $34,585
How much savings you need to retire: $864,633
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South Carolina
Cost-of-living index: 95.2
Annual cost of living: $57,203
Annual expenditures after Social Security: $34,766
How much savings you need to retire: $869,140
Minnesota
Cost-of-living index: 95.3
Annual cost of living: $57,263
Annual expenditures after Social Security: $34,826
How much savings you need to retire: $870,642
Wyoming
Cost-of-living index: 95.4
Annual cost of living: $57,323
Annual expenditures after Social Security: $34,886
How much savings you need to retire: $872,144
Illinois
Cost-of-living index: 95.5
Annual cost of living: $57,383
Annual expenditures after Social Security: $34,946
How much savings you need to retire: $873,646
North Carolina
Cost-of-living index: 97.6
Annual cost of living: $58,645
Annual expenditures after Social Security: $36,207
How much savings you need to retire: $905,192
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Maryland
Cost-of-living index: 98.9
Annual cost of living: $59,426
Annual expenditures after Social Security: $36,989
How much savings you need to retire: $924,720
Wisconsin
Cost-of-living index: 99.3
Annual cost of living: $59,666
Annual expenditures after Social Security: $37,229
How much savings you need to retire: $930,729
Nevada
Cost-of-living index: 100.1
Annual cost of living: $60,147
Annual expenditures after Social Security: $37,709
How much savings you need to retire: $942,746
Delaware
Cost-of-living index: 100.2
Annual cost of living: $60,207
Annual expenditures after Social Security: $37,770
How much savings you need to retire: $944,248
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Virginia
Cost-of-living index: 100.5
Annual cost of living: $60,387
Annual expenditures after Social Security: $37,950
How much savings you need to retire: $948,755
Idaho
Cost-of-living index: 102.0
Annual cost of living: $61,289
Annual expenditures after Social Security: $38,852
How much savings you need to retire: $971,288
Florida
Cost-of-living index: 102.4
Annual cost of living: $61,529
Annual expenditures after Social Security: $39,092
How much savings you need to retire: $977,296
Colorado
Cost-of-living index: 102.7
Annual cost of living: $61,709
Annual expenditures after Social Security: $39,272
How much savings you need to retire: $981,803
Utah
Cost-of-living index: 109.5
Annual cost of living: $65,795
Annual expenditures after Social Security: $43,358
How much savings you need to retire: $1,083,951
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Oregon
Cost-of-living index: 110.0
Annual cost of living: $66,096
Annual expenditures after Social Security: $43,658
How much savings you need to retire: $1,091,462
New Hampshire
Cost-of-living index: 111.5
Annual cost of living: $66,997
Annual expenditures after Social Security: $44,560
How much savings you need to retire: $1,113,994
Connecticut
Cost-of-living index: 111.7
Annual cost of living: $67,117
Annual expenditures after Social Security: $44,680
How much savings you need to retire: $1,116,998
Rhode Island
Cost-of-living index: 112.4
Annual cost of living: $67,538
Annual expenditures after Social Security: $45,101
How much savings you need to retire: $1,127,514
Arizona
Cost-of-living index: 112.8
Annual cost of living: $67,778
Annual expenditures after Social Security: $45,341
How much savings you need to retire: $1,133,522
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Maine
Cost-of-living index: 113.5
Annual cost of living: $68,199
Annual expenditures after Social Security: $45,762
How much savings you need to retire: $1,144,038
Washington
Cost-of-living index: 113.6
Annual cost of living: $68,259
Annual expenditures after Social Security: $45,282
How much savings you need to retire: $1,145,540
Vermont
Cost-of-living index: 114.1
Annual cost of living: $68,559
Annual expenditures after Social Security: $46,122
How much savings you need to retire: $1,153,051
New Jersey
Cost-of-living index: 114.8
Annual cost of living: $68,980
Annual expenditures after Social Security: $46,543
How much savings you need to retire: $1,163,566
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New York
Cost-of-living index: 123.4
Annual cost of living: $74,147
Annual expenditures after Social Security: $51,710
How much savings you need to retire: $1,292,753
Alaska
Cost-of-living index: 123.4
Annual cost of living: $74,147
Annual expenditures after Social Security: $51,710
How much savings you need to retire: $1,292,753
California
Cost-of-living index: 144.7
Annual cost of living: $86,945
Annual expenditures after Social Security: $64,509
How much savings you need to retire: $1,612,716
Massachusetts
Cost-of-living index: 146.9
Annual cost of living: $88,627
Annual expenditures after Social Security: $65,831
How much savings you need to retire: $1,645,764
Hawaii
Cost-of-living index: 184.6
Annual cost of living: $110,921
Annual expenditures after Social Security: $88,483
How much savings you need to retire: $2,212,084
Methodology: In order to find out exactly how much you need to retire in your state, 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’ 2023 Consumer Expenditure Survey by the cost-of-living index for each state from the Missouri Economic Research and Information Center’s 2024 Q3 cost-of-living series. To find how much money a retired person would need to save, we divided each state’s annual expenditures, minus the annual Social Security income (sourced from the Social Security Administration’s Monthly Statistical Snapshot, November 2024), 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. 2, 2025.
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This article originally appeared on GOBankingRates.com: The Minimum Savings You Need To Be Able To Retire in All 50 States
