Planning for retirement isn’t one-size-fits-all. Where you choose to retire can have a massive impact on how much money you need to retire comfortably. In fact, the difference in required savings between Hawaii and West Virginia exceeds $1.49 million.
To make this easier to digest, we’ve restructured the data into a streamlined table so you can quickly scan how much you’ll need to retire in each state at age 65.
Table: Retirement Savings Needed by State
| State | Annual Cost of Living | How Much Money Do You Need to Retire? |
|---|---|---|
| Alabama | $53,357 | $773,000 |
| Alaska | $74,147 | $1,292,753 |
| Arizona | $67,778 | $1,133,522 |
| Arkansas | $53,477 | $776,005 |
| California | $86,946 | $1,612,716 |
| Colorado | $61,709 | $981,803 |
| Connecticut | $67,117 | $1,116,998 |
| Delaware | $60,207 | $944,248 |
| Florida | $61,529 | $977,296 |
| Georgia | $54,980 | $813,559 |
| Hawaii | $110,921 | $2,212,084 |
| Idaho | $61,289 | $971,288 |
| Illinois | $57,383 | $873,646 |
| Indiana | $54,859 | $810,555 |
| Iowa | $54,319 | $797,035 |
| Kansas | $52,095 | $741,455 |
| Kentucky | $55,821 | $834,590 |
| Louisiana | $56,181 | $843,603 |
| Maine | $68,199 | $1,144,038 |
| Maryland | $59,426 | $924,720 |
| Massachusetts | $88,268 | $1,645,764 |
| Michigan | $55,460 | $825,577 |
| Minnesota | $57,263 | $870,642 |
| Mississippi | $52,576 | $753,472 |
| Missouri | $53,477 | $776,005 |
| Montana | $56,482 | $851,114 |
| Nebraska | $55,761 | $833,087 |
| Nevada | $60,147 | $942,746 |
| New Hampshire | $66,997 | $1,113,994 |
| New Jersey | $68,980 | $1,163,566 |
| New Mexico | $55,821 | $834,590 |
| New York | $74,147 | $1,292,753 |
| North Carolina | $58,645 | $905,192 |
| North Dakota | $55,340 | $822,572 |
| Ohio | $57,023 | $864,633 |
| Oklahoma | $52,816 | $759,481 |
| Oregon | $66,096 | $1,091,462 |
| Pennsylvania | $57,023 | $864,633 |
| Rhode Island | $67,538 | $1,127,514 |
| South Carolina | $57,203 | $869,140 |
| South Dakota | $55,460 | $825,577 |
| Tennessee | $54,078 | $791,027 |
| Texas | $55,641 | $830,083 |
| Utah | $65,795 | $1,083,951 |
| Vermont | $68,559 | $1,153,051 |
| Virginia | $60,387 | $948,755 |
| Washington | $68,259 | $1,145,540 |
| West Virginia | $50,954 | $712,913 |
| Wisconsin | $59,666 | $930,729 |
| Wyoming | $57,323 | $872,144 |
What Impacts How Much Money You Need to Retire?
Housing costs play the largest role in retirement savings differences across states, but health care, transportation, and utilities are also key contributors. For example, retirees in Hawaii will need over $2.2 million, while those in West Virginia may need less than $720,000. That’s a serious gap—and a strong reminder that where you retire is just as important as when.
Retirement Planning by Age: Are You on Track?
Wondering how much money you need to retire at each life stage? Use this simple guide to help benchmark your progress:
| Age | Suggested Savings Goal |
| 30 | 1x your annual salary |
| 40 | 3x your annual salary |
| 50 | 6x your annual salary |
| 60 | 8x your annual salary |
| 67 | 10x your annual salary |
Pro Tip: These estimates assume you plan to retire at 65 and maintain a similar lifestyle to your working years. Adjust accordingly if you expect to spend more (or less) in retirement.
How Much Money Do You Need to Retire?
There is no one-size-fits-all number, but understanding your state’s cost of living and using benchmarks can help create a realistic retirement savings plan. Ask yourself not just how much money do you need to retire, but where and how you want to live once you do.
Keep in mind: these are bare minimums. Discretionary spending, inflation, and health emergencies can quickly change the game. The more detailed your plan, the more peace of mind you’ll have.
Ready to start planning smarter?
Contact us to discover if one-on-one planning and coaching is the right fit for you and your nest egg.
Our financial coaches can assess your goals and provide a personalized plan to help you catch up on your retirement savings, while also keeping you accountable through regular monthly meetings and ongoing support when needed.
