What the Cost of Living Looks Like Post-Retirement in Every State

The more money Americans can put toward their retirement savings, the better. Key findings from a new MoneyLion study ranking the 50 U.S. states based on where retirees are most and least likely to outlive their retirement savings revealed these funds deplete too fast (to where you run out of money) in 23 states, or nearly half of the country. Data also indicates there are 10 states where life expectancy after age 65 ensures a six-figure leftover retirement cushion – and Hawaii is one of them.

To find out what the cost of living after retirement looks like in every state, MoneyLion calculated the total cost of retirement (using each state’s average mortgage and expenditure costs) and sourced the average Social Security benefits amount for retired workers. Using the average life expectancy at 65 (sourced from the Center for Disease Control’s 2025 National Vital Reports), we calculated the total cost for retirement through life expectancy in each state. The median net worth for ages 65+ was also sourced and is 95% higher than the national median net worth.

Find Out:How Long $1M in Retirement Savings Will Last in Every State

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As such, each state’s median net worth was increased by 95% to calculate every state’s estimated median net worth for ages 65+. The total retirement income was calculated using Social Security benefits and median net worth for ages 65+. To calculate the retirement cushion and rank states in order of most to least cushion leftover, we used the necessities cost for retirement from age 65 to total life expectancy and retirement income.

Key Findings

Nebraska, New Hampshire and Washington are the top three U.S. states with the highest leftover retirement cushions. Each state’s life expectancy at 65 and their retirement cushions are as follows: Nebraska (18.9 years and $295,069), New Hampshire (19.1 years and $265,417) and Washington (19.1 years and $216,077).

The top 10 ranking states have leftover retirement cushions of $100,000 or more. Nebraska, New Hampshire and Washington aside, the rest of the list includes Maryland ($193,131), Minnesota ($178,894), Hawaii ($162,584), Colorado ($138,125), Iowa ($135,115), Pennsylvania ($131,410) and Illinois ($113,077).

Retirees outlive their retirement savings by a whopping six figures in six states. Each state and its negative savings balance include Nevada (-$113,829), New Mexico (-$189,992), Alaska (-$192,137), Rhode Island (-$198,448), New York (-$340,712) and California (-$433,044).

Which states have the highest and lowest life expectancy at 65? Hawaii boasts the most years (20.5) while West Virginia ranks last at 16.6.

Here’s what the cost of living looks like after entering retirement in every U.S. state.

1. Nebraska

Life expectancy at 65: 18.9 years

Necessities cost for retirement (age 65 to total life expectancy): $718,290

Average total Social Security benefits for retired worker for total life expectancy: $456,049

Retirement income: $1,013,359

Retirement cushion: $295,069

2. New Hampshire

Life expectancy at 65: 19.1

Necessities cost for retirement (age 65 to total life expectancy): $1,039,685

Average total Social Security benefits for retired worker for total life expectancy: $500,532

Retirement income: $1,305,102

Retirement cushion: $265,417

3. Washington

Life expectancy at 65: 19.1

Necessities cost for retirement (age 65 to total life expectancy): $1,155,276

Average total Social Security benefits for retired worker for total life expectancy: $481,178

Retirement income: $1,371,353

Retirement cushion: $216,077

4. Maryland

Life expectancy at 65: 19

Necessities cost for retirement (age 65 to total life expectancy): $939,159

Average total Social Security benefits for retired worker for total life expectancy: $487,815

Retirement income: $1,132,290

Retirement cushion: $193,131

5. Minnesota

Life expectancy at 65: 19.6

Necessities cost for retirement (age 65 to total life expectancy): $842,916

Average total Social Security benefits for retired worker for total life expectancy: $492,775

Retirement income: $1,021,810

Retirement cushion: $178,894

6. Hawaii

Life expectancy at 65: 20.5

Necessities cost for retirement (age 65 to total life expectancy): $1,675,480

Average total Social Security benefits for retired worker for total life expectancy: $487,299

Retirement income: $1,838,064

Retirement cushion: $162,584

7. Colorado

Life expectancy at 65: 19.4

Necessities cost for retirement (age 65 to total life expectancy): $1,057,540

Average total Social Security benefits for retired worker for total life expectancy: $474,165

