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

The cost of retirement can vary by as much as $1.36 million depending on where you live in the U.S., according to an analysis by personal finance website GOBankingRates.com.

To determine the amount of money needed to retire, GOBankingRates calculated the annual expenses for housing, food, utilities, transportation and health care in each state for people 65 years or older, using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center.

Those totals were then multiplied by 25 or 30 years, excluding Social Security payments, since those benefits would supplement retirees’ personal savings. The study assumes that retirees will receive annual Social Security payments of $21,566.76, the U.S. average based on the most recent information provided by the Social Security Administration.

It’s important to note that these projections don’t include adjustments for inflation and that the annual cost of living in each state will likely rise over time. However, invested savings are also likely to rise in value during that time.

For a 25-year retirement, you’d need just over $2 million in Hawaii — the most of all states by far.

That’s followed by Massachusetts, California and New York, along with 12 other states where you’d need at least $1 million saved up to retire. Most of these states are along the coast and contain large cities where the cost of housing tends to be the highest.

In contrast, you’d need less than $700,000 for a 25-year retirement in West Virginia, the lowest in the country. The U.S. average for retirement expenses is $835,453 for 25 years and $1,003,548 for 30 years.

But keep in mind that while these projections can be a useful tool in understanding how much you may need to retire, your specific retirement requirements will vary based on your needs and priorities.

Here’s a look at the annual retirement costs for each state, along with the totals needed to retire in 25 and 30 years — excluding Social Security benefits — in alphabetical order.

Alabama

  • Annual retirement expenditures: $50,995
  • Minimum needed for 25 years of retirement: $735,718
  • Minimum needed for 30 years of retirement: $883,745

Alaska

  • Annual retirement expenditures: $73,082
  • Minimum needed for 25 years of retirement: $1,287,880
  • Minimum needed for 30 years of retirement: $1,547,003

Arizona

  • Annual retirement expenditures: $63,600
  • Minimum needed for 25 years of retirement: $1,050,826
  • Minimum needed for 30 years of retirement: $1,262,253

Arkansas

  • Annual retirement expenditures: $51,169
  • Minimum needed for 25 years of retirement: $740,054
  • Minimum needed for 30 years of retirement: $888,954

California

  • Annual retirement expenditures: $78,864
  • Minimum needed for 25 years of retirement: $1,432,425
  • Minimum needed for 30 years of retirement: $1,720,630

Colorado

  • Annual retirement expenditures: $61,807
  • Minimum needed for 25 years of retirement: $1,006,017
  • Minimum needed for 30 years of retirement: $1,208,429

Connecticut

  • Annual retirement expenditures: $65,855
  • Minimum needed for 25 years of retirement: $1,107,199
  • Minimum needed for 30 years of retirement: $1,329,968

Delaware

  • Annual retirement expenditures: $58,281
  • Minimum needed for 25 years of retirement: $917,845
  • Minimum needed for 30 years of retirement: $1,102,516

Florida

  • Annual retirement expenditures: $58,396
  • Minimum needed for 25 years of retirement: $920,736
  • Minimum needed for 30 years of retirement: $1,105,989

Georgia

  • Annual retirement expenditures: $52,557
  • Minimum needed for 25 years of retirement: $774,745
  • Minimum needed for 30 years of retirement: $930,625

Hawaii

  • Annual retirement expenditures: $103,610
  • Minimum needed for 25 years of retirement: $2,051,077
  • Minimum needed for 30 years of retirement: $2,463,757

Idaho

  • Annual retirement expenditures: $57,240
  • Minimum needed for 25 years of retirement: $891,827
  • Minimum needed for 30 years of retirement: $1,071,263

Illinois

  • Annual retirement expenditures: $53,077
  • Minimum needed for 25 years of retirement: $787,754
  • Minimum needed for 30 years of retirement: $946,251

Indiana

  • Annual retirement expenditures: $52,672
  • Minimum needed for 25 years of retirement: $777,636
  • Minimum needed for 30 years of retirement: $934,097

Iowa

  • Annual retirement expenditures: $51,978
  • Minimum needed for 25 years of retirement: $760,291
  • Minimum needed for 30 years of retirement: $913,262

Kansas

  • Annual retirement expenditures: $50,533
  • Minimum needed for 25 years of retirement: $724,154
  • Minimum needed for 30 years of retirement: $869,855

Kentucky

  • Annual retirement expenditures: $53,886
  • Minimum needed for 25 years of retirement: $807,990
  • Minimum needed for 30 years of retirement: $970,559

Louisiana

  • Annual retirement expenditures: $52,441
  • Minimum needed for 25 years of retirement: $771,854
  • Minimum needed for 30 years of retirement: $927,152

Maine

  • Annual retirement expenditures: $64,005
  • Minimum needed for 25 years of retirement: $1,060,944
  • Minimum needed for 30 years of retirement: $1,274,407

Maryland

  • Annual retirement expenditures: $66,375
  • Minimum needed for 25 years of retirement: $1,120,208
  • Minimum needed for 30 years of retirement: $1,345,595

Massachusetts

  • Annual retirement expenditures: $85,571
  • Minimum needed for 25 years of retirement: $1,600,097
  • Minimum needed for 30 years of retirement: $1,922,038

Michigan

  • Annual retirement expenditures: $52,614
  • Minimum needed for 25 years of retirement: $776,191
  • Minimum needed for 30 years of retirement: $932,361

