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How much money you need to retire comfortably in every U.S. state

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How much money you need to retire comfortably in every U.S. state

Where you retire can be almost as important as the amount of money you've saved, given how much the cost of living varies from state to state.

The annual cost of a comfortable retirement can differ by as much as $67,981 depending on where you settle, according to a recent GOBankingRates analysis of all 50 U.S. states.

Hawaii has the highest average retirement expenses in the country, costing retirees an estimated $129,296 a year to live comfortably. That's more than twice the amount needed in Mississippi, where retirees need $61,315, on average.

To calculate the annual retirement costs for Americans aged 65 and older in each state, the study used Bureau of Labor Statistics estimates for food, shelter, transportation, health care, and utility expenses. A 20% cash buffer was added to this total to ensure retirees could live "comfortably," according to the study.

Housing is the biggest differentiator in the cost of living in each state. In Hawaii, a combination of high demand and limited space for homes has led to some of the highest housing costs in the country.

In Mississippi — like many other rural states — home prices and property taxes are among the lowest in the U.S., which helps keep retirement costs down.

Below are the annual retirement expenses for every state, in alphabetical order.  

Alabama

  • Total expenditures:  $50,980
  • 20% comfort buffer: $10,196
  • Cost of a comfortable retirement annually: $61,176

Alaska

  • Total expenditures: $72,390
  • 20% comfort buffer: $14,478
  • Cost of a comfortable retirement annually: $86,868

Arizona

  • Total expenditures: $63,942
  • 20% comfort buffer: $12,788
  • Cost of a comfortable retirement annually: $76,730

Arkansas

  • Total expenditures: $51,211
  • 20% comfort buffer: $10,242
  • Cost of a comfortable retirement annually: $61,454

California

  • Total expenditures: $83,906
  • 20% comfort buffer: $16,781
  • Cost of a comfortable retirement annually: $100,687

Colorado

  • Total expenditures: $58,908
  • 20% comfort buffer: $11,782
  • Cost of a comfortable retirement annually: $70,689

Connecticut

  • Total expenditures: $65,504
  • 20% comfort buffer: $13,101
  • Cost of a comfortable retirement annually: $78,605

Delaware

  • Total expenditures: $58,387
  • 20% comfort buffer:  $11,677
  • Cost of a comfortable retirement annually: $70,064

Florida

  • Total expenditures: $59,660
  • 20% comfort buffer: $11,932
  • Cost of a comfortable retirement annually: $71,592

Georgia

  • Total expenditures: $52,832
  • 20% comfort buffer: $10,566
  • Cost of a comfortable retirement annually: $63,398

Hawaii

  • Total expenditures: $107,746
  • 20% comfort buffer: $21,549
  • Cost of a comfortable retirement annually: $129,296

Idaho

  • Total expenditures: $58,503
  • 20% comfort buffer: $11,701
  • Cost of a comfortable retirement annually: $70,203

Illinois

  • Total expenditures: $53,989
  • 20% comfort buffer: $10,798
  • Cost of a comfortable retirement annually: $64,787

Indiana

  • Total expenditures: $52,253
  • 20% comfort buffer: $10,451
  • Cost of a comfortable retirement annually: $62,704

Iowa

  • Total expenditures: $52,137
  • 20% comfort buffer: $10,427
  • Cost of a comfortable retirement annually: $62,565

Kansas

  • Total expenditures: $50,517
  • 20% comfort buffer: $10,103
  • Cost of a comfortable retirement annually: $60,620

Kentucky

  • Total expenditures: $53,584
  • 20% comfort buffer: $10,717
  • Cost of a comfortable retirement annually: $64,301

Louisiana

  • Total expenditures: $53,295
  • 20% comfort buffer: $10,659
  • Cost of a comfortable retirement annually: $63,954

Maine

  • Total expenditures: $64,405
  • 20% comfort buffer: $12,881
  • Cost of a comfortable retirement annually: $77,286

Maryland

  • Total expenditures: $67,240
  • 20% comfort buffer: $13,448
  • Cost of a comfortable retirement annually: $80,688

Massachusetts

  • Total expenditures: $83,501
  • 20% comfort buffer: $16,700
  • Cost of a comfortable retirement annually: $100,201

