The Cost of Retiring in Various States: A Financial Breakdown

Louisiana: Annual Cost of Living

The annual cost of living in Louisiana is $52,440.93. After using Social Security income, this comes down to $30,303.81. If you plan to retire in Louisiana, you should aim to have $757,595.20 in savings.

Georgia: Annual Cost of Living and Savings Needed for Retirement

For those considering Georgia, the annual cost of living is $52,556.56, or $30,419.44 after using Social Security income. To retire comfortably, one should have savings of $760,486.10.

Michigan: Cost of Living and Retirement Savings

Michigan’s annual cost of living is $52,614.38, which decreases to $30,477.26 after utilizing Social Security income. As a retiree in Michigan, one should target $761,931.50 in savings.

Nebraska: Financial Considerations for Retirement

For a retiree in Nebraska, the annual cost of living is $52,614.38, or $30,477.26 after using Social Security income. It is recommended to have savings amounting to $761,931.50 for retirement in Nebraska.

Indiana: Evaluating the Cost of Living for Retirees

Retirees considering Indiana should note that the annual cost of living is $52,672.20, or $30,535.08 after utilizing Social Security income. To retire comfortably in Indiana, one should aim to have $763,377.00 in savings.

Illinois: Understanding the Financial Realities of Retirement

Illinois presents an annual cost of living of $53,076.92, which, after using Social Security income, stands at $30,939.80. For a retirement that maintains your lifestyle in Illinois, savings of $773,495.10 are recommended.

South Dakota: Finding Financial Stability for Retirement

Considerations for retiring in South Dakota include an annual cost of living of $53,076.92. After using Social Security income, this amounts to $30,939.80. For a comfortable retirement, savings of $773,495.10 are advised.

Ohio: Analyzing the Cost of Living for Retirees

In Ohio, the annual cost of living is $53,308.20. After using Social Security income, this comes down to $31,171.08. If you plan to retire in Ohio, you should aim to have $779,276.90 in savings.

Texas: The Financial Implications of Retiring in the Lone Star State

For those considering Texas, the annual cost of living is $53,770.74, or $31,633.62 after utilizing Social Security income. To retire comfortably, one should have savings of $790,840.50.

Kentucky: Financial Aspects of Retirement

Kentucky presents an annual cost of living of $53,886.38, or $31,749.26 after using Social Security income. As a retiree in Kentucky, one should target $793,731.40 in savings.

Wyoming: Financial Planning for Retirement

If considering retiring in Wyoming, the annual cost of living is $53,886.38, or $31,749.26 after utilizing Social Security income. It is recommended to have savings amounting to $793,731.40 for retirement in Wyoming.

New Mexico: Retirement Financial Considerations

For a retiree eyeing New Mexico, the annual cost of living is

The New Face of Retirement: Cost of Living After Social Security Income

North Dakota: Living the Dream

• Annual cost of living: $54,522.37
• Cost of living after using Social Security income: $32,385.25
• How much you need in savings to retire: $809,631.40

South Carolina: Where the Heart Calls Home

• Annual cost of living: $54,522.37
• Cost of living after using Social Security income: $32,385.25
• How much you need in savings to retire: $809,631.40

Minnesota: More Than Meets the Eye

• Annual cost of living: $54,580.19
• Cost of living after using Social Security income: $32,443.07
• How much you need in savings to retire: $811,076.80

Pennsylvania: Where Tradition Meets Tomorrow

• Annual cost of living: $54,811.46
• Cost of living after using Social Security income: $32,674.34
• How much you need in savings to retire: $816,858.60

Wisconsin: More Than Meets the Eye

• Annual cost of living: $55,158.37
• Cost of living after using Social Security income: $33,021.25
• How much you need in savings to retire: $825,531.30

Florida Retirees Are Fleeing: 7 Items That Are Simply Too Expensive in the Sunshine State

North Carolina: The Peaceful Pinnacle

• Annual cost of living: $55,620.92
• Cost of living after using Social Security income: $33,483.80
• How much you need in savings to retire: $837,094.90

Idaho: A Gem Among States

• Annual cost of living: $57,239.82
• Cost of living after using Social Security income: $35,102.70
• How much you need in savings to retire: $877,567.50

