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What a Comfortable Retirement Will Cost You in Each State

GOBankingRates
GOBankingRates
 18 days ago
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Mississippi

  • Total expenditures: $39,633
  • 20% comfort buffer: $9,908
  • Cost of a comfortable retirement annually: $49,542

Find Out: What Is a Roth IRA?

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Kansas

  • Total expenditures: $41,441
  • 20% comfort buffer: $10,360
  • Cost of a comfortable retirement annually: $51,802

Learn: 30 Reasons It's Hard To Retire at 65

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Oklahoma

  • Total expenditures: $42,155
  • 20% comfort buffer: $10,539
  • Cost of a comfortable retirement annually: $52,694

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

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Alabama

  • Total expenditures: $42,250
  • 20% comfort buffer: $10,563
  • Cost of a comfortable retirement annually: $52,813

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

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Arkansas

  • Total expenditures: $42,393
  • 20% comfort buffer: $10,598
  • Cost of a comfortable retirement annually: $52,991
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Georgia

  • Total expenditures: $42,536
  • 20% comfort buffer: $10,634
  • Cost of a comfortable retirement annually: $53,170
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Tennessee

  • Total expenditures: $42,631
  • 20% comfort buffer: $10,658
  • Cost of a comfortable retirement annually: $53,288
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Missouri

  • Total expenditures: $42,869
  • 20% comfort buffer: $10,717
  • Cost of a comfortable retirement annually: $53,586
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New Mexico

  • Total expenditures: $43,202
  • 20% comfort buffer: $10,800
  • Cost of a comfortable retirement annually: $54,002
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Indiana

  • Total expenditures: $43,297
  • 20% comfort buffer: $10,824
  • Cost of a comfortable retirement annually: $54,121
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Iowa

  • Total expenditures: $43,344
  • 20% comfort buffer: $10,836
  • Cost of a comfortable retirement annually: $54,181
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Michigan

  • Total expenditures: $43,487
  • 20% comfort buffer: $10,872
  • Cost of a comfortable retirement annually: $54,359
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Ohio

  • Total expenditures: $43,773
  • 20% comfort buffer: $10,943
  • Cost of a comfortable retirement annually: $54,716
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Texas

  • Total expenditures: $44,058
  • 20% comfort buffer: $11,015
  • Cost of a comfortable retirement annually: $55,073

Related: 27 Ugly Truths About Retirement

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West Virginia

  • Total expenditures: $44,201
  • 20% comfort buffer: $11,050
  • Cost of a comfortable retirement annually: $55,251
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Louisiana

  • Total expenditures: $44,439
  • 20% comfort buffer: $11,110
  • Cost of a comfortable retirement annually: $55,548
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Kentucky

  • Total expenditures: $44,677
  • 20% comfort buffer: $11,169
  • Cost of a comfortable retirement annually: $55,846
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Nebraska

  • Total expenditures: $44,677
  • 20% comfort buffer: $11,169
  • Cost of a comfortable retirement annually: $55,846
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Idaho

  • Total expenditures: $45,105
  • 20% comfort buffer: $11,276
  • Cost of a comfortable retirement annually: $56,381
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Illinois

  • Total expenditures: $45,390
  • 20% comfort buffer: $11,348
  • Cost of a comfortable retirement annually: $56,738
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Wyoming

  • Total expenditures: $45,438
  • 20% comfort buffer: $11,359
  • Cost of a comfortable retirement annually: $56,797
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South Carolina

  • Total expenditures: $45,866
  • 20% comfort buffer: $11,467
  • Cost of a comfortable retirement annually: $57,333
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North Carolina

  • Total expenditures: $45,914
  • 20% comfort buffer: $11,478
  • Cost of a comfortable retirement annually: $57,392
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Wisconsin

  • Total expenditures: $46,152
  • 20% comfort buffer: $11,538
  • Cost of a comfortable retirement annually: $57,690

Find Out: 25 Ways To Maximize Your Retirement Benefits

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North Dakota

  • Total expenditures: $46,437
  • 20% comfort buffer: $11,609
  • Cost of a comfortable retirement annually: $58,046
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Utah

  • Total expenditures: $46,913
  • 20% comfort buffer: $11,728
  • Cost of a comfortable retirement annually: $58,641
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South Dakota

  • Total expenditures: $47,103
  • 20% comfort buffer: $11,776
  • Cost of a comfortable retirement annually: $58,879
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Montana

  • Total expenditures: $47,722
  • 20% comfort buffer: $11,930
  • Cost of a comfortable retirement annually: $59,652
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Florida

