Where you retire can be almost as important as the amount of money you’ve saved, given how much the cost of living varies from state to state.
The annual cost of a comfortable retirement can differ by as much as $67,981 depending on where you settle, according to a recent GOBankingRates analysis of all 50 U.S. states.
Hawaii has the highest average retirement expenses in the country, costing retirees an estimated $129,296 a year to live comfortably. That’s more than twice the amount needed in Mississippi, where retirees need $61,315, on average.
To calculate the annual retirement costs for Americans aged 65 and older in each state, the study used Bureau of Labor Statistics estimates for food, shelter, transportation, health care, and utility expenses. A 20% cash buffer was added to this total to ensure retirees could live “comfortably,” according to the study.
Housing is the biggest differentiator in the cost of living in each state. In Hawaii, a combination of high demand and limited space for homes has led to some of the highest housing costs in the country.
In Mississippi — like many other rural states — home prices and property taxes are among the lowest in the U.S., which helps keep retirement costs down.
Below are the annual retirement expenses for every state, in alphabetical order.
Alabama
- Total expenditures: $50,980
- 20% comfort buffer: $10,196
- Cost of a comfortable retirement annually: $61,176
Alaska
- Total expenditures: $72,390
- 20% comfort buffer: $14,478
- Cost of a comfortable retirement annually: $86,868
Arizona
- Total expenditures: $63,942
- 20% comfort buffer: $12,788
- Cost of a comfortable retirement annually: $76,730
Arkansas
- Total expenditures: $51,211
- 20% comfort buffer: $10,242
- Cost of a comfortable retirement annually: $61,454
California
- Total expenditures: $83,906
- 20% comfort buffer: $16,781
- Cost of a comfortable retirement annually: $100,687
Colorado
- Total expenditures: $58,908
- 20% comfort buffer: $11,782
- Cost of a comfortable retirement annually: $70,689
Connecticut
- Total expenditures: $65,504
- 20% comfort buffer: $13,101
- Cost of a comfortable retirement annually: $78,605
Delaware
- Total expenditures: $58,387
- 20% comfort buffer: $11,677
- Cost of a comfortable retirement annually: $70,064
Florida
- Total expenditures: $59,660
- 20% comfort buffer: $11,932
- Cost of a comfortable retirement annually: $71,592
Georgia
- Total expenditures: $52,832
- 20% comfort buffer: $10,566
- Cost of a comfortable retirement annually: $63,398
Hawaii
- Total expenditures: $107,746
- 20% comfort buffer: $21,549
- Cost of a comfortable retirement annually: $129,296
Idaho
- Total expenditures: $58,503
- 20% comfort buffer: $11,701
- Cost of a comfortable retirement annually: $70,203
Illinois
- Total expenditures: $53,989
- 20% comfort buffer: $10,798
- Cost of a comfortable retirement annually: $64,787
Indiana
- Total expenditures: $52,253
- 20% comfort buffer: $10,451
- Cost of a comfortable retirement annually: $62,704
Iowa
- Total expenditures: $52,137
- 20% comfort buffer: $10,427
- Cost of a comfortable retirement annually: $62,565
Kansas
- Total expenditures: $50,517
- 20% comfort buffer: $10,103
- Cost of a comfortable retirement annually: $60,620
Kentucky
- Total expenditures: $53,584
- 20% comfort buffer: $10,717
- Cost of a comfortable retirement annually: $64,301
Louisiana
- Total expenditures: $53,295
- 20% comfort buffer: $10,659
- Cost of a comfortable retirement annually: $63,954
Maine
- Total expenditures: $64,405
- 20% comfort buffer: $12,881
- Cost of a comfortable retirement annually: $77,286
Maryland
- Total expenditures: $67,240
- 20% comfort buffer: $13,448
- Cost of a comfortable retirement annually: $80,688