Minnesota

  • Annual retirement expenditures: $54,580
  • Minimum needed for 25 years of retirement: $825,336
  • Minimum needed for 30 years of retirement: $991,394

Mississippi

  • Annual retirement expenditures: $50,128
  • Minimum needed for 25 years of retirement: $714,036
  • Minimum needed for 30 years of retirement: $857,701

Missouri

  • Annual retirement expenditures: $51,053
  • Minimum needed for 25 years of retirement: $737,163
  • Minimum needed for 30 years of retirement: $885,482

Montana

  • Annual retirement expenditures: $59,610
  • Minimum needed for 25 years of retirement: $951,090
  • Minimum needed for 30 years of retirement: $1,142,450

Nebraska

  • Annual retirement expenditures: $52,614
  • Minimum needed for 25 years of retirement: $776,191
  • Minimum needed for 30 years of retirement: $932,361

Nevada

  • Annual retirement expenditures: $58,454
  • Minimum needed for 25 years of retirement: $922,181
  • Minimum needed for 30 years of retirement: $1,107,725

New Hampshire

  • Annual retirement expenditures: $66,838
  • Minimum needed for 25 years of retirement: $1,131,771
  • Minimum needed for 30 years of retirement: $1,359,485

New Jersey

  • Annual retirement expenditures: $63,773
  • Minimum needed for 25 years of retirement: $1,055,162
  • Minimum needed for 30 years of retirement: $1,267,462

New Mexico

  • Annual retirement expenditures: $54,291
  • Minimum needed for 25 years of retirement: $818,109
  • Minimum needed for 30 years of retirement: $982,713

New York

  • Annual retirement expenditures: $73,140
  • Minimum needed for 25 years of retirement: $1,289,325
  • Minimum needed for 30 years of retirement: $1,548,739

North Carolina

  • Annual retirement expenditures: $55,621
  • Minimum needed for 25 years of retirement: $851,354
  • Minimum needed for 30 years of retirement: $1,022,647

North Dakota

  • Annual retirement expenditures: $54,522
  • Minimum needed for 25 years of retirement: $823,890
  • Minimum needed for 30 years of retirement: $989,658

Ohio

  • Annual retirement expenditures: $53,308
  • Minimum needed for 25 years of retirement: $793,536
  • Minimum needed for 30 years of retirement: $953,196

Oklahoma

  • Annual retirement expenditures: $50,186
  • Minimum needed for 25 years of retirement: $715,482
  • Minimum needed for 30 years of retirement: $859,437

Oregon

  • Annual retirement expenditures: $66,317
  • Minimum needed for 25 years of retirement: $1,118,762
  • Minimum needed for 30 years of retirement: $1,343,858

Pennsylvania

  • Annual retirement expenditures: $54,811
  • Minimum needed for 25 years of retirement: $831,118
  • Minimum needed for 30 years of retirement: $998,339

Rhode Island

  • Annual retirement expenditures: $64,756
  • Minimum needed for 25 years of retirement: $1,079,735
  • Minimum needed for 30 years of retirement: $1,296,979

South Carolina

  • Annual retirement expenditures: $54,522
  • Minimum needed for 25 years of retirement: $823,890
  • Minimum needed for 30 years of retirement: $989,658

South Dakota

  • Annual retirement expenditures: $53,077
  • Minimum needed for 25 years of retirement: $787,754
  • Minimum needed for 30 years of retirement: $946,251

Tennessee

  • Annual retirement expenditures: $52,267
  • Minimum needed for 25 years of retirement: $767,518
  • Minimum needed for 30 years of retirement: $921,943

Texas

  • Annual retirement expenditures: $53,771
  • Minimum needed for 25 years of retirement: $805,100
  • Minimum needed for 30 years of retirement: $967,086

Utah

  • Annual retirement expenditures: $60,420
  • Minimum needed for 25 years of retirement: $971,326
  • Minimum needed for 30 years of retirement: $1,166,758

Vermont

  • Annual retirement expenditures: $66,433
  • Minimum needed for 25 years of retirement: $1,121,653
  • Minimum needed for 30 years of retirement: $1,347,331

Virginia

  • Annual retirement expenditures: $58,627
  • Minimum needed for 25 years of retirement: $926,517
  • Minimum needed for 30 years of retirement: $1,112,934

Washington

  • Annual retirement expenditures: $66,895
  • Minimum needed for 25 years of retirement: $1,133,217
  • Minimum needed for 30 years of retirement: $1,361,221

West Virginia

  • Annual retirement expenditures: $49,261
  • Minimum needed for 25 years of retirement: $692,354
  • Minimum needed for 30 years of retirement: $831,657

Wisconsin

  • Annual retirement expenditures: $55,158
  • Minimum needed for 25 years of retirement: $839,790
  • Minimum needed for 30 years of retirement: $1,008,757

Wyoming

  • Annual retirement expenditures: $53,886
  • Minimum needed for 25 years of retirement: $807,990
  • Minimum needed for 30 years of retirement: $970,559

Want to land your dream job in 2024? Take CNBC’s new online course How to Ace Your Job Interview to learn what hiring managers are really looking for, body language techniques, what to say and not to say, and the best way to talk about pay. Get started today and save 50% with discount code EARLYBIRD.

DON’T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!

How this Googler earning $194,000 in Orange County, California spends his money

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – seculartimes.com. The content will be deleted within 24 hours.

Leave a Comment