How much money you need to retire in every U.S. state—it's at least $1 million in 16 places (2024)

The cost of retirement can vary by as much as $1.36 million depending on where you live in the U.S., according to an analysis by personal finance website GOBankingRates.com.

To determine the amount of money needed to retire, GOBankingRates calculated the annual expenses for housing, food, utilities, transportation and health care in each state for people 65 years or older, using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center.

Those totals were then multiplied by 25 or 30 years, excluding Social Security payments, since those benefits would supplement retirees' personal savings. The studyassumes that retirees will receive annual Social Security payments of $21,566.76, the U.S. average based on the most recent information provided by the Social Security Administration.

It's important to note that these projections don't include adjustments for inflation and that the annual cost of living in each state will likely rise over time. However, invested savings are also likely to rise in value during that time.

For a 25-year retirement, you'd need just over $2 million in Hawaii — the most of all states by far.

That's followed by Massachusetts, California and New York, along with 12 other states where you'd need at least $1 million saved up to retire. Most of these states are along the coast and contain large cities where the cost of housing tends to be the highest.

In contrast, you'd need less than $700,000 for a 25-year retirement in West Virginia, the lowest in the country. The U.S. average for retirement expenses is $835,453 for 25 years and $1,003,548 for 30 years.

But keep in mind that while these projections can be a useful tool in understanding how much you may need to retire, your specific retirement requirements will vary based on your needs and priorities.

Here's a look at the annual retirement costs for each state, along with the totals needed to retire in 25 and 30 years — excluding Social Security benefits — in alphabetical order.

• Annual retirement expenditures: $50,995
• Minimum needed for 25 years of retirement: $735,718
• Minimum needed for 30 years of retirement: $883,745

• Annual retirement expenditures: $73,082
• Minimum needed for 25 years of retirement: $1,287,880
• Minimum needed for 30 years of retirement: $1,547,003

• Annual retirement expenditures: $63,600
• Minimum needed for 25 years of retirement: $1,050,826
• Minimum needed for 30 years of retirement: $1,262,253

• Annual retirement expenditures: $51,169
• Minimum needed for 25 years of retirement: $740,054
• Minimum needed for 30 years of retirement: $888,954

• Annual retirement expenditures: $78,864
• Minimum needed for 25 years of retirement: $1,432,425
• Minimum needed for 30 years of retirement: $1,720,630

• Annual retirement expenditures: $61,807
• Minimum needed for 25 years of retirement: $1,006,017
• Minimum needed for 30 years of retirement: $1,208,429

• Annual retirement expenditures: $65,855
• Minimum needed for 25 years of retirement: $1,107,199
• Minimum needed for 30 years of retirement: $1,329,968

• Annual retirement expenditures: $58,281
• Minimum needed for 25 years of retirement: $917,845
• Minimum needed for 30 years of retirement: $1,102,516

• Annual retirement expenditures: $58,396
• Minimum needed for 25 years of retirement: $920,736
• Minimum needed for 30 years of retirement: $1,105,989

• Annual retirement expenditures: $52,557
• Minimum needed for 25 years of retirement: $774,745
• Minimum needed for 30 years of retirement: $930,625

• Annual retirement expenditures: $103,610
• Minimum needed for 25 years of retirement: $2,051,077
• Minimum needed for 30 years of retirement: $2,463,757

• Annual retirement expenditures: $57,240
• Minimum needed for 25 years of retirement: $891,827
• Minimum needed for 30 years of retirement: $1,071,263

• Annual retirement expenditures: $53,077
• Minimum needed for 25 years of retirement: $787,754
• Minimum needed for 30 years of retirement: $946,251

• Annual retirement expenditures: $52,672
• Minimum needed for 25 years of retirement: $777,636
• Minimum needed for 30 years of retirement: $934,097

• Annual retirement expenditures: $51,978
• Minimum needed for 25 years of retirement: $760,291
• Minimum needed for 30 years of retirement: $913,262

• Annual retirement expenditures: $50,533
• Minimum needed for 25 years of retirement: $724,154
• Minimum needed for 30 years of retirement: $869,855

• Annual retirement expenditures: $53,886
• Minimum needed for 25 years of retirement: $807,990
• Minimum needed for 30 years of retirement: $970,559

• Annual retirement expenditures: $52,441
• Minimum needed for 25 years of retirement: $771,854
• Minimum needed for 30 years of retirement: $927,152

• Annual retirement expenditures: $64,005
• Minimum needed for 25 years of retirement: $1,060,944
• Minimum needed for 30 years of retirement: $1,274,407

• Annual retirement expenditures: $66,375
• Minimum needed for 25 years of retirement: $1,120,208
• Minimum needed for 30 years of retirement: $1,345,595

