Here’s How Much Money You Need To Save To Retire In Each US State
The amount of savings you'll need to retire will vary depending on which state you choose to spend your golden years in. Research shows that in order to retire, you'll need to save anywhere between $666,000 and $2 million, apart from the money you receive from social security.
This means that where you choose to live once you retire is very important. This article looks at the cost of living in each state along with the best cities to live in for retirement. You can use these estimates to prepare for a comfortable and financially secure retirement.
Alabama: $723,989
The cost of living in Alabama is estimated to be $42,265.40 each year. However, the cost of living after you receive your Social Security paycheck is $28,959.56. In order to retire comfortably in Alabama you would need a total of $723,989 in savings.
The best city to retire in Alabama is Auburn which has a population of 63,000 and a median home value of $245,000. The runner-up city is Gulf Shores which has a population of 11,000 people and a median home value of $251,000.
Mississippi: $666,772
The annual cost of living in Mississippi is estimated to be $42,976.70. After you receive your Social Security Paycheck the cost of living per year drops to $26,670.86. In order to retire comfortably in Mississippi, you would need to have $666,772 in savings.
The best place to live in Mississippi is Oxford where the median price of a home is $187,000 and has a population of 23,000 people. The runner up is Brandon where the median price of a home is $184,000 and the population is 24,000.
Oklahoma: $687,116
The annual cost of living in Oklahoma is approximately $43,790.46. After your social security income, this number drops to $27,484.62. You will need to have an estimated $687,116 in savings in order to retire comfortably in this state.
The best city to retire in Oklahoma is Edmond where the median price of a home is $222,000 and has a population of 91,000 people. The runner-up city is Owasso where the median price of a home is $180,000 with a population of 36,000 people.
Arkansas: $697,288
The annual cost of living in Alabama is estimated to be $44,197.34. The cost of living after social security is $27,891.50. You will need approximately $697,288 in savings to retire comfortably in Arkansas.
The best city to retire in Arkansas is Bella Vista where the price of a median home is $163,000 and has a population of 28,000 people. The runner-up is Fayetteville where the median home price is $207,000 with a population of 85,000 people.
Kansas: $703,645
The annual cost of living in Kansas is estimated to be $44,451.64. With a social security paycheck, this amount drops to $28,145.80. You will need a total of $703,645 to retire comfortably in this state.
The best city to retire in Kansas is Lawrence where the median price of a home is $193,000 and the total population is 95,000. The runner-up city is Overland Park with a population of 190,000 people and the median home value of $302,000.
Tennessee: $707,460
The annual cost of living in Tennessee is $44,602.44 and with social security income, this amount drops to $28,298.38. You will need a total of $707,460 to retire comfortably in Tennessee.
The best city to retire in Tennessee is Smyrna which has a population of 49,000 people and a median home value of $219,000. The runner-up city is Maryville which has a population of 29,000 people and a median home value of $177,000.
New Mexico: $720,175
The annual cost of living in the state of New Mexico is $45,112.82 and the cost of living after a social security paycheck is $28,806.98. In order to retire comfortably in this state, you would need a total of $720,175 in savings.
The best city to retire in New Mexico is Las Cruces that has a population of 102,000 and a median home value of $164,000. The runner-up city is Santa Fe that has a population of 84,000 and a median home value of $349,000.
Missouri: $725,261
The annual cost of living in Missouri is estimated to be $45,316.26. After a social security paycheck, this amount drops to $29,010.42. In order to retire comfortably in this state, you will need a total of $725,261.
The best city to retire in Missouri is Columbia where the median home value is $179,000 with a population of 102,000 people. The runner-up city is Jefferson City where the median value of a home is $153,000 and has a population of 43,000 people.
Michigan: $732,890
The annual cost of living in Michigan is estimated to be $45,621.42. With a social security paycheck, this amount drops to $29,315.58. You will need to have $732,890 in savings to retire comfortably in this state.
The best city to retire in Michigan is Grand Rapids which has a population of 196,000 people and a median home value of $152,000. The runner-up city is Traverse City which has a population of just 15,000 people and a median home value of $248,000.
