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 U.S. 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 U.S. 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% percent 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
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