Retirement income: $1,195,665

Retirement cushion: $138,125

8. Iowa

Life expectancy at 65: 18.7

Necessities cost for retirement (age 65 to total life expectancy): $657,251

Average total Social Security benefits for retired worker for total life expectancy: $447,021

Retirement income: $792,366

Retirement cushion: $135,115

9. Pennsylvania

Life expectancy at 65: 18.7

Necessities cost for retirement (age 65 to total life expectancy): $734,141

Average total Social Security benefits for retired worker for total life expectancy: $460,536

Retirement income: $865,551

Retirement cushion: $131,410

10. Illinois

Life expectancy at 65: 18.7

Necessities cost for retirement (age 65 to total life expectancy): $745,366

Average total Social Security benefits for retired worker for total life expectancy: $449,918

Retirement income: $858,443

Retirement cushion: $113,077

11. Michigan

Life expectancy at 65: 18.4

Necessities cost for retirement (age 65 to total life expectancy): $682,079

Average total Social Security benefits for retired worker for total life expectancy: $456,179

Retirement income: $781,829

Retirement cushion: $99,751

12. Idaho

Life expectancy at 65: 19.0

Necessities cost for retirement (age 65 to total life expectancy): $958,042

Average total Social Security benefits for retired worker for total life expectancy: $444,926

Retirement income: $1,056,056

Retirement cushion: $98,014

13. Florida

Life expectancy at 65: 19.4

Necessities cost for retirement (age 65 to total life expectancy): $856,176

Average total Social Security benefits for retired worker for total life expectancy: $456,656

Retirement income: $954,101

Retirement cushion: $97,925

14. Maine

Life expectancy at 65: 18.7

Necessities cost for retirement (age 65 to total life expectancy): $919,852

Average total Social Security benefits for retired worker for total life expectancy: $423,818

Retirement income: $1,016,033

Retirement cushion: $96,181

15. Kansas

Life expectancy at 65: 18.1

Necessities cost for retirement (age 65 to total life expectancy): $646,459

Average total Social Security benefits for retired worker for total life expectancy: $446,383

Retirement income: $727,573

Retirement cushion: $81,113

16. West Virginia

Life expectancy at 65: 16.6

Necessities cost for retirement (age 65 to total life expectancy): $523,612

Average total Social Security benefits for retired worker for total life expectancy: $378,092

Retirement income: $602,342

Retirement cushion: $78,729

17. Ohio

Life expectancy at 65: 17.8

Necessities cost for retirement (age 65 to total life expectancy): $647,489

Average total Social Security benefits for retired worker for total life expectancy: $410,734

Retirement income: $711,814

Retirement cushion: $64,325

18. North Dakota

Life expectancy at 65: 19.5

Necessities cost for retirement (age 65 to total life expectancy): $763,638

Average total Social Security benefits for retired worker for total life expectancy: $451,276

Retirement income: $823,921

Retirement cushion: $60,283

19. Tennessee

Life expectancy at 65: 17.2

Necessities cost for retirement (age 65 to total life expectancy): $685,195

Average total Social Security benefits for retired worker for total life expectancy: $404,133

Retirement income: $739,533

Retirement cushion: $54,338

20. Indiana

Life expectancy at 65: 17.7

Necessities cost for retirement (age 65 to total life expectancy): $654,668

Average total Social Security benefits for retired worker for total life expectancy: $432,009

Retirement income: $707,544

Retirement cushion: $52,876

21. Wisconsin

Life expectancy at 65: 19.1

Necessities cost for retirement (age 65 to total life expectancy): $799,102

Average total Social Security benefits for retired worker for total life expectancy: $464,726

Retirement income: $831,326

Retirement cushion: $32,224

22. South Dakota

Life expectancy at 65: 19.4

Necessities cost for retirement (age 65 to total life expectancy): $790,965

Average total Social Security benefits for retired worker for total life expectancy: $446,811

Retirement income: $819,456

Retirement cushion: $28,491

23. Wyoming

Life expectancy at 65: 18.5

Necessities cost for retirement (age 65 to total life expectancy): $803,045

Average total Social Security benefits for retired worker for total life expectancy: $449,226

