Understanding Retirement Costs: How Much You Need to Live Comfortably in Every State
Retirement planning boils down to one crucial factor: money. This includes Social Security benefits, personal savings, retirement plans, and investments, all of which can differ significantly depending on the state. Over time, the definition of “living comfortably” during retirement shifts, with each state offering unique requirements.
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According to a recent study by GOBankingRates, the financial needs for a comfortable retirement vary vastly across the United States. The research outlined the amount required to maintain a comfortable lifestyle over 30 years in each state. For example, West Virginia is the most affordable, where residents need $1,828,724, while in stark contrast, Hawaii tops the list at $6,558,644, a difference of $4,729,920.
Interested in understanding how much money you would need to retire comfortably in your state? Review the rankings to see how your location compares and assess whether your budget can support you for three decades.
West Virginia
- Total cost of living comfortably for 30 years: $1,828,724
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Mississippi
- Total cost of living comfortably for 30 years: $1,922,208
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Oklahoma
- Total cost of living comfortably for 30 years: $1,992,664
Arkansas
- Total cost of living comfortably for 30 years: $2,001,283
Alabama
- Total cost of living comfortably for 30 years: $2,057,199
Louisiana
- Total cost of living comfortably for 30 years: $2,062,035
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Kansas
- Total cost of living comfortably for 30 years: $2,117,962
Kentucky
- Total cost of living comfortably for 30 years: $2,119,768
Iowa
- Total cost of living comfortably for 30 years: $2,121,176
Ohio
- Total cost of living comfortably for 30 years: $2,194,924
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Michigan
- Total cost of living comfortably for 30 years: $2,196,122
Missouri
- Total cost of living comfortably for 30 years: $2,198,572
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Indiana: Living in the Hoosier State
- Total cost of living comfortably for 30 years: $2,214,541
Nebraska: The Heartland’s Hidden Gem
- Total cost of living comfortably for 30 years: $2,324,844
Pennsylvania: A State Rich in History and Costs
- Total cost of living comfortably for 30 years: $2,339,614
North Dakota: The Rough Beauty of the Dakotas
- Total cost of living comfortably for 30 years: $2,357,292
Illinois: More than Just the Windy City
- Total cost of living comfortably for 30 years: $2,385,864
Texas: The Lone Star State’s Economic Landscape
- Total cost of living comfortably for 30 years: $2,447,345
South Carolina: A Southern Charm with a Price Tag
- Total cost of living comfortably for 30 years: $2,464,216
New Mexico: Enchantment with a Cost
- Total cost of living comfortably for 30 years: $2,498,465
Tennessee: The Volunteer State’s Living Costs
- Total cost of living comfortably for 30 years: $2,521,686
South Dakota: A Rural Home with Growing Expenses
- Total cost of living comfortably for 30 years: $2,522,204
Wisconsin: The Dairy State’s Retirement Calculations
- Total cost of living comfortably for 30 years: $2,546,561
Georgia: The Peach State’s Living Expenses
- Total cost of living comfortably for 30 years: $2,583,745
North Carolina: A Growing Economy with a High Price
- Total cost of living comfortably for 30 years: $2,660,665
Minnesota: The Land of 10,000 Lakes and High Costs
- Total cost of living comfortably for 30 years: $2,669,052
Wyoming: The Untamed West at a Price
- Total cost of living comfortably for 30 years: $2,673,535
Further Insights: Why Many Retirees Regret Selling Their Homes
Analyzing the financial landscape across various states reveals significant differences in retirement costs. Each state offers unique benefits, but potential retirees should consider financial implications carefully. Being informed is crucial for planning a comfortable life after work.
The Rising Costs of Comfortable Living Across the U.S.
Delaware: A Costly Yet Quaint Option
- Total cost of living comfortably for 30 years: $2,923,045
Virginia: Mid-Range Costs in the Heart of the South
- Total cost of living comfortably for 30 years: $2,991,514
Florida: Sunshine Comes at a Price
- Total cost of living comfortably for 30 years: $3,080,607
Vermont: Nature’s Beauty with High Expenses
- Total cost of living comfortably for 30 years: $3,141,718
Maine: Coastal Charms and Financial Requirements
- Total cost of living comfortably for 30 years: $3,179,163
Alaska: Great Nature, Greater Costs
- Total cost of living comfortably for 30 years: $3,226,214
Connecticut: The Cost of Comfort in the Northeast
- Total cost of living comfortably for 30 years: $3,227,490
Montana: Big Sky, Big Expenses
- Total cost of living comfortably for 30 years: $3,243,353
Idaho: Affordability with a View
- Total cost of living comfortably for 30 years: $3,262,494
Nevada: Entertainment Costs for Comfortable Living
- Total cost of living comfortably for 30 years: $3,272,021
Maryland: A Pricey Jewel
- Total cost of living comfortably for 30 years: $3,280,391
Arizona: A Desert with a Costly Reputation
- Total cost of living comfortably for 30 years: $3,280,580
Rhode Island: Small State, Big Expenses
- Total cost of living comfortably for 30 years: $3,347,581
New Hampshire: High Costs with a High Quality of Life
- Total cost of living comfortably for 30 years: $3,505,787
For more insightful financial tips, check out: 2 Things Empty Nesters Should Stop Investing In To Boost Retirement Savings.
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The Price of Retirement: How Much You Need to Live Comfortably for 30 Years State by State
Here’s a look at the total costs to sustain a comfortable lifestyle during retirement across several states in the U.S.
Utah
- Total cost of living comfortably for 30 years: $3,559,095
Explore More: I’m Retired and Regret Claiming Social Security at 70 — Here’s Why
New York
- Total cost of living comfortably for 30 years: $3,573,572
Colorado
- Total cost of living comfortably for 30 years: $3,647,256
Oregon
- Total cost of living comfortably for 30 years: $3,654,321
New Jersey
- Total cost of living comfortably for 30 years: $3,816,081
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Washington
- Total cost of living comfortably for 30 years: $4,104,480
Massachusetts
- Total cost of living comfortably for 30 years: $4,502,059
California
- Total cost of living comfortably for 30 years: $5,206,581
Hawaii:
- Total cost of living comfortably for 30 years: $6,558,644
Methodology: GOBankingRates examined 401(k) contributions along with other financial factors to estimate what it would cost to live comfortably in each state for 30 years. The expenditures for residents aged 65 and over were calculated based on the national averages from various sources, including the Bureau of Labor Statistics and the Missouri Economic Research Information Center. Home values were sourced from the Zillow Home Value Index, and assumptions were made about down payments and mortgage rates from the Federal Reserve. The projections incorporated a 2.53% inflation rate and a 10.52% expected annual return, based on data from Vanguard. All data was compiled by September 16, 2024.
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This article originally appeared on GOBankingRates.com: What’s the Cost To Retire Comfortably for 30 Years in Every State?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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