How much savings do you need to retire in each US state

The average American’s lack of savings paints a pretty grim picture when it comes to retirement. Some 2019 surveys indicate that 64% of people are likely to retire with savings of less than $10,000. However, if you want to do a good planning, you should know How much savings do you need to retire in each US state?

According to the Pew Charitable Trusts, many Americans believe they will work after age 65 out of necessity, and some people think they will never be able to retire.

Note that the amount of money you’ll need to retire depends on where you live, due to differences in the cost of living in each state. In some areas of the country, a reserve of $700,000 may be enough for retirement. In other regions, you must have more savings to reach at least a million dollars in retirement funds. But don’t worry, we’ll show you right away How much savings do you need to retire in each US state?

How much savings do you need to retire in each US state

How much savings do you need to retire in each US state

So you can find out exactly How much savings do you need to retire in each US state?, below is an estimate of a retiree’s annual expenses in each state after deducting Social Security income, based on data from the Bureau of Labor Statistics and the Missouri Center for Economic Information and Research.

The study assumes that you will withdraw 4% of your savings each year to cover your basic expenses. States were ranked from requiring the least savings to requiring the most.

Studies show that residents of many southeastern and southwestern states will need to save smaller amounts for retirement than in other regions of the country. This is the case for states like Mississippi and Oklahoma that require less than $700,000 in savings to retire. However, the northeastern states are not so lucky because seven places were identified among the 10 poorest states. To ensure a good retirement in your golden years, you must use the right tools to save as much as possible.

1.Mississippi

  • Annual cost of living: $42,976.70.
  • Cost of living after using Social Security income: $26,670.86
  • How much you need in savings to retire: $666,772

2.Oklahoma

  • Annual cost of living: $43,790.46.
  • Cost of living after using Social Security income: $27,484.62
  • How much you need in savings to retire: $687,116

3.Arkansas

  • Annual cost of living: $44,197.34.
  • Cost of living after using Social Security income: $27,891.50
  • How much you need in savings to retire: $697,288

4.Kansas

  • Annual cost of living: $44,451.64.
  • Cost of living after using Social Security income: $28,145.80
  • How much you need in savings to retire: $703,645

5. Tennessee

  • Annual cost of living: $44,604.22.
  • Cost of living after using Social Security income: $28,298.38
  • How much you need in savings to retire: $707,460

6. New Mexico

  • Annual cost of living: $45,112.82.
  • Cost of living after using Social Security income: $28,806.98
  • How much you need in savings to retire: $720,175

7.Alabama

  • Annual cost of living: $45,265.40.
  • Cost of living after using Social Security income: $28,959.56
  • How much you need in savings to retire: $723,989

8.Missouri

  • Annual cost of living: $45,316.26.
  • Cost of living after using Social Security income: $29,010.42
  • How much you need in savings to retire: $725,261

9. Michigan

  • Annual cost of living: $45,621.42.
  • Cost of living after using Social Security income: $29,315.58
  • How much you need in savings to retire: $732,890

10. Georgia

    • Annual cost of living: $45,824.86.
    • Cost of living after using Social Security income: $29,519.02
    • How much you need in savings to retire: $737,976

11. Indiana

      • Annual cost of living: $46,130.02.
      • Cost of living after using Social Security income: $29,824.18
      • How much you need in savings to retire: $745,605

12. West Virginia

      • Annual cost of living: $46,486.04
      • Cost of living after using Social Security income: $30,180.20
      • How much you need in savings to retire: $754,505

13.Nebraska

      • Annual cost of living: $46,638.62.
      • Cost of living after using Social Security income: $30,332.78
      • How much you need in savings to retire: $758,320

14. Texas

      • Annual cost of living: $46,791.20.
      • Cost of living after using Social Security income: $30,485.36
      • How much you need in savings to retire: $762,134

15. Iowa

      • Annual cost of living: $46,994.64.
      • Cost of living after using Social Security income: $30,688.80
      • How much you need in savings to retire: $767,220

16.Ohio

      • Annual cost of living: $47,198.08.
      • Cost of living after using Social Security income: $30,892.24
      • How much you need in savings to retire: $772,306

17. Louisiana

      • Annual cost of living: $47,248.94.
      • Cost of living after using Social Security income: $30,943.10
      • How much you need in savings to retire: $773,578

18.Kentucky

      • Annual cost of living: $47,299.80.
      • Cost of living after using Social Security income: $30,993.96
      • How much you need in savings to retire: $774,849

19.Idaho

      • Annual cost of living: $48,215.28.
      • Cost of living after using Social Security income: $31,909.44
      • How much you need in savings to retire: $797,736

20. North Carolina

      • Annual cost of living: $48,215.28.
      • Cost of living after using Social Security income: $31,909.44
      • How much you need in savings to retire: $797,736

21. South Carolina

      • Annual cost of living: $48,367.86.
      • Cost of living after using Social Security income: $32,062.02
      • How much you need in savings to retire: $801,551

