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.<\/p>\n
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. <\/p>\n
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.<\/p>\n
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.<\/p>\n
Here’s a look the minimum amount of savings needed to retire at 65 in each state, in alphabetical order.<\/p>\n
AlabamaAnnual cost of living: $53,999Savings you need to retire: $789,037AlaskaAnnual cost of living: $78,449Savings you need to retire: $1,400,286ArizonaAnnual cost of living: $66,838Savings you need to retire: $1,110,019ArkansasAnnual cost of living: $54,859Savings you need to retire: $810,538CaliforniaAnnual cost of living: $83,978Savings you need to retire: $1,538,508ColoradoAnnual cost of living: $63,091Savings you need to retire: $1,016,336ConnecticutAnnual cost of living: $70,094Savings you need to retire: $1,191,417DelawareAnnual cost of living: $63,152Savings you need to retire: $1,017,871FloridaAnnual cost of living: $61,125Savings you need to retire: $967,190GeorgiaAnnual cost of living: $56,395Savings you need to retire: $848,933HawaiiAnnual cost of living: $110,393Savings you need to retire: $2,198,902IdahoAnnual cost of living: $60,818Savings you need to retire: $959,511IllinoisAnnual cost of living: $58,913Savings you need to retire: $911,901IndianaAnnual cost of living: $55,657Savings you need to retire: $830,504IowaAnnual cost of living: $55,473Savings you need to retire: $825,896KansasAnnual cost of living: $54,613Savings you need to retire: $804,395KentuckyAnnual cost of living: $56,456Savings you need to retire: $850,469LouisianaAnnual cost of living: $56,947Savings you need to retire: $862,756MaineAnnual cost of living: $70,155Savings you need to retire: $1,192,953MarylandAnnual cost of living: $73,043Savings you need to retire: $1,265,135MassachusettsAnnual cost of living: $92,639Savings you need to retire: $1,755,055MichiganAnnual cost of living: $58,176Savings you need to retire: $893,472MinnesotaAnnual cost of living: $57,869Savings you need to retire: $885,793MississippiAnnual cost of living: $52,524Savings you need to retire: $752,178MissouriAnnual cost of living: $54,674Savings you need to retire: $805,931MontanaAnnual cost of living: $67,452Savings you need to retire: $1,125,377NebraskaAnnual cost of living: $56,272Savings you need to retire: $845,862NevadaAnnual cost of living: $60,572Savings you need to retire: $953,368New HampshireAnnual cost of living: $67,084Savings you need to retire: $1,116,163New JerseyAnnual cost of living: $70,401Savings you need to retire: $1,199,096New MexicoAnnual cost of living: $56,825Savings you need to retire: $859,684New YorkAnnual cost of living: $77,773Savings you need to retire: $1,383,392North CarolinaAnnual cost of living: $59,835Savings you need to retire: $934,938North DakotaAnnual cost of living: $56,087Savings you need to retire: $841,254OhioAnnual cost of living: $57,009Savings you need to retire: $864,291OklahomaAnnual cost of living: $51,849Savings you need to retire: $735,284OregonAnnual cost of living: $68,681Savings you need to retire: $1,156,093PennsylvaniaAnnual cost of living: $59,650Savings you need to retire: $930,331Rhode IslandAnnual cost of living: $69,664Savings you need to retire: $1,180,666South CarolinaAnnual cost of living: $56,825Savings you need to retire: $859,684South DakotaAnnual cost of living: $56,395Savings you need to retire: $848,933TennesseeAnnual cost of living: $55,473Savings you need to retire: $825,896TexasAnnual cost of living: $55,780Savings you need to retire: $833,575UtahAnnual cost of living: $60,879Savings you need to retire: $961,047VermontAnnual cost of living: $69,848Savings you need to retire: $1,185,274VirginiaAnnual cost of living: $61,493Savings you need to retire: $976,405WashingtonAnnual cost of living: $69,971Savings you need to retire: $1,188,345West VirginiaAnnual cost of living: $54,122Savings you need to retire: $792,109WisconsinAnnual cost of living: $60,019Savings you need to retire: $939,546WyomingAnnual cost of living: $58,545Savings you need to retire: $902,686<\/p>\n
![\"26-year-old](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/01\/1768750029_506_108243652-thumb2.jpg\")
<\/p>\n","protected":false},"excerpt":{"rendered":"Everyday living costs play a major role in how much money you need to retire. A new state-by-state…\n","protected":false},"author":2,"featured_media":415121,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530,2603,21],"class_list":{"0":"post-415120","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-personal-finance","10":"tag-personalfinance","11":"tag-social-issues","12":"tag-united-states"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/415120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=415120"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/415120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/415121"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=415120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=415120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=415120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}