Yahoo Finance Here’s the Cost To Retire Comfortably in Every State by Age
What stands between most people and retirement is having enough money to afford it. While many people love the idea of early retirement, say in your 40s or 50s, that goal is not very likely in most states. However, retiring in your early 60s is, depending on where you live.
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Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash. Find out how much you’ll need to retire, assuming a life expectancy of 80 — depending on the state you call home.
Alabama
Annual cost of a comfortable retirement: $56,048
Retirement savings needed at 60: $1,120,967
Retirement savings needed at 70: $560,483
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Alaska
Annual cost of a comfortable retirement: $87,697
Retirement savings needed at 60: $1,753,947
Retirement savings needed at 70: $876,973
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Arizona
Annual cost of a comfortable retirement: $72,825
Retirement savings needed at 60: $1,456,502
Retirement savings needed at 70: $728,251
Arkansas
Annual cost of a comfortable retirement: $55,837
Retirement savings needed at 60: $1,116,740
Retirement savings needed at 70: $558,370
California
Annual cost of a comfortable retirement: $95,256
Retirement savings needed at 60: $1,905,121
Retirement savings needed at 70: $952,560
Colorado
Annual cost of a comfortable retirement: $70,667
Retirement savings needed at 60: $1,413,334
Retirement savings needed at 70: $706,667
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Connecticut
Annual cost of a comfortable retirement: $77,182
Retirement savings needed at 60: $1,543,642
Retirement savings needed at 70: $771,821
Delaware
Annual cost of a comfortable retirement: $65,875
Retirement savings needed at 60: $1,317,491
Retirement savings needed at 70: $658,746
Florida
Annual cost of a comfortable retirement: $67,310.
Retirement savings needed at 60: $1,346,206
Retirement savings needed at 70: $673,103
Georgia
Annual cost of a comfortable retirement: $59,197
Retirement savings needed at 60: $1,183,932
Retirement savings needed at 70: $591,966
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Hawaii
Annual cost of a comfortable retirement: $127,576
Retirement savings needed at 60: $2,551,528
Retirement savings needed at 70: $1,275,764
Idaho
Annual cost of a comfortable retirement: $64,990
Retirement savings needed at 60: $1,299,790
Retirement savings needed at 70: $649,895
Illinois
Annual cost of a comfortable retirement: $59,824
Retirement savings needed at 60: $1,196,470
Retirement savings needed at 70: $598,235
Indiana
Annual cost of a comfortable retirement: $60,327
Retirement savings needed at 60: $1,206,547
Retirement savings needed at 70: $603,273
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Iowa
Annual cost of a comfortable retirement: $59,382
Retirement savings needed at 60: $1,187,640
Retirement savings needed at 70: $593,820
Kansas
Annual cost of a comfortable retirement: $57,714
Retirement savings needed at 60: $1,154,288
Retirement savings needed at 70: $577,144
Kentucky
Annual cost of a comfortable retirement: $59,143
Retirement savings needed at 60: $1,182,861
Retirement savings needed at 70: $591,430
Louisiana
Annual cost of a comfortable retirement: $59,200
Retirement savings needed at 60: $1,184,005
Retirement savings needed at 70: $592,003
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Maine
Annual cost of a comfortable retirement: $74,661
Retirement savings needed at 60: $1,493,222
Retirement savings needed at 70: $746,611
Maryland
Annual cost of a comfortable retirement: $76,955
Retirement savings needed at 60: $1,539,110
Retirement savings needed at 70: $769,555
Massachusetts
Annual cost of a comfortable retirement: $104,012
Retirement savings needed at 60: $2,080,240
Retirement savings needed at 70: $1,040,120
Michigan
Annual cost of a comfortable retirement: $60,048
Retirement savings needed at 60: $1,200,961
Retirement savings needed at 70: $600,480
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Minnesota
Annual cost of a comfortable retirement: $62,890
Retirement savings needed at 60: $1,257,794
Retirement savings needed at 70: $628,897
Mississippi
Annual cost of a comfortable retirement: $56,921
Retirement savings needed at 60: $1,138,419
Retirement savings needed at 70: $569,210
Missouri
Annual cost of a comfortable retirement: $57,964
Retirement savings needed at 60: $1,159,276
Retirement savings needed at 70: $579,638
Montana
Annual cost of a comfortable retirement: $67,884
Retirement savings needed at 60: $1,357,680
Retirement savings needed at 70: $678,840
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Nebraska
Annual cost of a comfortable retirement: $59,685
Retirement savings needed at 60: $1,193,704
Retirement savings needed at 70: $596,852
