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Retirement Savings Needs Vary by State: Know How Much You’ll Need
Many Americans, especially those over 50, are increasingly worried about their ability to retire comfortably. Key factors impacting retirement savings include your location, as living expenses differ greatly across the country.
Discover: How Far $750,000 in Retirement Savings Goes in Each State
Explore: 5 Smart Money Moves Wealthy People Make
So, how much do you really need to retire in each U.S. state? GOBankingRates recently conducted a survey to provide answers.
To determine the required retirement savings for each state, GOBankingRates analyzed the annual expenses for retired individuals, factoring in the cost-of-living index and other variables.
Let’s take a look at the figures for retirement savings across different states.
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
Learn More: How Long $1 Million in Retirement Will Last in Every State
Check Here: The Cost of Living in All 50 States
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
Find Out: Salary Needed to Be ‘Rich’ in Each State
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
Arkansas
- 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
Tennessee
- 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
Iowa
- 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
Indiana
- 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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Exploring Cost of Living and Retirement Savings Needs Across the U.S.
Georgia
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Michigan
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Louisiana
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Texas
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Kentucky
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
North Dakota
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Illinois
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Nebraska
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
South Dakota
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
New Mexico
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Ohio
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
Montana
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Required savings for retirement: $712,913
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Affordable States for Retirement: How Much You Need to Save
Choosing the right place to retire can greatly impact your financial future. Here’s a look at states with a low cost of living and the savings you’ll need for a comfortable retirement.
Minnesota
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Wyoming
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Pennsylvania
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Wisconsin
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
South Carolina
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
North Carolina
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Delaware
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Idaho
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Virginia
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Colorado
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Nevada
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Utah
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
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Understanding Retirement Costs: Key Figures for 10 States
Florida
- 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
Arizona
- 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
Maine
- 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
Connecticut
- 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
Rhode Island
- 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
New Hampshire
- 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
New Jersey
- 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
Oregon
- 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
Vermont
- 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
Washington
- 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
Maryland
- 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
Exploring Retirement Savings Across the States
Financial Insights from New York
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Alaska’s Financial Landscape
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Living Costs in Massachusetts
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
California’s Economic Overview
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
Understanding Hawaii’s Financial Needs
- Cost-of-living index: 84.8
- Annual cost of living: $50,954
- Annual expenditures after Social Security: $28,517
- Savings needed for retirement: $712,913
This article originally appeared on GOBankingRates.com: The Minimum Savings You Need To Be Able To Retire in All 50 States
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
