RETIREMENT ACCOUNT BALANCES DIP IN THE 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING<\/strong><\/a><\/p>\n A retired couple walks arm in arm on the beach. (Annette Riedl\/picture alliance via Getty Images \/ Getty Images)<\/p>\n The analysis comes as Social Security, a common source of retirement income, is looking at potential financing issues with its trust funds in the future. The trustees for Social Security and Medicare recently found<\/a> that if Social Security\u2019s Old-Age and Survivors Insurance and Disability Insurance trust funds were combined, the trust funds would be able to pay 100% of scheduled benefits until 2034, one year earlier than reported last year. After that, the trust funds would be able to pay only 81% of scheduled benefits, meaning Social Security recipients would see a mandatory 19% cut automatically.\u00a0<\/p>\n For the GOBankingRates study, the benchmark for a “comfortable” retirement<\/a> was a person holding twice the amount of money as the cost of living expenses.<\/p>\n NEARLY HALF OF GENERATION X IS NOT CONFIDENT ABOUT RETIREMENT<\/strong><\/a><\/p>\n Hawaii tops the list of where the most savings would be necessary to retire<\/a> “comfortably” at 60 years old without Social Security, while West Virginia, nicknamed the Mountain State, required the least, it said.\u00a0<\/p>\n GOBankingRates found the nest egg that a person would need to accommodate a comfortable retirement at 60 years old sans Social Security<\/a> in each state.<\/p>\n Alabama ($70,492 cost of living per year): $1,409,839\u00a0<\/p>\n Huntsville, Alabama, USA park and downtown cityscape at twilight. (iStock \/ iStock)<\/p>\n Alaska ($110,457 cost of living per year): $2,209,137<\/p>\n Arizona ($100,281 cost of living per year): $2,005,627<\/p>\n Arkansas ($67,502 cost of living per year): $1,350,045<\/p>\n California ($155,117 cost of living per year): $3,102,333<\/p>\n Colorado ($114,744 cost of living per year): $2,294,882<\/p>\n Connecticut ($105,428 cost of living per year): $2,108,563<\/p>\n Delaware ($94,392 cost of living per year): $1,887,834<\/p>\n Florida ($97,119 cost of living per year):\u00a0$1,942,374<\/p>\n Georgia ($86,005 cost of living per year): $1,720,096<\/p>\n Hawaii ($186,062 cost of living per year):\u00a0$3,721,237<\/p>\n The entire coastline of Honolulu, including the base of Diamond Head crater and state park, past the hotel-lined Waikiki Beach towards downtown in the distance, including the suburban neighborhoods dotting the hills surrounding the city center. (iStock \/ iStock)<\/p>\n Idaho ($101,912 cost of living per year):\u00a0$2,038,236<\/p>\n Illinois ($79,736 cost of living per year):\u00a0$1,594,716<\/p>\n Indiana ($74,029 cost of living per year):\u00a0$1,480,575<\/p>\n Iowa ($71,373 cost of living per year):\u00a0$1,427,463<\/p>\n Kansas ($71,534 cost of living per year):\u00a0$1,430,672<\/p>\n Kentucky ($71,410 cost of living per year):\u00a0$1,428,204<\/p>\n Louisiana ($67,482 cost of living per year):\u00a0$1,349,639<\/p>\n Maine ($98,612 cost of living per year):\u00a0$1,972,231<\/p>\n Maryland ($101,991 cost of living per year):\u00a0$2,039,812<\/p>\n Massachusetts ($136,626 cost of living):\u00a0$2,732,517<\/p>\n Massachusetts came in at number nine among the best states to work remotely. (Joe Sohm\/Visions of America\/Universal Images Group via Getty Images \/ Getty Images)<\/p>\n Michigan ($73,780 cost of living per year):\u00a0$1,475,595<\/p>\n Minnesota ($88,321 cost of living per year):\u00a0$1,766,414<\/p>\n Mississippi ($65,523 cost of living per year):\u00a0$1,310,451<\/p>\n Missouri ($73,667 cost of living per year): $1,473,335<\/p>\n Montana ($102,916 cost of living per year): $2,058,322<\/p>\n Nebraska ($76,792 cost of living per year):\u00a0$1,535,846<\/p>\n Nevada ($103,661 cost of living per year):\u00a0$2,073,215<\/p>\n New Hampshire ($110,761 cost of living per year):\u00a0$2,215,216<\/p>\n New Jersey ($118,338 cost of living per year):\u00a0$2,366,765<\/p>\n New Mexico ($81,627 cost of living per year):\u00a0$1,632,542<\/p>\n New York ($105,619 cost of living per year):\u00a0$2,112,384<\/p>\n The Manhattan skyline is seen at sunrise from the 86th floor observatory of the Empire State Building on April 3, 2021 in New York City. ((Photo by ANGELA WEISS\/AFP via Getty Images) \/ Getty Images)<\/p>\n North Carolina ($86,857 cost of living per year):\u00a0$1,737,146<\/p>\n North Dakota ($78,734 cost of living per year):\u00a0$1,574,682<\/p>\n Ohio ($73,120 cost of living per year):\u00a0$1,462,391<\/p>\n Oklahoma ($69,161 cost of living per year):\u00a0$1,383,214<\/p>\n Oregon ($111,541 cost of living per year):\u00a0$2,230,814<\/p>\n Pennsylvania ($78,582 cost of living per year):\u00a0$1,571,642<\/p>\n Rhode Island ($109,811 cost of living per year):\u00a0$2,196,222<\/p>\n South Carolina ($81,586 cost of living per year):\u00a0$1,631,721<\/p>\n South Dakota ($81,949 cost of living per year):\u00a0$1,638,979<\/p>\n Tennessee ($81,474 cost of living per year):\u00a0$1,629,482<\/p>\n Texas ($81,985 cost of living per year):\u00a0$1,639,693<\/p>\n Utah ($110,623 cost of living per year):\u00a0$2,212,458<\/p>\n Vermont ($97,999 cost of living per year):\u00a0$1,959,971<\/p>\n Virginia ($96,141 cost of living per year):\u00a0$1,922,813<\/p>\n Washington ($126,952 cost of living per year):\u00a0$2,539,048<\/p>\n West Virginia ($64,715 cost of living per year):\u00a0$1,294,300<\/p>\n Wisconsin ($84,485 cost of living per year):\u00a0$1,689,700<\/p>\n Wyoming ($88,792 cost of living per year):\u00a0$1,775,841<\/p>\n Welcome to Wyoming highway sign along Interstate 90 north of Sheridan. (Don & Melinda Crawford\/Education Images\/Universal Images Group via Getty Images \/ Getty Images)<\/p>\n In early June, a Gallup survey found 50% of non-retired U.S. adults that own a retirement savings account<\/a> felt they “expect to have enough to live comfortably in retirement.”\u00a0<\/p>\n![\"401k](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/401k-pension-retirement-scaled.jpg\")
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