• Annual retirement expenditures: $85,571
• Minimum needed for 25 years of retirement: $1,600,097
• Minimum needed for 30 years of retirement: $1,922,038

• Annual retirement expenditures: $52,614
• Minimum needed for 25 years of retirement: $776,191
• Minimum needed for 30 years of retirement: $932,361

• Annual retirement expenditures: $54,580
• Minimum needed for 25 years of retirement: $825,336
• Minimum needed for 30 years of retirement: $991,394

• Annual retirement expenditures: $50,128
• Minimum needed for 25 years of retirement: $714,036
• Minimum needed for 30 years of retirement: $857,701

• Annual retirement expenditures: $51,053
• Minimum needed for 25 years of retirement: $737,163
• Minimum needed for 30 years of retirement: $885,482

• Annual retirement expenditures: $59,610
• Minimum needed for 25 years of retirement: $951,090
• Minimum needed for 30 years of retirement: $1,142,450

• Annual retirement expenditures: $52,614
• Minimum needed for 25 years of retirement: $776,191
• Minimum needed for 30 years of retirement: $932,361

• Annual retirement expenditures: $58,454
• Minimum needed for 25 years of retirement: $922,181
• Minimum needed for 30 years of retirement: $1,107,725

• Annual retirement expenditures: $66,838
• Minimum needed for 25 years of retirement: $1,131,771
• Minimum needed for 30 years of retirement: $1,359,485

• Annual retirement expenditures: $63,773
• Minimum needed for 25 years of retirement: $1,055,162
• Minimum needed for 30 years of retirement: $1,267,462

• Annual retirement expenditures: $54,291
• Minimum needed for 25 years of retirement: $818,109
• Minimum needed for 30 years of retirement: $982,713

• Annual retirement expenditures: $73,140
• Minimum needed for 25 years of retirement: $1,289,325
• Minimum needed for 30 years of retirement: $1,548,739

• Annual retirement expenditures: $55,621
• Minimum needed for 25 years of retirement: $851,354
• Minimum needed for 30 years of retirement: $1,022,647

• Annual retirement expenditures: $54,522
• Minimum needed for 25 years of retirement: $823,890
• Minimum needed for 30 years of retirement: $989,658

• Annual retirement expenditures: $53,308
• Minimum needed for 25 years of retirement: $793,536
• Minimum needed for 30 years of retirement: $953,196

• Annual retirement expenditures: $50,186
• Minimum needed for 25 years of retirement: $715,482
• Minimum needed for 30 years of retirement: $859,437

• Annual retirement expenditures: $66,317
• Minimum needed for 25 years of retirement: $1,118,762
• Minimum needed for 30 years of retirement: $1,343,858

• Annual retirement expenditures: $54,811
• Minimum needed for 25 years of retirement: $831,118
• Minimum needed for 30 years of retirement: $998,339

• Annual retirement expenditures: $64,756
• Minimum needed for 25 years of retirement: $1,079,735
• Minimum needed for 30 years of retirement: $1,296,979

• Annual retirement expenditures: $54,522
• Minimum needed for 25 years of retirement: $823,890
• Minimum needed for 30 years of retirement: $989,658

• Annual retirement expenditures: $53,077
• Minimum needed for 25 years of retirement: $787,754
• Minimum needed for 30 years of retirement: $946,251

• Annual retirement expenditures: $52,267
• Minimum needed for 25 years of retirement: $767,518
• Minimum needed for 30 years of retirement: $921,943

• Annual retirement expenditures: $53,771
• Minimum needed for 25 years of retirement: $805,100
• Minimum needed for 30 years of retirement: $967,086

• Annual retirement expenditures: $60,420
• Minimum needed for 25 years of retirement: $971,326
• Minimum needed for 30 years of retirement: $1,166,758

• Annual retirement expenditures: $66,433
• Minimum needed for 25 years of retirement: $1,121,653
• Minimum needed for 30 years of retirement: $1,347,331

• Annual retirement expenditures: $58,627
• Minimum needed for 25 years of retirement: $926,517
• Minimum needed for 30 years of retirement: $1,112,934

• Annual retirement expenditures: $66,895
• Minimum needed for 25 years of retirement: $1,133,217
• Minimum needed for 30 years of retirement: $1,361,221

• Annual retirement expenditures: $49,261
• Minimum needed for 25 years of retirement: $692,354
• Minimum needed for 30 years of retirement: $831,657

• Annual retirement expenditures: $55,158
• Minimum needed for 25 years of retirement: $839,790
• Minimum needed for 30 years of retirement: $1,008,757

• Annual retirement expenditures: $53,886
• Minimum needed for 25 years of retirement: $807,990
• Minimum needed for 30 years of retirement: $970,559

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