Here’s the Cost To Retire Comfortably in Every State by Age – MASHAHER

What stands between most people and retirement is having enough money to afford it. While many people love the idea of early retirement, say in your 40s or 50s, that goal is not very likely in most states. However, retiring in your early 60s is, depending on where you live.

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Of course, to truly live a comfortable retirement takes more than desire — it also takes a large chunk of cash. Find out how much you’ll need to retire, assuming a life expectancy of 80 — depending on the state you call home.

Alabama

• Annual cost of a comfortable retirement: $56,048

• Retirement savings needed at 60: $1,120,967

• Retirement savings needed at 70: $560,483

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Alaska

• Annual cost of a comfortable retirement: $87,697

• Retirement savings needed at 60: $1,753,947

• Retirement savings needed at 70: $876,973

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Arizona

• Annual cost of a comfortable retirement: $72,825

• Retirement savings needed at 60: $1,456,502

• Retirement savings needed at 70: $728,251

Arkansas

• Annual cost of a comfortable retirement: $55,837

• Retirement savings needed at 60: $1,116,740

• Retirement savings needed at 70: $558,370

California

• Annual cost of a comfortable retirement: $95,256

• Retirement savings needed at 60: $1,905,121

• Retirement savings needed at 70: $952,560

Colorado

• Annual cost of a comfortable retirement: $70,667

• Retirement savings needed at 60: $1,413,334

• Retirement savings needed at 70: $706,667

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Connecticut

• Annual cost of a comfortable retirement: $77,182

• Retirement savings needed at 60: $1,543,642

• Retirement savings needed at 70: $771,821

Delaware

• Annual cost of a comfortable retirement: $65,875

• Retirement savings needed at 60: $1,317,491

• Retirement savings needed at 70: $658,746

Florida

• Annual cost of a comfortable retirement: $67,310.

