{"id":486701,"date":"2026-05-15T22:10:11","date_gmt":"2026-05-15T22:10:11","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/486701\/"},"modified":"2026-05-15T22:10:11","modified_gmt":"2026-05-15T22:10:11","slug":"study-reveals-how-much-you-need-for-retirement-in-each-us-state","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/486701\/","title":{"rendered":"Study reveals how much you need for retirement in each US state"},"content":{"rendered":"

Americans of all ages are facing affordability concerns<\/a>, with\u00a0retirees<\/a> on fixed incomes\u00a0in particular feeling the strain \u2013 though where they choose to live in their golden years has a big impact on their ability to live comfortably.<\/p>\n

A study by MoneyLion analyzed the\u00a0monthly savings\u00a0needed to retire comfortably<\/a> across states after accounting for the national average expenses for retired households, as well as whether the retiree would have Social Security income<\/a> and when the retiree began saving for retirement.<\/p>\n

The report found that the state with the highest annual cost of living for retirees<\/a> was Hawaii, with an annual cost of $90,752 for necessities and $181,505 for a comfortable cost of living based on the analysis. <\/p>\n

After accounting for Social Security income, MoneyLion estimated the annual cost of living as a retiree in Hawaii was $156,610.<\/p>\n

To save enough money to afford that cost of living in retirement, a person would have to save $5,800 a month over 45 years at age 20 before retiring at age 65, or $7,458 a month if they saved for 35 years starting at age 30, with\u00a0Social Security\u00a0income. <\/p>\n

Americans of all ages are facing affordability concerns, with\u00a0retirees on fixed incomes\u00a0in particular feeling the strain. Stockphotodirectors \u2013 stock.adobe.com<\/p>\n

A study by MoneyLion analyzed the\u00a0monthly savings\u00a0needed to retire comfortably across states after accounting for factors such as the national average expenses for retired households. Getty Images<\/p>\n

Those figures rise to $6,722 and $8,643 a month, respectively, without Social Security.<\/p>\n

California<\/a> had the second-highest annual cost of living, which MoneyLion estimated at $73,387 for necessities or $121,879 for the comfortable cost of living metric that accounts for Social Security income. <\/p>\n

\t\t\t\t\t\t\tStart your day with all you need to know\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tMorning Report delivers the latest news, videos, photos and more.\t\t\t\t\t\t<\/p>\n

\t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n

The monthly savings would be $4,514 when starting at age 20 or $5,804 starting at age 30 with Social Security, while those would rise to $5,436 and $6,989 without Social Security.<\/p>\n

\u201cTwo of the biggest expenses a retiree needs to look into are the\u00a0state income taxes\u00a0and real estate property taxes that will factor into your budget. It\u2019s also why so many people are moving out of places like California and New York<\/a>, because, beyond the cost of living, it\u2019s very expensive from a taxation perspective,\u201d Ted Jenkin, managing partner at Exit Wealth Advisors, told FOX Business.<\/p>\n

The report found that the state with the highest annual cost of living for retirees was Hawaii. Getty Images<\/p>\n

The lowest cost state analyzed in the report was West Virginia, which had an annual necessities cost of living of $29,059 with the comfortable cost of living at $58,117 per year, or $33,223 after accounting for Social Security income. <\/p>\n

The monthly savings target for West Virginia would start at $1,230 for those age 20 or $1,582 at age 30 with Social Security income, and those would rise to $2,152 and $2,767, respectively.<\/p>\n

Other states that have been popular relocation destinations were the middle ground of the analysis in terms of cost of living.\u00a0<\/p>\n

California had the second-highest annual cost of living, per the report. Nicholas J. Klein \u2013 stock.adobe.com<\/p>\n

Florida\u2019s<\/a> was $44,170 for necessities or $88,339 for the comfortable cost of living, declining to $63,445 with Social Security income in the mix. Savings targets were $2,350 starting at 20 or $3,021 at 30, with Social Security to supplement those savings.<\/p>\n

Tennessee<\/a> and Texas were each slightly above the $38,300 mark for their necessities cost of living, with the comfortable\u00a0cost of living<\/a>\u00a0just over $76,000 or more than $51,300 with Social Security.<\/p>\n

\u201cThere\u2019s a reason beyond the weather for why retirees are moving from high-tax states,\u201d\u00a0Thomas Aiello, National Taxpayers Union vice president of federal affairs, told FOX Business. <\/p>\n

\u201cPlaces like Florida, Texas<\/a>, and Tennessee offer no state income tax, no estate (\u201cdeath\u201d) tax, relatively low property taxes, and a policy environment generally more favorable to taxpayers. That can result in thousands of dollars in annual tax savings compared to New York, California or Illinois.\u201d<\/p>\n

Necessities Cost of Living by State or Territory<\/p>\n