Nevada
Annual cost of a comfortable retirement: $68,582
Retirement savings needed at 60: $1,371,642
Retirement savings needed at 70: $685,821
New Hampshire
Annual cost of a comfortable retirement: $74,471
Retirement savings needed at 60: $1,489,430
Retirement savings needed at 70: $744,715
New Jersey
Annual cost of a comfortable retirement: $73,892
Retirement savings needed at 60: $1,477,833
Retirement savings needed at 70: $738,917
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New Mexico
Annual cost of a comfortable retirement: $61,775
Retirement savings needed at 60: $1,235,500
Retirement savings needed at 70: $617,750
New York
Annual cost of a comfortable retirement: $87,058
Retirement savings needed at 60: $1,741,152
Retirement savings needed at 70: $870,576
North Carolina
Annual cost of a comfortable retirement: $64,049
Retirement savings needed at 60: $1,280,970
Retirement savings needed at 70: $640,485
North Dakota
Annual cost of a comfortable retirement: $63,523
Retirement savings needed at 60: $1,270,456
Retirement savings needed at 70: $635,228
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Ohio
Annual cost of a comfortable retirement: $61,020
Retirement savings needed at 60: $1,220,390
Retirement savings needed at 70: $610,195
Oklahoma
Annual cost of a comfortable retirement: $56,936
Retirement savings needed at 60: $1,138,728
Retirement savings needed at 70: $569,364
Oregon
Annual cost of a comfortable retirement: $79,356
Retirement savings needed at 60: $1,587,111
Retirement savings needed at 70: $793,556
Pennsylvania
Annual cost of a comfortable retirement: $61,870
Retirement savings needed at 60: $1,237,410
Retirement savings needed at 70: $618,705
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Rhode Island
Annual cost of a comfortable retirement: $72,511
Retirement savings needed at 60: $1,450,220
Retirement savings needed at 70: $725,110
South Carolina
Annual cost of a comfortable retirement: $60,631
Retirement savings needed at 60: $1,212,620
Retirement savings needed at 70: $606,310
South Dakota
Annual cost of a comfortable retirement: $61,078
Retirement savings needed at 60: $1,221,562
Retirement savings needed at 70: $610,781
Tennessee
Annual cost of a comfortable retirement: $58,254
Retirement savings needed at 60: $1,165,073
Retirement savings needed at 70: $582,536
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Texas
Annual cost of a comfortable retirement: $60,586
Retirement savings needed at 60: $1,211,718
Retirement savings needed at 70: $605,859
Utah
Annual cost of a comfortable retirement: $69,010
Retirement savings needed at 60: $1,380,204
Retirement savings needed at 70: $690,102
Vermont
Annual cost of a comfortable retirement: $77,903
Retirement savings needed at 60: $1,558,053
Retirement savings needed at 70: $779,027
Virginia
Annual cost of a comfortable retirement: $67,569
Retirement savings needed at 60: $1,351,373
Retirement savings needed at 70: $675,686
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Washington
Annual cost of a comfortable retirement: $79,457
Retirement savings needed at 60: $1,589,130
Retirement savings needed at 70: $794,565
West Virginia
Annual cost of a comfortable retirement: $55,485
Retirement savings needed at 60: $1,109,701
Retirement savings needed at 70: $554,850
Wisconsin
Annual cost of a comfortable retirement: $64,029
Retirement savings needed at 60: $1,280,582
Retirement savings needed at 70: $640,291
Wyoming
Annual cost of a comfortable retirement: $61,127
Retirement savings needed at 60: $1,222,532
Retirement savings needed at 70: $611,266
John Csiszar contributed to the reporting for this article.
Methodology: For this study, GOBankingRates analyzed each state for their cost of living to determine how much someone would need to save to live comfortably in their retirement. Using the average expenditure costs for [1] Groceries, defined as ‘Food at Home’; [2] Housing, defined as ‘Shelter’; [3] Transportation, defined as ‘Gasoline, other fuels and motor oil’ and ‘other vehicle expenses’; [4] Healthcare; and [5] Utilities, defined as ‘Utilities, fuels and other services,’ all sourced from the Bureau of Labor and Statistics 2022 Consumer Expenditure Survey; and the cost of living indexes from the Missouri Economic and Research Center, the average expenditure for each state was calculated. After calculating the total savings needed, an additional savings buffer was calculated by assuming that total expenditures cover 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then calculated how much savings you would need to retire comfortably for various retirement ages. All data was collected and is up to date as of Feb. 2, 2024.
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This article originally appeared on GOBankingRates.com: Here’s the Cost To Retire Comfortably in Every State by Age