Delaware: Small Wonder, Big Living

• Annual cost of living: $58,280.54
• Cost of living after using Social Security income: $36,143.42
• How much you need in savings to retire: $903,585.60

Florida: The Sunshine State Beckons

• Annual cost of living: $58,396.18
• Cost of living after using Social Security income: $36,259.06
• How much you need in savings to retire: $906,476.50

Read: 10 Places To Retire That Are Just Like Arizona but Way Cheaper

Nevada: Where Dreams Meet Reality

• Annual cost of living: $58,454.00
• Cost of living after using Social Security income: $36,316.88
• How much you need in savings to retire: $907,922.00

Virginia: A Place to Call Home

• Annual cost of living: $58,627.45
• Cost of living after using Social Security income: $36,490.33
• How much you need in savings to retire: $912,258.30

Top 10 States for Retirement: The Financial Landscape

The Changing Landscape of Retirement

The prospect of retirement conjures images of a well-deserved respite after a life of toil; a period to enjoy the fruits of labor under tranquil cobalt skies. This shimmering idyll can, however, be punctuated by fiscal uncertainties. Financial prudence is, therefore, a lodestar as the curtain of one’s career falls. In an era of tumult, where does one find a proper vale for their Golden Years?

The Serene Streets of Montana

Pursuing the American Dream in Montana is many a retiree’s aspiration, with its annual cost of living resting at a comfortable $59,610.36. When bolstered by Social Security incomes, this figure slims down to approximately $37,473.24. Retirement ambitions in Montana would require savings of $936,831.00.

Utah: The Crossroads of Tranquility and Financial Harmony

Utah’s annual cost of living, standing at $60,419.81, offers a wholesome refuge for those approaching retirement. After offsetting this with Social Security income, the cost diminishes to $38,282.69. Aspiring retirees will need a nest egg of $957,067.30 to materialize their sunset dreams in this land of majestic landscapes.

Homestead in Colorado: A Haven for Retirement

Colorado beckons to retirees with an annual cost of living marked at $61,807.44. When Social Security income is factored in, the cost dwindles to $39,670.32. As for the chest of retirement treasures, it is recommended to stockpile a hefty $991,758.10 to actualize a retirement amidst Colorado’s breathtaking terrains.

Arizona: Crafting an Oasis of Retirement Comfort

Nestled in the heart of the southwestern deserts, Arizona offers a comfortable annual cost of living priced at $63,599.80. After utilizing Social Security income, the cost eases to $41,462.68. Securing retirement in Arizona would necessitate a veritable fortune of $1,036,567.00.

The Allure of New Jersey

New Jersey, with its annual cost of living pegged at $63,773.25, might appeal to those seeking a coastal retirement. Nudging this figure with Social Security income, the cost gentles to $41,636.13. Prospective retirees would need to accrue $1,040,903.40 to savor the shores of their sunset years in this eastern utopia.

Maine: The Beacon of Tranquility

Aspirants dreaming of retiring by Maine’s scenic coasts might be heartened by the state’s annual cost of living totaling $64,004.53. After marrying this with Social Security income, the cost relaxes to $41,867.41. Those aiming for a Maine retirement will need to amass $1,046,685.20 to bask in the soothing shadows of their twilight years.

38. Rhode Island: An Oasis of Resplendence

Rhode Island stands as an alluring retirement destination with its annual cost of living noted at $64,756.16. Post factoring in the Social Security income, the cost tones down to $42,619.04. Crafting a retirement abode in Rhode Island demands a princely sum of $1,065,476.00.

Connecticut: A Sunlit Haven for Retirement

Aspirations for retirement life in Connecticut may spark excitement with the annual cost of living measured at $65,854.70. Pruning this with Social Security income shaves it to $43,717.58. Amassing a retirement treasure of $1,092,939.60 would be the fulcrum to realize retirement dreams amidst Connecticut’s picturesque landscapes.

Oregon: An Arcadia for Retirement Ambitions

With an annual cost of living marked at $66,317.25, Oregon beckons to retirees with its natural beauty. The cost diminishes to $44,180.13 after utilizing Social Security income. Aspiring retirees will need a substantial $1,104,503.20 as the bedrock of their twilight adventures in this mesmerizing locale.

Maryland: A Lighthouse of Retirement Comfort

Maryland assures a luxurious retirement existence with an annual cost of living pitched at $66,375.06. After factoring in Social Security income, the cost eases to $44,237.94. Shaping a retirement sanctuary in Maryland would demand a princely sum of $1,105,948.60.