22. Illinois

      • Annual cost of living: $48,469.58.
      • Cost of living after using Social Security income: $32,163.74
      • How much you need in savings to retire: $804,094

23.Wisconsin

      • Annual cost of living: $48,774.74.
      • Cost of living after using Social Security income: $32,468.90
      • How much you need in savings to retire: $811,723

24.Utah

      • Annual cost of living: $48,927.32.
      • Cost of living after using Social Security income: $32,621.48
      • How much you need in savings to retire: $815,537

25. South Dakota

      • Annual cost of living: $49,079.90
      • Cost of living after using Social Security income: $32,774.06
      • How much you need in savings to retire: $819,352

26. North Dakota

      • Annual cost of living: $49,130.76.
      • Cost of living after using Social Security income: $32,824.92
      • How much you need in savings to retire: $820,623

27. Florida

      • Annual cost of living: $50,046.24
      • Cost of living after using Social Security income: $33,740.40
      • How much you need in savings to retire: $843,510

28. Arizona

      • Annual cost of living: $50,809.14
      • Cost of living after using Social Security income: $34,503.30
      • How much you need in savings to retire: $862,583

29. Minnesota

      • Annual cost of living: $51,165.16.
      • Cost of living after using Social Security income: $34,859.32
      • How much you need in savings to retire: $871,483

30. Pennsylvania

      • Annual cost of living: $51,266.88.
      • Cost of living after using Social Security income: $34,961.04
      • How much you need in savings to retire: $874,026

31.Virginia

      • Annual cost of living: $51,724.62.
      • Cost of living after using Social Security income: $35,418.78
      • How much you need in savings to retire: $885,470

32. Wyoming

      • Annual cost of living: $51,877.20.
      • Cost of living after using Social Security income: $35,571.36
      • How much you need in savings to retire: $889,284

33. Snowfall

      • Annual cost of living: $52,284.08.
      • Cost of living after using Social Security income: $35,978.24
      • How much you need in savings to retire: $899,456

34. Colorado

      • Annual cost of living: $52,640.10.
      • Cost of living after using Social Security income: $36,334.26
      • How much you need in savings to retire: $908,357

35.New Hampshire

      • Annual cost of living: $54,572.78.
      • Cost of living after using Social Security income: $38,266.94
      • How much you need in savings to retire: $956,674

36. Del.

      • Annual cost of living: $54,725.36.
      • Cost of living after using Social Security income: $38,419.52
      • How much you need in savings to retire: $960,488

37. Mountain

      • Annual cost of living: $54,827.08.
      • Cost of living after using Social Security income: $38,521.24
      • How much you need in savings to retire: $963,031

38.Washington

      • Annual cost of living: $56,454.60.
      • Cost of living after using Social Security income: $40,148.76
      • How much you need in savings to retire: $1,003,719

39.Vermont

      • Annual cost of living: $58,743.30.
      • Cost of living after using Social Security income: $42,437.46
      • How much you need in savings to retire: $1,060,937

40. Maine

      • Annual cost of living: $59,658.78.
      • Cost of living after using Social Security income: $43,352.94
      • How much you need in savings to retire: $1,083,824

41. Rhode Island

      • Annual cost of living: $60,269.10.
      • Cost of living after using Social Security income: $43,963.26
      • How much you need in savings to retire: $1,099,082

42. New Jersey

      • Annual cost of living: $63,269.84.
      • Cost of living after using Social Security income: $46,964.00
      • How much you need in savings to retire: $1,174,100

43.Connecticut

      • Annual cost of living: $63,676.72.
      • Cost of living after using Social Security income: $47,370.88
      • How much you need in savings to retire: $1,184,272

44. Alaskan

      • Annual cost of living: $64,846.50.
      • Cost of living after using Social Security income: $48,540.66
      • How much you need in savings to retire: $1,213,517

45. Maryland

      • Annual cost of living: $65,863.70
      • Cost of living after using Social Security income: $49,557.86
      • How much you need in savings to retire: $1,238,947

46. ​​Massachusetts

      • Annual cost of living: $66,270.58.
      • Cost of living after using Social Security income: $49,964.74
      • How much you need in savings to retire: $1,249,119

47. New York

      • Annual cost of living: $68,661.00
      • Cost of living after using Social Security income: $52,355.16
      • How much you need in savings to retire: $1,308,879

48. Oregon

      • Annual cost of living: $69,678.20.
      • Cost of living after using Social Security income: $53,372.36
      • How much you need in savings to retire: $1,334,309

49.California

      • Annual cost of living: $71,102.28.
      • Cost of living after using Social Security income: $54,796.44
      • How much you need in savings to retire: $1,369,911

50. Hawaii

      • Annual cost of living: $102,381.18
      • Cost of living after using Social Security income: $86,075.34
      • How much you need in savings to retire: $2,151,884

now that you know how much savings do you need to retire in each US state, we recommend you to analyze the best places to retire. In addition, you must also use the necessary tools so that you can save as much as possible.

Keep reading: