How Much Money Is Enough Per State

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What a Comfy Retirement Will Cost Yous in Each State

How much practise you demand to retire comfortably? Information technology's a question in the heed of every American saving for retirement. Unfortunately, there's not a one-size-fits-all respond. There are several rules of thumb to help y'all figure out how much to save to retire. But the verbal dollar amount you need will depend on a variety of factors — especially where you plan to live in retirement.

That'due south because the cost of living varies from state to state. In some places, y'all tin can go by on even a small nest egg, while in others, even $2 1000000 won't be enough. Your age at retirement as well plays a cistron.

To pinpoint the average retirement income y'all would need to live comfortably throughout the U.Southward., GOBankingRates looked at v factors in all 50 states and the Commune of Columbia: an individual'southward spending on groceries, healthcare, housing, utilities and transportation. Then, the annual retirement income needed to cover these living expenses was calculated, with an additional twenty% to account for the "comfortable" aspect of retirement. United states of america are ranked from to the lowest degree to virtually expensive.

It should be noted that the suggested almanac savings don't include Social Security payouts, potential pension income or interest earned on savings.

Find out exactly how much y'all'll need to retire comfortably in your state.

Last updated: October 1, 2020

Mississippi

• Full expenditures: $42,953

• 20% comfort buffer: $10,738

• Toll of a comfortable retirement annually: $53,691

Kansas

• Total expenditures: $43,866

• 20% condolement buffer: $10,966

• Toll of a comfortable retirement annually: $54,832

Oklahoma

• Full expenditures: $43,967

• twenty% comfort buffer: $10,992

• Cost of a comfy retirement annually: $54,959

New Mexico

• Total expenditures: $44,221

• 20% comfort buffer: $11,055

• Cost of a comfy retirement annually: $55,276

Read: 50 Things Every 50-Something Should Know About Retirement

Arkansas

• Total expenditures: $44,728

• twenty% comfort buffer: $11,182

• Price of a comfortable retirement annually: $55,910

Missouri

• Full expenditures: $44,779

• 20% comfort buffer: $11,195

• Cost of a comfortable retirement annually: $55,973

Indiana

• Total expenditures: $45,387

• xx% comfort buffer: $11,347

• Cost of a comfortable retirement annually: $56,734

Alabama

• Total expenditures: $45,438

• 20% condolement buffer: $11,359

• Cost of a comfortable retirement annually: $56,797

Illinois

• Total expenditures: $45,489

• 20% comfort buffer: $11,372

• Price of a comfortable retirement annually: $56,861

Tennessee

• Full expenditures: $45,641

• twenty% comfort buffer: $11,410

• Cost of a comfy retirement annually: $57,051

Georgia

• Total expenditures: $45,641

• twenty% comfort buffer: $11,410

• Cost of a comfortable retirement annually: $57,051

Michigan

• Total expenditures: $45,692

• 20% comfort buffer: $11,423

• Toll of a comfortable retirement annually: $57,114

Iowa

• Total expenditures: $46,351

• 20% comfort buffer: $11,588

• Cost of a comfortable retirement annually: $57,938

Texas

• Total expenditures: $46,503

• 20% comfort buffer: $11,626

• Cost of a comfortable retirement annually: $58,129

Related: 27 Ugly Truths About Retirement

Ohio

• Full expenditures: $46,706

• twenty% condolement buffer: $11,676

• Cost of a comfortable retirement annually: $58,382

West Virginia

• Total expenditures: $46,858

• 20% comfort buffer: $eleven,714

• Cost of a comfortable retirement annually: $58,572

Nebraska

• Total expenditures: $47,061

• 20% comfort buffer: $11,765

• Price of a comfortable retirement annually: $58,826

Louisiana

• Total expenditures: $47,416

• twenty% comfort buffer: $11,854

• Cost of a comfortable retirement annually: $59,270

Kentucky

• Total expenditures: $47,771

• 20% comfort buffer: $11,943

• Cost of a comfortable retirement annually: $59,713

Idaho

• Total expenditures: $47,821

• twenty% condolement buffer: $eleven,955

• Cost of a comfortable retirement annually: $59,777

Wyoming

• Total expenditures: $47,923

• 20% comfort buffer: $11,981

• Toll of a comfortable retirement annually: $59,904

North Carolina

• Total expenditures: $48,430

• 20% comfort buffer: $12,107

• Toll of a comfortable retirement annually: $60,537

Due south Carolina

• Full expenditures: $48,430

• 20% comfort buffer: $12,107

• Price of a comfy retirement annually: $60,537

Wisconsin

• Full expenditures: $48,531

• 20% condolement buffer: $12,133

• Toll of a comfortable retirement annually: $60,664

Find Out: 25 Ways To Maximize Your Retirement Benefits

North Dakota

• Full expenditures: $48,937

• twenty% comfort buffer: $12,234

• Cost of a comfy retirement annually: $61,171

Utah

• Full expenditures: $49,140

• 20% comfort buffer: $12,285

• Cost of a comfortable retirement annually: $61,425

Florida

• Total expenditures: $fifty,306

• twenty% comfort buffer: $12,577

• Price of a comfortable retirement annually: $62,883