  • Total expenditures: $48,055
  • 20% comfort buffer: $12,014
  • Cost of a comfortable retirement annually: $60,068
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Minnesota

  • Total expenditures: $48,150
  • 20% comfort buffer: $12,037
  • Cost of a comfortable retirement annually: $60,187
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Virginia

  • Total expenditures: $48,198
  • 20% comfort buffer: $12,049
  • Cost of a comfortable retirement annually: $60,247
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Arizona

  • Total expenditures: $48,721
  • 20% comfort buffer: $12,180
  • Cost of a comfortable retirement annually: $60,901
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Pennsylvania

  • Total expenditures: $49,006
  • 20% comfort buffer: $12,252
  • Cost of a comfortable retirement annually: $61,258

Take Caution: 14 Key Signs You Will Run Out of Money in Retirement

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Colorado

  • Total expenditures: $50,148
  • 20% comfort buffer: $12,537
  • Cost of a comfortable retirement annually: $62,685
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Delaware

  • Total expenditures: $51,385
  • 20% comfort buffer: $12,846
  • Cost of a comfortable retirement annually: $64,232
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Nevada

  • Total expenditures: $51,433
  • 20% comfort buffer: $12,858
  • Cost of a comfortable retirement annually: $64,291
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New Hampshire

  • Total expenditures: $52,099
  • 20% comfort buffer: $13,025
  • Cost of a comfortable retirement annually: $65,124
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Washington

  • Total expenditures: $53,622
  • 20% comfort buffer: $13,405
  • Cost of a comfortable retirement annually: $67,027
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New Jersey

  • Total expenditures: $54,954
  • 20% comfort buffer: $13,738
  • Cost of a comfortable retirement annually: $68,692
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Maine

  • Total expenditures: $55,430
  • 20% comfort buffer: $13,857
  • Cost of a comfortable retirement annually: $69,287

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

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Vermont

  • Total expenditures: $55,572
  • 20% comfort buffer: $13,893
  • Cost of a comfortable retirement annually: $69,465
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Rhode Island

  • Total expenditures: $56,714
  • 20% comfort buffer: $14,179
  • Cost of a comfortable retirement annually: $70,893
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Connecticut

  • Total expenditures: $58,189
  • 20% comfort buffer: $14,547
  • Cost of a comfortable retirement annually: $72,736
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Maryland

  • Total expenditures: $59,712
  • 20% comfort buffer: $14,928
  • Cost of a comfortable retirement annually: $74,640
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Alaska

  • Total expenditures: $60,092
  • 20% comfort buffer: $15,023
  • Cost of a comfortable retirement annually: $75,115

Stay Close to Home: The Most Affordable Places To Retire Near You

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Oregon

  • Total expenditures: $62,757
  • 20% comfort buffer: $15,689
  • Cost of a comfortable retirement annually: $78,446
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Massachusetts

  • Total expenditures: $63,042
  • 20% comfort buffer: $15,761
  • Cost of a comfortable retirement annually: $78,803
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California

  • Total expenditures: $66,087
  • 20% comfort buffer: $16,522
  • Cost of a comfortable retirement annually: $82,609
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New York

  • Total expenditures: $69,418
  • 20% comfort buffer: $17,354
  • Cost of a comfortable retirement annually: $86,772
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District of Columbia

  • Total expenditures: $74,461
  • 20% comfort buffer: $18,615
  • Cost of a comfortable retirement annually: $93,076
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Hawaii

  • Total expenditures: $74,461
  • 20% comfort buffer: $18,615
  • Cost of a comfortable retirement annually: $93,076

More From GOBankingRates

John Csiszar contributed to the reporting for this article.

Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics' (BLS) most recent Consumer Expenditure Survey release for the full year of 2020: (1) annual spending on groceries, defined as "food at home;" (2) annual spending on housing, defined as "shelter;" (3) annual spending on transportation, defined as "gasoline, other fuels and motor oil" AND "other vehicle expenses;" (4) annual spending on healthcare; (5) annual spending on utilities, defined as "utilities, fuels and public services;" and (6) overall average annual expenditures. Spending estimates were adjusted to the state level by multiplying each cost category by its corresponding cost-of-living index score in each state, sourced from the Missouri Economic Research and Information Center's 2021 Q2 cost of living index data. After calculating total consumption expenditures, an additional (7) savings buffer was calculated by assuming that total expenditures consume 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then combined factors (6) and (7) and factored it out by 20 (assuming 20 years of retirement) to give (8) retirement savings needed to live comfortably. All data was collected on and up to date as of Nov. 3, 2021.

This article originally appeared on GOBankingRates.com : What a Comfortable Retirement Will Cost You in Each State

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