Massachusetts
- Total expenditures: $83,501
- 20% comfort buffer: $16,700
- Cost of a comfortable retirement annually: $100,201
Michigan
- Total expenditures: $53,121
- 20% comfort buffer: $10,624
- Cost of a comfortable retirement annually: $63,745
Minnesota
- Total expenditures: $54,857
- 20% comfort buffer: $10,971
- Cost of a comfortable retirement annually: $65,828
Mississippi
- Total expenditures: $51,096
- 20% comfort buffer: $10,219
- Cost of a comfortable retirement annually: $61,315
Missouri
- Total expenditures: $51,211
- 20% comfort buffer: $10,242
- Cost of a comfortable retirement annually: $61,454
Montana
- Total expenditures: $54,741
- 20% comfort buffer: $10,948
- Cost of a comfortable retirement annually: $65,689
Nebraska
- Total expenditures: $54,047
- 20% comfort buffer: $10,809
- Cost of a comfortable retirement annually: $64,856
Nevada
- Total expenditures: $59,428
- 20% comfort buffer: $11,886
- Cost of a comfortable retirement annually: $71,314
New Hampshire
- Total expenditures: $65,736
- 20% comfort buffer: $13,147
- Cost of a comfortable retirement annually: $78,883
New Jersey
- Total expenditures: $65,794
- 20% comfort buffer: $13,159
- Cost of a comfortable retirement annually: $78,952
New Mexico
- Total expenditures: $54,163
- 20% comfort buffer: $10,833
- Cost of a comfortable retirement annually: $64,995
New York
- Total expenditures: $71,233
- 20% comfort buffer: $14,247
- Cost of a comfortable retirement annually: $85,480
North Carolina
- Total expenditures: $56,998
- 20% comfort buffer: $11,400
- Cost of a comfortable retirement annually: $68,398
North Dakota
- Total expenditures: $53,700
- 20% comfort buffer: $10,740
- Cost of a comfortable retirement annually: $64,440
Ohio
- Total expenditures: $54,394
- 20% comfort buffer: $10,879
- Cost of a comfortable retirement annually: $65,273
Oklahoma
- Total expenditures: $49,996
- 20% comfort buffer: $9,999
- Cost of a comfortable retirement annually: $59,995
Oregon
- Total expenditures: $66,025
- 20% comfort buffer: $13,205
- Cost of a comfortable retirement annually: $79,230
Pennsylvania
- Total expenditures: $55,320
- 20% comfort buffer: $11,064
- Cost of a comfortable retirement annually: $66,384
Rhode Island
- Total expenditures: $65,620
- 20% comfort buffer: $13,124
- Cost of a comfortable retirement annually: $78,744
South Carolina
- Total expenditures: $56,477
- 20% comfort buffer: $11,295
- Cost of a comfortable retirement annually: $67,773
South Dakota
- Total expenditures: $54,047
- 20% comfort buffer: $10,809
- Cost of a comfortable retirement annually: $64,856
Tennessee
- Total expenditures: $52,253
- 20% comfort buffer: $10,451
- Cost of a comfortable retirement annually: $62,704
Texas
- Total expenditures: $53,468
- 20% comfort buffer: $10,694
- Cost of a comfortable retirement annually: $64,162
Utah
- Total expenditures: $59,544
- 20% comfort buffer: $11,909
- Cost of a comfortable retirement annually: $71,453
Vermont
- Total expenditures: $66,372
- 20% comfort buffer: $13,274
- Cost of a comfortable retirement annually: $79,647
Virginia
- Total expenditures: $58,618
- 20% comfort buffer: $11,724
- Cost of a comfortable retirement annually: $70,342
Washington
- Total expenditures: $66,604
- 20% comfort buffer: $13,321
- Cost of a comfortable retirement annually: $79,925
West Virginia
- Total expenditures: $48,492
- 20% comfort buffer: $9,698
- Cost of a comfortable retirement annually: $58,190
Wisconsin
- Total expenditures: $56,130
- 20% comfort buffer: $11,226
- Cost of a comfortable retirement annually: $67,356
Wyoming
- Total expenditures: $55,031
- 20% comfort buffer: $11,006
- Cost of a comfortable retirement annually: $66,037
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