South Dakota

• Total expenditures: $50,560

• 20% condolement buffer: $12,640

• Price of a comfortable retirement annually: $63,200

Arizona

• Full expenditures: $l,763

• 20% condolement buffer: $12,691

• Cost of a comfortable retirement annually: $63,453

Minnesota

• Full expenditures: $51,321

• 20% comfort buffer: $12,830

• Toll of a comfy retirement annually: $64,151

Virginia

• Total expenditures: $51,422

• 20% condolement buffer: $12,855

• Cost of a comfortable retirement annually: $64,277

Colorado

• Total expenditures: $52,335

• 20% condolement buffer: $13,084

• Cost of a comfortable retirement annually: $65,418

Pennsylvania

• Total expenditures: $52,335

• 20% comfort buffer: $13,084

• Price of a comfortable retirement annually: $65,418

Take Caution: xiv Key Signs Yous Will Run Out of Money in Retirement

Delaware

• Total expenditures: $54,617

• 20% comfort buffer: $13,654

• Price of a comfy retirement annually: $68,271

New Hampshire

• Total expenditures: $54,769

• 20% condolement buffer: $13,692

• Cost of a comfortable retirement annually: $68,461

Montana

• Total expenditures: $54,870

• 20% comfort buffer: $13,718

• Cost of a comfy retirement annually: $68,588

Nevada

• Total expenditures: $55,175

• 20% comfort buffer: $13,794

• Toll of a comfortable retirement annually: $68,968

Washington

• Full expenditures: $56,899

• 20% comfort buffer: $14,225

• Cost of a comfortable retirement annually: $71,124

Maine

• Total expenditures: $58,420

• 20% comfort buffer: $xiv,605

• Toll of a comfortable retirement annually: $73,025

Vermont

• Total expenditures: $59,181

• twenty% comfort buffer: $14,795

• Price of a comfy retirement annually: $73,976

Encounter: How Long $500K Will Last in Retirement in Each State

Rhode Island

• Total expenditures: $lx,144

• 20% condolement buffer: $15,036

• Cost of a comfortable retirement annually: $75,181

New Bailiwick of jersey

• Total expenditures: $62,071

• 20% condolement buffer: $15,518

• Cost of a comfortable retirement annually: $77,589

Connecticut

• Full expenditures: $62,984

• twenty% comfort buffer: $15,746

• Price of a comfortable retirement annually: $78,730

Maryland

• Full expenditures: $64,911

• xx% comfort buffer: $16,228

• Cost of a comfortable retirement annually: $81,139

Alaska

• Full expenditures: $65,114

• twenty% comfort buffer: $16,279

• Price of a comfortable retirement annually: $81,393

Stay Close to Home: The Most Affordable Places To Retire Well-nigh You

Massachusetts

• Total expenditures: $65,773

• 20% comfort buffer: $xvi,443

• Cost of a comfortable retirement annually: $82,217

Oregon

• Total expenditures: $68,106

• 20% condolement buffer: $17,027

• Cost of a comfortable retirement annually: $85,133

California

• Total expenditures: $72,366

• 20% comfort buffer: $18,092

• Cost of a comfortable retirement annually: $90,458

New York

• Total expenditures: $79,060

• 20% comfort buffer: $19,765

• Cost of a comfortable retirement annually: $98,825

District of Columbia

• Full expenditures: $81,494

• 20% comfort buffer: $20,374

• Toll of a comfy retirement annually: $101,868

Hawaii

• Full expenditures: $100,207

• xx% comfort buffer: $25,052

• Cost of a comfortable retirement annually: $125,259

More than From GOBankingRates

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Methodology: GOBankingRates analyzed the following expenditures of Americans ages 65 and older, based on the following information sourced from the Bureau of Labor Statistics' nigh recent Consumer Expenditure Survey release (July 2018 through June 2019): (one) annual spending on groceries, defined as "food at home"; (2) annual spending on housing, defined equally "shelter"; (3) almanac spending on transportation, defined as"gasoline, other fuels, and motor oil" and "other vehicle expenses"; (iv) almanac spending on healthcare; (5) almanac spending on utilities, divers as "utilities, fuels, and public services"; and (half dozen) overall boilerplate annual expenditures. Spending estimates were adjusted to the state level past multiplying each toll category by its corresponding price of living index score in each state, sourced from the Missouri Economic Research and Information Center'due south 2020 Q1 price of living alphabetize data. Subsequently calculating total consumption expenditures, an additional (vii) savings buffer was calculated by assuming that total expenditures consume 80% of ane'southward budget (50% for necessities and xxx% for discretionary spending), with xx% left over for savings. GOBankingRates so combined factors (6) and (7) and factored information technology out by twenty (bold 20 years of retirement) to requite (8) the retirement savings needed to live comfortably. All data was collected on and up to date as of June 29, 2020.

This article originally appeared on GOBankingRates.com: What a Comfy Retirement Will Price You in Each Land

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Source: https://finance.yahoo.com/news/comfortable-retirement-cost-every-state-090000149.html

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