Georgia: $737,976
The annual cost of living in the state of Georgia is approximately $45,824.86. With a social security paycheck, this amount drops to $29,519.02. In order to retire comfortably in this state, you will need to have a total of $737,976 in savings.
The best city to retire in Georgia is Athens that has a population of 125,000 people and a median home value of $171,000. The runner-up city is Savannah that has a median home value of $128,000 and a population of 147,000 people.
Indiana: $745,605
The annual cost of living in Indiana is approximately $46,130.02. With a social security paycheck, this amount drops to $29,824.18. In order to retire comfortably in this state, you will need to have $745,605 in savings.
The best place to retire in Indiana is Bloomington which has a population of 85,000 people and a median home value of $176,000. The runner-up city is Columbus which has a population of 47,000 people and a median home value of $147,000.
West Virginia: $754,505
The annual cost of living in West Virginia is $46,486.04 and with social security, this amount lowers to $30,180.20 per year. You will need to have $754,505 in savings to retire comfortably in West Virginia.
The best city to retire in West Virginia is Huntington which has a population of 48,000 people and a median home value of $80,000. The runner-up city is Morgantown that has a population of 31,000 people and a median home value of $184,000.
Nebraska: $758,320
The annual cost of living in Nebraska is $46,638.62. After your social security paycheck, this amount drops to a total of $30,332.78 per year. You will need to have a total of $758,320 to retire comfortably in Nebraska.
The best city to retire in Nebraska is Lincoln which has a population of 280,000 people and a median home value of $176,000. The runner-up city is Omaha that has a population of 445,000 people and a median home value of $167,000.
Texas: $762,134
The annual cost of living in Texas is $46,791.20 per year. With social security, this amount lowers to $30,485.36 per year. In order to retire comfortably in this state, you will need to have a total of $762,134 in savings.
The best city to retire in Texas is San Marcos that has a population of 61,000 people and a median home value of $208,000. The runner-up city is San Antonio which has a population of 1,490,000 and a median home value of $168,000.
Iowa: $767,220
The annual cost of living in Iowa is approximately $46,994.64 and with social security income, this value drops to a total of $30,688.80. In order to retire comfortably in Iowa, you will need to have $767,220 in savings.
The best city to retire in Iowa is Iowa City that has a population of 75,000 and a median home value of $220,000. The second best city to retire in is Ames which has a population of 66,000 and a median home value of $183,000.
Ohio: $772,306
The annual cost of living in Ohio is $47,198.08 and with social security income, this value drops to $30,892.24 each year. You will need to have a total of $772,306 in savings in order to retire comfortably in this state.
The best city to retire in Ohio is Sandusky which has a population of 25,000 people and a median home value of $69,000. The runner-up city is Parma which has a population of 80,000 people and a home value of $118,000.
Louisiana: $773,578
The annual cost of living in Louisiana is $47,248.94 and with social security income, this value drops to $30,943.10 per year. You will need a total of $773,578 in order to retire comfortably in this state.
The best city to retire in Louisiana is Kenner which has a population of 67,000 and a median home value of $160,000. The runner-up city is Lafayette which has a population of 128,000 and a median home value of $163,000.
Kentucky: $774,849
The annual cost of living in Kentucky is $47,229.80 per year and after social security income this value drops to $30,993.96 per year. In order to retire comfortably in this state, you will need $774,849 in savings.
The best city to retire in Kentucky is Lexington which has a population of 318,000 people and a median home value of $177,000. The runner-up city is Bowling Green that has a population of 65,000 and a median home value of 177,000.
Idaho: $797,736
The annual cost of living in Idaho is $48,215.28 and with social security income, this value drops to $31,909.44 per year. In order to retire comfortably in this state, you will need a total of $797,736 per year.
The best city to retire in Idaho is Lewiston that has a population of 33,000 and a median home value of $211,000. The runner-up city is Boise which has a population of 223,000 and a median home value of $263,000.
North Carolina: $797,736
The annual cost of living in North Carolina is $48,215.28 and with social security income, this value drops to $31,909.44 each year. You will need a total of $797,736 to retire comfortably in this state.