Michigan

  • Total expenditures: $53,121
  • 20% comfort buffer: $10,624
  • Cost of a comfortable retirement annually: $63,745

Minnesota

  • Total expenditures: $54,857
  • 20% comfort buffer: $10,971
  • Cost of a comfortable retirement annually: $65,828

Mississippi

  • Total expenditures: $51,096
  • 20% comfort buffer: $10,219
  • Cost of a comfortable retirement annually: $61,315

Missouri

  • Total expenditures: $51,211
  • 20% comfort buffer: $10,242
  • Cost of a comfortable retirement annually: $61,454

Montana

  • Total expenditures: $54,741
  • 20% comfort buffer:  $10,948
  • Cost of a comfortable retirement annually: $65,689

Nebraska

  • Total expenditures: $54,047
  • 20% comfort buffer: $10,809
  • Cost of a comfortable retirement annually: $64,856

Nevada

  • Total expenditures: $59,428
  • 20% comfort buffer: $11,886
  • Cost of a comfortable retirement annually: $71,314

New Hampshire

  • Total expenditures: $65,736
  • 20% comfort buffer: $13,147
  • Cost of a comfortable retirement annually: $78,883

New Jersey

  • Total expenditures: $65,794
  • 20% comfort buffer: $13,159
  • Cost of a comfortable retirement annually: $78,952

New Mexico

  • Total expenditures: $54,163
  • 20% comfort buffer: $10,833
  • Cost of a comfortable retirement annually: $64,995

New York

  • Total expenditures: $71,233
  • 20% comfort buffer: $14,247
  • Cost of a comfortable retirement annually: $85,480

North Carolina

  • Total expenditures: $56,998
  • 20% comfort buffer: $11,400
  • Cost of a comfortable retirement annually: $68,398

North Dakota

  • Total expenditures: $53,700
  • 20% comfort buffer: $10,740
  • Cost of a comfortable retirement annually: $64,440

Ohio

  • Total expenditures: $54,394
  • 20% comfort buffer: $10,879
  • Cost of a comfortable retirement annually: $65,273

Oklahoma

  • Total expenditures: $49,996
  • 20% comfort buffer: $9,999
  • Cost of a comfortable retirement annually: $59,995

Oregon

  • Total expenditures: $66,025
  • 20% comfort buffer: $13,205
  • Cost of a comfortable retirement annually: $79,230

Pennsylvania

  • Total expenditures: $55,320
  • 20% comfort buffer: $11,064
  • Cost of a comfortable retirement annually: $66,384

Rhode Island

  • Total expenditures: $65,620
  • 20% comfort buffer: $13,124
  • Cost of a comfortable retirement annually: $78,744

South Carolina

  • Total expenditures: $56,477
  • 20% comfort buffer: $11,295
  • Cost of a comfortable retirement annually: $67,773

South Dakota

  • Total expenditures: $54,047
  • 20% comfort buffer: $10,809
  • Cost of a comfortable retirement annually: $64,856

Tennessee

  • Total expenditures: $52,253
  • 20% comfort buffer: $10,451
  • Cost of a comfortable retirement annually: $62,704

Texas

  • Total expenditures: $53,468
  • 20% comfort buffer: $10,694
  • Cost of a comfortable retirement annually: $64,162

Utah

  • Total expenditures: $59,544
  • 20% comfort buffer: $11,909
  • Cost of a comfortable retirement annually: $71,453

Vermont

  • Total expenditures: $66,372
  • 20% comfort buffer: $13,274
  • Cost of a comfortable retirement annually: $79,647

Virginia

  • Total expenditures: $58,618
  • 20% comfort buffer: $11,724
  • Cost of a comfortable retirement annually: $70,342

Washington

  • Total expenditures: $66,604
  • 20% comfort buffer: $13,321
  • Cost of a comfortable retirement annually: $79,925

West Virginia

  • Total expenditures: $48,492
  • 20% comfort buffer: $9,698
  • Cost of a comfortable retirement annually: $58,190

Wisconsin

  • Total expenditures: $56,130
  • 20% comfort buffer: $11,226
  • Cost of a comfortable retirement annually: $67,356

Wyoming

  • Total expenditures: $55,031
  • 20% comfort buffer: $11,006
  • Cost of a comfortable retirement annually: $66,037

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