Retirement income: $821,871

Retirement cushion: $18,826

24. Utah

Life expectancy at 65: 19.0

Necessities cost for retirement (age 65 to total life expectancy): $1,007,060

Average total Social Security benefits for retired worker for total life expectancy: $470,861

Retirement income: $1,022,321

Retirement cushion: $15,261

25. Virginia

Life expectancy at 65: 18.5

Necessities cost for retirement (age 65 to total life expectancy): $874,392

Average total Social Security benefits for retired worker for total life expectancy: $458,197

Retirement income: $885,442

Retirement cushion: $11,050

26. Alabama

Life expectancy at 65: 17.1

Necessities cost for retirement (age 65 to total life expectancy): $597,227

Average total Social Security benefits for retired worker for total life expectancy: $405,340

Retirement income: $607,165

Retirement cushion: $9,937

27. Mississippi

Life expectancy at 65: 16.7

Necessities cost for retirement (age 65 to total life expectancy): $535,029

Average total Social Security benefits for retired worker for total life expectancy: $363,574

Retirement income: $533,770

Retirement cushion: -$1,260

28. Connecticut

Life expectancy at 65: 19.8

Necessities cost for retirement (age 65 to total life expectancy): $1,018,830

Average total Social Security benefits for retired worker for total life expectancy: $521,805

Retirement income: $1,015,350

Retirement cushion: -$3,480

29. Georgia

Life expectancy at 65: 17.9

Necessities cost for retirement (age 65 to total life expectancy): $742,656

Average total Social Security benefits for retired worker for total life expectancy: $413,368

Retirement income: $739,018

Retirement cushion: -$3,638

30. Texas

Life expectancy at 65: 18.3

Necessities cost for retirement (age 65 to total life expectancy): $720,673

Average total Social Security benefits for retired worker for total life expectancy: $424,272

Retirement income: $715,797

Retirement cushion: -4,876

31. North Carolina

Life expectancy at 65: 18.1

Necessities cost for retirement (age 65 to total life expectancy): $768,343

Average total Social Security benefits for retired worker for total life expectancy: $430,058

Retirement income: $762,338

Retirement cushion: -$6,005

32. New Jersey

Life expectancy at 65: 19.6

Necessities cost for retirement (age 65 to total life expectancy): $1,135,571

Average total Social Security benefits for retired worker for total life expectancy: $515,100

Retirement income: $1,124,280

Retirement cushion: -$11,291

33. Missouri

Life expectancy at 65: 17.8

Necessities cost for retirement (age 65 to total life expectancy): $656,766

Average total Social Security benefits for retired worker for total life expectancy: $413,636

Retirement income: $645,101

Retirement cushion: -$11,665

34. Delaware

Life expectancy at 65: 18.8

Necessities cost for retirement (age 65 to total life expectancy): $880,849

Average total Social Security benefits for retired worker for total life expectancy: $489,694

Retirement income: $862,339

Retirement cushion: -$18,510

35. Montana

Life expectancy at 65: 19.1

Necessities cost for retirement (age 65 to total life expectancy): $956,911

Average total Social Security benefits for retired worker for total life expectancy: $432,489

Retirement income: $935,784

Retirement cushion: -$21,127

36. South Carolina

Life expectancy at 65: 18.0

Necessities cost for retirement (age 65 to total life expectancy): $712,662

Average total Social Security benefits for retired worker for total life expectancy: $431,201

Retirement income: $684,506

Retirement cushion: -$28,156

37. Oklahoma

Life expectancy at 65: 16.8

Necessities cost for retirement (age 65 to total life expectancy): $575,573

Average total Social Security benefits for retired worker for total life expectancy: $387,413

Retirement income: $540,507

Retirement cushion: -$35,065

38. Louisiana

Life expectancy at 65: 17.5

Necessities cost for retirement (age 65 to total life expectancy): $583,371

Average total Social Security benefits for retired worker for total life expectancy: $381,864

Retirement income: $548,063

Retirement cushion: – $35,308

39. Arkansas

Life expectancy at 65: 17.0

Necessities cost for retirement (age 65 to total life expectancy): $569,857

Average total Social Security benefits for retired worker for total life expectancy: $411,982