The best city to retire in North Carolina is Asheville that has a total population of 90,000 people and a median home value of $275,000. The runner-up city, Boone has a population of just 19,000 people and a median home value of $223,000.
South Carolina: $801,551
In South Carolina, the average cost of living is about $49,000, but that drops down to $32,062 after Social Security is taken into account. That means that you'll need a little over $800k to retire here.
One of the best places to retire in the state is a small town called Seneca. It is known for its beautiful lakes and mountains, and the average cost of a home is a mere $179,113. Another popular spot in the area is Myrtle Beach, which is full of tourist attractions.
Illinois: $804,094
The cost of living in Illinois is $48,470 a year, which comes out to $32,164 after social security is accounted for. To retire in this state you would need $804,094. Sangamon County is the spot to retire in Illinois.
Nestled in the Springfield metropolitan area, Sangamon County has a population of 198,134, and almost 20% of its residents are aged 65+. There are also nearly 120 primary care physicians for every 100,000 residents. The median value of a home there is $136,100.
Wisconsin: $811,723
The annual cost of living in Wisconsin is nearly $49,000 a year, but that drops down to $32,468.90 after social security. That means you'd need to save $811,723 to retire here. Packers fans will be elated to find out that Green Bay is one of the best places in the state to retire.
Other ideal spots are the beautiful capital city of Madison, which has a notable art district. Those who love to get out of the house may prefer Milwaukee, which has museums, a zoo, and a horticulture conservatory.
Utah: $815,537
Utah's annual cost of living is about $49,000 and drops to $32,621.48 after social security. You'll need to save $815,537 to retire in this town. The top-ranked place to retire in this state is Ivins, a town with a population of less than 8,000.
The town has a rural feel and a median home value of $247,200. For those who prefer a bigger town, the retirement runner up is St. George, which has a population of almost 80,000.
South Dakota: $819,352
The annual cost of living in South Dakota is $819,352 and drops to $32,774 after social security. That means you'd need to save $819,352 to retire here. The top-ranked spot to retire in this state is Hot Springs.
The median home value in this town is $214,780. The runner up town is Lead, which has a median home value of $111,900. So if you're looking to save on the cost of your home without sacrificing too much, Lead may be the spot for you.
Virginia: $885,470
The annual cost of living in Virginia is approximately $51,724.62. With a social security paycheck, this amount drops to $35,418.78. In order to retire comfortably in this state, you will need to have a total of $885,470 in savings.
One of the best places to retire in Virginia is the town of Abingdon, located in the beautiful Blue Ridge Mountains. It has a population of 8,000 people and a median home price of $249,000.
Wyoming: $889,284
The annual cost of living in Wyoming is approximately $51,877.20. With a social security paycheck, this amount drops to $35,571.36. In order to retire comfortably in Wyoming, you’ll need to have an estimated $889,284 in savings.
The city of Cody is at the top of the list of places to retire in Wyoming. Cody has a population of roughly 9,800 people and is in close proximity to Yellowstone National Park. The median home value in this city is $308,093.
Nevada: $899,456
The annual cost of living in the state of Nevada is approximately $52,284.08. With a social security paycheck, this amount drops to $35,978.24. In order to enjoy retirement in Nevada, you’ll need an estimated $899,456 in savings.
Gardenville tops the list of cities to retire in, in Nevada. The city has the highest number of retirement communities per capital and plenty of recreation centers. Gardenville has an estimated population of 5,656 residents, and has a median home value of $441,016.
Colorado: $908,357
The annual cost of living in Colorado is an estimated $52,640.10. With a social security paycheck, this amount drops to $36,334.26. In order to have a happy retirement in this beautiful state, you’ll need to have an estimated $908,357 in savings.
Littleton has been named the best city to retire in Colorado. Located south of Denver, Littleton has a population of 47,734 people and a median home price of $470,569.
New Hampshire: $956,674
The annual cost of living in New Hampshire is an estimated $54,572.78. With a social security paycheck, this amount drops to $38,266.94. So in order to retire in New Hampshire, you’ll want to have a savings of around $956,674.