Vermont: The Enigmatic Sanctuary of Retirement

Vermont, with its annual cost of living tallied at $66,432.88, offers a serene retreat for retirees. After fortifying this with Social Security income, the cost soothes to $44,295.76. Crafting a retirement enigma in Vermont necessitates a substantial $1,107,394.10 as the cornerstone of twilight musings.

New Hampshire: The Resplendent Icon of Retirement

New Hampshire, graced with an annual cost of living reaching $66,837.61, unfurls an alluring tapestry for retirees. This cost breathes down to $44,700.49 after merging with Social Security income. Aspiring retirees will need a robust sum of $1,117,512.20 to etch their retirement opus in this serene landscape.

Retirement Savings Analysis Across U.S. States

The Silver Lining in Retirement Numbers

When visualizing retirement, the average American may conjure images of restful afternoons, perhaps spent in coastal towns or quiet Corners of the heartland. Nevertheless, underneath this quaint facade lies a thornier reality: the pressing financial burden of retirement. A recent study by GOBankingRates.com sheds light on the staggering amount of savings an individual needs to retire comfortably in each U.S. state. The findings paint a clear picture: the cost of living continues to surge, and retirees will need to brace themselves for significant retirement nest eggs to weather life in their golden years.

The study considers the annual cost of living in each state and contrasts it with the average Social Security income — a crucial lifeline for millions of retired Americans. The numbers are stark, showcasing the widening chasm between what retirees have and what they will need. As state by state is laid bare, the data reveals the cold, hard truth that most Americans are severely underprepared for retirement.

Cruising Through Specifics

Washington: Climbing the Ladder of Costs

In Washington, the average annual cost of living totals $66,895.43. After accounting for Social Security income, the remaining burden stands at $44,758.31, leaving a daunting gap of $1,118,957.70 to be covered by retirement savings.

Alaska: Balancing Beauty with Expenses

Alaska, a land of breathtaking natural beauty, informs us of a different story. The annual cost of living here is $73,081.95, leaving a yawning gap of $1,273,620.80 to be cushioned by savings after accounting for Social Security income.

New York: The Towering Heights of Expenses

In New York, the annual cost of living is an eye-watering $73,139.77. After utilizing Social Security income, the gaping difference to be bridged by savings amounts to $1,275,066.30.

California: The Golden State of Expenses

California’s retirees face daunting challenges as well, with a yearly living cost amounting to $78,863.75. After assimilating Social Security income, the gap left for savings to make up is a staggering $1,418,165.80.

District of Columbia: A Life of Monumental Costs

The nation’s capital, the District of Columbia, sees an annual cost of living at a towering $84,009.55, leaving a colossal sum of $1,546,810.90 to be shouldered by savings after factoring in Social Security income.

Massachusetts: The Rumble of Expenses

Massachusetts rounds out the list with an annual cost of living reaching a staggering $85,570.64. After adjusting for Social Security income, a daunting $1,585,838.00 gap remains to be replenished through retirement savings.

Hawaii: The Aloha State of Expenses

Hawaii, known for its paradisiacal essence, also presents a daunting financial reality with an annual cost of living scaling up to $103,609.86. Even after accounting for Social Security income, retirees face a colossal deficit of $2,036,818.40 in necessary savings.

Jordan Rosenfeld, Jami Farkas and Alexandria Bova contributed to the reporting for this article.

Methodology:
In order to find how much you need in savings to retire in your state, GOBankingRates analyzed each state to find the cost of living indexes across grocery, healthcare, utilities, transportation, and housing from the Missouri Economic & Research Information Center. Using these cost of living indexes, GOBankingRates found the national average costs for people aged 65 and over across the expenditures; grocery, healthcare, utilities, transportation, and housing as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey to find the average expenditure costs for each category in each state. The average Social Security Income was subtracted from the overall expenditure to find the annual cost of living remaining. Assuming a drawdown of 4% a year to pay for living expenses, GOBankingRates calculated the savings needed to retire in each state. All data was collected and is up-to-date as-of December 27th, 2023.

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This article originally appeared on GOBankingRates.com: Here’s Exactly How Much Savings You Need To Retire in Your State

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