Retirement income: $533,857

Retirement cushion: -$36,000

40. Kentucky

Life expectancy at 65: 16.8

Necessities cost for retirement (age 65 to total life expectancy): $584,222

Average total Social Security benefits for retired worker for total life expectancy: $376,137

Retirement income: $535,842

Retirement cushion: -$48,380

41. Arizona

Life expectancy at 65: 18.8

Necessities cost for retirement (age 65 to total life expectancy): $887,517

Average total Social Security benefits for retired worker for total life expectancy: $430,217

Retirement income: $828,602

Retirement cushion: -$58,915

42. Massachusetts

Life expectancy at 65: 19.7

Necessities cost for retirement (age 65 to total life expectancy): $1,329,761

Average total Social Security benefits for retired worker for total life expectancy: $492,733

Retirement income: $1,262,788

Retirement cushion: -$66,973

43. Vermont

Life expectancy at 65: 19.5

Necessities cost for retirement (age 65 to total life expectancy): $934,115

Average total Social Security benefits for retired worker for total life expectancy: $477,276

Retirement income: $849,921

Retirement cushion: -$84,194

44. Oregon

Life expectancy at 65: 18.8

Necessities cost for retirement (age 65 to total life expectancy): $1,026,322

Average total Social Security benefits for retired worker for total life expectancy: $448,885

Retirement income: $934,240

Retirement cushion: -$92,082

45. Nevada

Life expectancy at 65: 17.9

Necessities cost for retirement (age 65 to total life expectancy): $862,030

Average total Social Security benefits for retired worker for total life expectancy: $409,486

Retirement income: $748,201

Retirement cushion: -$113,829

46. New Mexico

Life expectancy at 65: 18.7

Necessities cost for retirement (age 65 to total life expectancy): $759,650

Average total Social Security benefits for retired worker for total life expectancy: $418,533

Retirement income: $569,658

Retirement cushion: -$189,992

47. Alaska

Life expectancy at 65: 18.6

Necessities cost for retirement (age 65 to total life expectancy): $993,371

Average total Social Security benefits for retired worker for total life expectancy: $428,589

Retirement income: $801,234

Retirement cushion: -$192,137

48. Rhode Island

Life expectancy at 65: 19.4

Necessities cost for retirement (age 65 to total life expectancy): $1,048,291

Average total Social Security benefits for retired worker for total life expectancy: $477,198

Retirement income: $849,843

Retirement cushion: -$198,448

49. New York

Life expectancy at 65: 19.8

Necessities cost for retirement (age 65 to total life expectancy): $1,079,202

Average total Social Security benefits for retired worker for total life expectancy: $479,529

Retirement income: $738,489

Retirement cushion: -$340,712

50. California

Life expectancy at 65: 19.7

Necessities cost for retirement (age 65 to total life expectancy): $1,434,426

Average total Social Security benefits for retired worker for total life expectancy: $457,472

Retirement income: $991,382

Retirement cushion: – $443,044

Methodology: For this study, MoneyLion analyzed each U.S. state to find the places where retirees will outlive their savings. MoneyLion sourced data including total population, population ages 65 and up, total households, and median household income from the U.S. Census ACS. The cost-of-living indexes were sourced from Missouri Economic and Research Information Center and using the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs can be calculated for each state. The average single-family home value was sourced from Zillow Home Value Index. Assuming a 20% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each state. Using the average mortgage and expenditure costs, the total cost of retirement was calculated for each state. The average Social Security benefits for a retired worker in each state was sourced from the 2025 Annual Statistical Supplement from the Social Security Administration. The average life expectancy at 65 was sourced from the Center for Disease Control’s 2025 National Vital Reports. Using the life expectancy at 65, the total cost for retirement through life expectancy was calculated for each state. Using the U.S. Census’ SIPP data, the median net worth (including home equity) was sourced for each state and for selected characteristics. The median net worth for ages 65 and over is 95% higher than the national median net worth, so each state’s median net worth was increased by 95% to calculate the estimated median net worth for ages 65 and over in each state. Using the Social Security benefits along with the median net worth (including home equity) for ages 65 and over in each state, the total retirement income was calculated for each state. The total cost of retirement until life expectancy was counted as retirement expenses and using retirement expenses along with the retirement income, the retirement cushion was calculated for each U.S. state. All data is up to date as of July 8, 2026.

This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.

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