Located about a half an hour east of Manchester, the city of Exeter has been named one of the best places to retire in the state. Exeter has an estimated population of 14,306 and a median home value of $363,432. This quaint town holds a lot of history to enjoy.
Delaware: $960,488
The annual cost of living in Delaware is an estimated $54,725.36. With a social security paycheck, this amount drops to $38,419.52. In order to retire comfortably in Delaware, you will want to have a savings of $960,488.
The charming town of Rehoboth Beach is an excellent place to retire in this state. The historic town has a population of 1,496. The lovely spot also has a median home value of $510,330.
Montana: $963,031
The annual cost of living in Montana is an estimated $54,827.08. With a social security paycheck, this amount drops to $38,521.24. That means you’ll need a savings of $963,031 to retire in gorgeous Montana.
Located right by Yellowstone National Park, the city of Bozeman has been noted as a desirable place to retire in the state. The city has a population of 46,596 and a median home value of $462,789
Washington: $1,003,719
The annual cost of living in Washington is $56,454.60. With a social security paycheck, this amount drops to $40,148.76. If you’re looking to retire in Washington, you’ll want to have a savings of $1,003,719, making it one of the more expensive U.S. states to retire in.
Gig Harbor is a desirable town to retire to in this state, and ranked the fourth best to retire in the country, according to Yahoo! Finance. The city has a population of 9,507 and a median home value of $535,505.
Vermont: $1,060,937
The annual cost of living in Vermont is $58,743.30. With a social security paycheck to help with costs, this amount drops to $42,437.46. This means you’ll want to have an estimated $1,060,937 in savings to retire comfortably in this state.
Swanton has been named one of the best towns to retire in Vermont. The town has a population of 6,543, and homes here go for a median price of $220,094.
Maine: $1,083,824
The annual cost of living in Maine is an estimated $59,658.78. With a social security paycheck, this amount drops to $43,352.94. You’ll want to have $1,083,824 in savings to retire in this state.
If you make the move to Maine, consider retiring in the city of Rockland. Located along the shore, this city has a population of 7,186 and a median home value of $348,964. The town is home to the Maine Lighthouse Museum and the Maine Lobster Festival.
Rhode Island: $1,099,082
The annual cost of living in Rhode Island is an estimated $60,269.10. With a social security paycheck, this amount drops to $43,963.26. In order to retire in the state of Rhode Island, you’ll need an estimated savings of $1,099,082.
The city of Tiverton is one of the most desirable places to call home for retirees. With a population of 15,874, the city is near beautiful bays and rivers, and has a median home value of $313,211.
New Jersey: $1,174,100
The annual cost of living in New Jersey is $63,270. Once you factor in your social security, that number drops to $46,964. That means you'll need $1,174,100 to retire in this state. The top-ranked city to retire in this state is Jersey City.
Located near Manhattan Island, this spot is a less expensive alternative to New York City. With a population of 270,730, the median home value is about half a million.
Connecticut: $1,184,272
The annual cost of living in Connecticut is $63,676.72, which drops down to $47,371 after social security. That means you'll need $1,184,272 saved up to retire in this lovely state. Greenwich has been voted the best place to retire here.
That's because of its high volume of medical facilities and recreation centers. The median home value in Greenwich is about $1.3 million. For a less expensive option, you may consider the state's runnerup town of Ridgefield, which has a median home value of $580,865.
Alaska: $1,213,517
The annual cost of living in Alaska is $64,846.50, which drops down to $48,540.66 after social security income is accounted for. That means you would need to save $1,213,517 to retire in the northern lights state.
The town of Anchorage has been referred to as the best city to retire in Alaska. With a population of 294,356, it is the biggest city in the state. With a median home value of $347,533, you get the feel of a big city without the big cost.
Maryland: $1,238,947
The annual cost of living in Maryland is $65,863.70. After social security is taken into account, that number drops to $49,557.86. That means you'll need to have $1,238,947 to comfortably retire in this beautiful state.
The top-ranked place to retire in Maryland shares its name with a popular city in Los Angeles: Bel Air. It sports 11.33 medical centers and 2,39 recreation centers per 1,000 residents and a high amount of retirement communities.
