It’s not surprising that the more expensive a state and its overall cost of living is, the more retirees will need to fund their retirement years.
For You: The Money You Need To Save Monthly To Retire Comfortably in Every State
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GOBankingRates found out how much is needed to retire in every U.S. state — at minimum — by finding each state’s annual cost of expenditures for a retired person and multiplying age 65 (and older) expenditures by the cost-of-living index. From there, we divided each state’s annual expenditures (exempting annual Social Security income) by .04 and assumed drawing down savings by 4% each year to pay for living expenses.
Keep reading to see the minimum needed in savings for retirement in every state.
Alabama
- Annual cost of living (total expenditures): $52,877
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $29,702
- How much savings you need to retire: $742,554
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Alaska
- Annual cost of living (total expenditures): $74,388
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $51,213
- How much savings you need to retire: $1,280,333
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Arizona
- Annual cost of living (total expenditures): $66,997
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $43,823
- How much savings you need to retire: $1,095,565
Arkansas
- Annual cost of living (total expenditures): $53,297
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $30,123
- How much savings you need to retire: $753,069
California
- Annual cost of living (total expenditures): $87,006
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $63,832
- How much savings you need to retire: $1,595,789
Colorado
- Annual cost of living (total expenditures): $61,289
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $38,114
- How much savings you need to retire: $952,859
Connecticut
- Annual cost of living (total expenditures): $67,478
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $44,303
- How much savings you need to retire: $1,107,583
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Delaware
- Annual cost of living (total expenditures): $60,568
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $37,393
- How much savings you need to retire: $934,832
Florida
- Annual cost of living (total expenditures): $61,769
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $38,595
- How much savings you need to retire: $964,876
Georgia
- Annual cost of living (total expenditures): $54,859
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $31,685
- How much savings you need to retire: $792,126
Hawaii
- Annual cost of living (total expenditures): $112,303
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $89,128
- How much savings you need to retire: $2,228,205
Idaho
- Annual cost of living (total expenditures): $61,289
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $38,114
- How much savings you need to retire: $952,859
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Illinois
- Annual cost of living (total expenditures): $56,722
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $33,548
- How much savings you need to retire: $838,693
Indiana
- Annual cost of living (total expenditures): $54,379
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $31,204
- How much savings you need to retire: $780,108
Iowa
- Annual cost of living (total expenditures): $53,898
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $30,724
- How much savings you need to retire: $768,091
Kansas
- Annual cost of living (total expenditures): $52,276
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $29,101
- How much savings you need to retire: $727,532
Kentucky
- Annual cost of living (total expenditures): $55,881
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,707
- How much savings you need to retire: $817,663
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Louisiana
- Annual cost of living (total expenditures): $55,400
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,226
- How much savings you need to retire: $805,645
Maine
- Annual cost of living (total expenditures): $67,358
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $44,183
- How much savings you need to retire: $1,104,578
Maryland
- Annual cost of living (total expenditures): $69,280
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $46,106
- How much savings you need to retire: $1,152,648
Massachusetts
- Annual cost of living (total expenditures): $87,667
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $64,493
- How much savings you need to retire: $1,612,313
Michigan
- Annual cost of living (total expenditures): $54,319
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $31,144
- How much savings you need to retire: $778,606
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Minnesota
- Annual cost of living (total expenditures): $57,143
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $33,968
- How much savings you need to retire: $849,208
Mississippi
- Annual cost of living (total expenditures): $52,816
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $29,642
- How much savings you need to retire: $741,052
Missouri
- Annual cost of living (total expenditures): $53,297
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $30,123
- How much savings you need to retire: $753,069
Montana
- Annual cost of living (total expenditures): $57,023
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $33,848
- How much savings you need to retire: $846,204
Nebraska
- Annual cost of living (total expenditures): $55,941
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,767
- How much savings you need to retire: $819,165
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Nevada
- Annual cost of living (total expenditures): $60,868
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $37,694
- How much savings you need to retire: $942,343
New Hampshire
- Annual cost of living (total expenditures): $67,658
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $44,484
- How much savings you need to retire: $1,112,089
New Jersey
- Annual cost of living (total expenditures): $68,860
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $45,685
- How much savings you need to retire: $1,142,133
New Mexico
- Annual cost of living (total expenditures): $56,061
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,887
- How much savings you need to retire: $822,169
New York
- Annual cost of living (total expenditures): $74,087
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $50,913
- How much savings you need to retire: $1,272,822
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North Carolina
- Annual cost of living (total expenditures): $58,765
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $35,591
- How much savings you need to retire: $889,767
North Dakota
- Annual cost of living (total expenditures): $55,220
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,046
- How much savings you need to retire: $801,139
Ohio
- Annual cost of living (total expenditures): $56,602
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $33,428
- How much savings you need to retire: $835,689
Oklahoma
- Annual cost of living (total expenditures): $51,495
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $28,320
- How much savings you need to retire: $708,004
Oregon
- Annual cost of living (total expenditures): $67,297
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $44,123
- How much savings you need to retire: $1,103,076
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Pennsylvania
- Annual cost of living (total expenditures): $57,143
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $33,968
- How much savings you need to retire: $849,208
Rhode Island
- Annual cost of living (total expenditures): $67,418
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $44,243
- How much savings you need to retire: $1,106,080
South Carolina
- Annual cost of living (total expenditures): $57,623
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $34,449
- How much savings you need to retire: $861,226
South Dakota
- Annual cost of living (total expenditures): $55,400
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,226
- How much savings you need to retire: $805,645
Tennessee
- Annual cost of living (total expenditures): $54,379
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $31,204
- How much savings you need to retire: $780,108
Texas
- Annual cost of living (total expenditures): $55,701
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $32,526
- How much savings you need to retire: $813,156
Utah
- Annual cost of living (total expenditures): $63,031
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $39,857
- How much savings you need to retire: $996,422
Vermont
- Annual cost of living (total expenditures): $68,740
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $45,565
- How much savings you need to retire: $1,139,128
Virginia
- Annual cost of living (total expenditures): $60,508
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $37,333
- How much savings you need to retire: $933,330
Washington
- Annual cost of living (total expenditures): $68,619
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $45,445
- How much savings you need to retire: $1,136,124
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West Virginia
- Annual cost of living (total expenditures): $50,533
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $27,359
- How much savings you need to retire: $683,969
Wisconsin
- Annual cost of living (total expenditures): $58,284
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $35,110
- How much savings you need to retire: $877,750
Wyoming
- Annual cost of living (total expenditures): $57,383
- Annual Social Security income: $23,174
- Annual expenditures (after Social Security): $34,209
- How much savings you need to retire: $855,217
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 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 as sourced from the Social Security Administration’s Monthly Statistical Snapshot, February 2025, by .04, assuming drawing down savings by 4% each year to pay for living expenses. All data was collected and is up to date as of April 17, 2025.
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This article originally appeared on GOBankingRates.com: This Is the Minimum You Need Saved for Retirement in Every State
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