Everyday living costs play a major role in how much money you need to retire.
A new state-by-state analysis from personal finance website GOBankingRates shows that the estimated total savings needed to retire at 65 can differ by as much as $1.46 million depending on where you live.
In Hawaii, retirees need about $2.2 million to stop working at 65 and cover essential living expenses for 25 years, including housing, groceries, transportation, utilities and health-care costs. That is the highest estimated minimum of any state. By comparison, Oklahoma has the lowest estimated total, at $735,284, to cover the same basic costs.
The analysis is based on the average living costs for retirees 65 or older in each state, drawn from the latest data published by the U.S. Bureau of Labor Statistics. From there, GOBankingRates subtracted average Social Security payments and estimated the savings needed to cover the remaining expenses using an annual 4% withdrawal rate.
The resulting figures represent a baseline for covering essential costs and don’t factor in discretionary spending such as travel, dining or entertainment. Additionally, the estimates don’t account for factors such as inflation, lifestyle changes or unexpected costs.
Housing is the biggest factor in annual retirement costs, as it varies by roughly $30,000 annually between states. Utilities and health-care costs can range by as much as $5,000 annually, the study finds.
Here’s a look the minimum amount of savings needed to retire at 65 in each state, in alphabetical order.
Alabama
Annual cost of living: $53,999Savings you need to retire: $789,037
Alaska
Annual cost of living: $78,449Savings you need to retire: $1,400,286
Arizona
Annual cost of living: $66,838Savings you need to retire: $1,110,019
Arkansas
Annual cost of living: $54,859Savings you need to retire: $810,538
California
Annual cost of living: $83,978Savings you need to retire: $1,538,508
Colorado
Annual cost of living: $63,091Savings you need to retire: $1,016,336
Connecticut
Annual cost of living: $70,094Savings you need to retire: $1,191,417
Delaware
Annual cost of living: $63,152Savings you need to retire: $1,017,871
Florida
Annual cost of living: $61,125Savings you need to retire: $967,190
Georgia
Annual cost of living: $56,395Savings you need to retire: $848,933
Hawaii
Annual cost of living: $110,393Savings you need to retire: $2,198,902
Idaho
Annual cost of living: $60,818Savings you need to retire: $959,511
Illinois
Annual cost of living: $58,913Savings you need to retire: $911,901
Indiana
Annual cost of living: $55,657Savings you need to retire: $830,504
Iowa
Annual cost of living: $55,473Savings you need to retire: $825,896
Kansas
Annual cost of living: $54,613Savings you need to retire: $804,395
Kentucky
Annual cost of living: $56,456Savings you need to retire: $850,469
Louisiana
Annual cost of living: $56,947Savings you need to retire: $862,756
Maine
Annual cost of living: $70,155Savings you need to retire: $1,192,953
Maryland
Annual cost of living: $73,043Savings you need to retire: $1,265,135
Massachusetts
Annual cost of living: $92,639Savings you need to retire: $1,755,055
Michigan
Annual cost of living: $58,176Savings you need to retire: $893,472
Minnesota
Annual cost of living: $57,869Savings you need to retire: $885,793
Mississippi
Annual cost of living: $52,524Savings you need to retire: $752,178
Missouri
Annual cost of living: $54,674Savings you need to retire: $805,931
Montana
Annual cost of living: $67,452Savings you need to retire: $1,125,377
Nebraska
Annual cost of living: $56,272Savings you need to retire: $845,862
Nevada
Annual cost of living: $60,572Savings you need to retire: $953,368
New Hampshire
Annual cost of living: $67,084Savings you need to retire: $1,116,163
New Jersey
Annual cost of living: $70,401Savings you need to retire: $1,199,096
New Mexico
Annual cost of living: $56,825Savings you need to retire: $859,684
New York
Annual cost of living: $77,773Savings you need to retire: $1,383,392
North Carolina
Annual cost of living: $59,835Savings you need to retire: $934,938
North Dakota
Annual cost of living: $56,087Savings you need to retire: $841,254
Ohio
Annual cost of living: $57,009Savings you need to retire: $864,291
Oklahoma
Annual cost of living: $51,849Savings you need to retire: $735,284
Oregon
Annual cost of living: $68,681Savings you need to retire: $1,156,093
Pennsylvania
Annual cost of living: $59,650Savings you need to retire: $930,331
Rhode Island
Annual cost of living: $69,664Savings you need to retire: $1,180,666
South Carolina
Annual cost of living: $56,825Savings you need to retire: $859,684
South Dakota
Annual cost of living: $56,395Savings you need to retire: $848,933
Tennessee
Annual cost of living: $55,473Savings you need to retire: $825,896
Texas
Annual cost of living: $55,780Savings you need to retire: $833,575
Utah
Annual cost of living: $60,879Savings you need to retire: $961,047
Vermont
Annual cost of living: $69,848Savings you need to retire: $1,185,274
Virginia
Annual cost of living: $61,493Savings you need to retire: $976,405
Washington
Annual cost of living: $69,971Savings you need to retire: $1,188,345
West Virginia
Annual cost of living: $54,122Savings you need to retire: $792,109
Wisconsin
Annual cost of living: $60,019Savings you need to retire: $939,546
Wyoming
Annual cost of living: $58,545Savings you need to retire: $902,686
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