• Retirement savings needed at 60: $1,346,206

• Retirement savings needed at 70: $673,103

Georgia

• Annual cost of a comfortable retirement: $59,197

• Retirement savings needed at 60: $1,183,932

• Retirement savings needed at 70: $591,966

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Hawaii

• Annual cost of a comfortable retirement: $127,576

• Retirement savings needed at 60: $2,551,528

• Retirement savings needed at 70: $1,275,764

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Idaho

• Annual cost of a comfortable retirement: $64,990

• Retirement savings needed at 60: $1,299,790

• Retirement savings needed at 70: $649,895

Illinois

• Annual cost of a comfortable retirement: $59,824

• Retirement savings needed at 60: $1,196,470

• Retirement savings needed at 70: $598,235

Indiana

• Annual cost of a comfortable retirement: $60,327

• Retirement savings needed at 60: $1,206,547

• Retirement savings needed at 70: $603,273

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Iowa

• Annual cost of a comfortable retirement: $59,382

• Retirement savings needed at 60: $1,187,640

• Retirement savings needed at 70: $593,820

Kansas

• Annual cost of a comfortable retirement: $57,714

• Retirement savings needed at 60: $1,154,288

• Retirement savings needed at 70: $577,144

Kentucky

• Annual cost of a comfortable retirement: $59,143

• Retirement savings needed at 60: $1,182,861

• Retirement savings needed at 70: $591,430

Louisiana

• Annual cost of a comfortable retirement: $59,200

• Retirement savings needed at 60: $1,184,005

• Retirement savings needed at 70: $592,003

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Maine

• Annual cost of a comfortable retirement: $74,661

• Retirement savings needed at 60: $1,493,222

• Retirement savings needed at 70: $746,611

Maryland

• Annual cost of a comfortable retirement: $76,955

• Retirement savings needed at 60: $1,539,110

• Retirement savings needed at 70: $769,555

Massachusetts

• Annual cost of a comfortable retirement: $104,012

• Retirement savings needed at 60: $2,080,240

• Retirement savings needed at 70: $1,040,120

Michigan

• Annual cost of a comfortable retirement: $60,048

• Retirement savings needed at 60: $1,200,961

• Retirement savings needed at 70: $600,480

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Minnesota

• Annual cost of a comfortable retirement: $62,890

• Retirement savings needed at 60: $1,257,794

• Retirement savings needed at 70: $628,897

Mississippi

• Annual cost of a comfortable retirement: $56,921

• Retirement savings needed at 60: $1,138,419

• Retirement savings needed at 70: $569,210

Missouri

• Annual cost of a comfortable retirement: $57,964

• Retirement savings needed at 60: $1,159,276

• Retirement savings needed at 70: $579,638

Montana

• Annual cost of a comfortable retirement: $67,884

• Retirement savings needed at 60: $1,357,680

• Retirement savings needed at 70: $678,840

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Nebraska

• Annual cost of a comfortable retirement: $59,685

• Retirement savings needed at 60: $1,193,704

• Retirement savings needed at 70: $596,852

Nevada

• Annual cost of a comfortable retirement: $68,582

• Retirement savings needed at 60: $1,371,642

• Retirement savings needed at 70: $685,821

New Hampshire

• Annual cost of a comfortable retirement: $74,471

• Retirement savings needed at 60: $1,489,430

• Retirement savings needed at 70: $744,715

New Jersey

• Annual cost of a comfortable retirement: $73,892

• Retirement savings needed at 60: $1,477,833

• Retirement savings needed at 70: $738,917

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New Mexico

• Annual cost of a comfortable retirement: $61,775

• Retirement savings needed at 60: $1,235,500

• Retirement savings needed at 70: $617,750

New York

• Annual cost of a comfortable retirement: $87,058

• Retirement savings needed at 60: $1,741,152

• Retirement savings needed at 70: $870,576

North Carolina

• Annual cost of a comfortable retirement: $64,049

• Retirement savings needed at 60: $1,280,970

• Retirement savings needed at 70: $640,485

North Dakota

• Annual cost of a comfortable retirement: $63,523

• Retirement savings needed at 60: $1,270,456

• Retirement savings needed at 70: $635,228

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Ohio

• Annual cost of a comfortable retirement: $61,020

• Retirement savings needed at 60: $1,220,390

• Retirement savings needed at 70: $610,195

Oklahoma

• Annual cost of a comfortable retirement: $56,936

• Retirement savings needed at 60: $1,138,728

• Retirement savings needed at 70: $569,364

Oregon

• Annual cost of a comfortable retirement: $79,356

• Retirement savings needed at 60: $1,587,111

• Retirement savings needed at 70: $793,556

Pennsylvania

• Annual cost of a comfortable retirement: $61,870

• Retirement savings needed at 60: $1,237,410

• Retirement savings needed at 70: $618,705

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Rhode Island

• Annual cost of a comfortable retirement: $72,511

• Retirement savings needed at 60: $1,450,220

• Retirement savings needed at 70: $725,110

South Carolina

• Annual cost of a comfortable retirement: $60,631

• Retirement savings needed at 60: $1,212,620

• Retirement savings needed at 70: $606,310

South Dakota

• Annual cost of a comfortable retirement: $61,078

• Retirement savings needed at 60: $1,221,562

• Retirement savings needed at 70: $610,781

Tennessee

• Annual cost of a comfortable retirement: $58,254

• Retirement savings needed at 60: $1,165,073

• Retirement savings needed at 70: $582,536

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Texas

• Annual cost of a comfortable retirement: $60,586

• Retirement savings needed at 60: $1,211,718

• Retirement savings needed at 70: $605,859

Utah

• Annual cost of a comfortable retirement: $69,010

• Retirement savings needed at 60: $1,380,204

• Retirement savings needed at 70: $690,102

Vermont

• Annual cost of a comfortable retirement: $77,903

• Retirement savings needed at 60: $1,558,053

• Retirement savings needed at 70: $779,027

Virginia

• Annual cost of a comfortable retirement: $67,569

• Retirement savings needed at 60: $1,351,373

• Retirement savings needed at 70: $675,686

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Washington

• Annual cost of a comfortable retirement: $79,457

• Retirement savings needed at 60: $1,589,130

• Retirement savings needed at 70: $794,565

West Virginia

• Annual cost of a comfortable retirement: $55,485

• Retirement savings needed at 60: $1,109,701

• Retirement savings needed at 70: $554,850

Wisconsin

• Annual cost of a comfortable retirement: $64,029

• Retirement savings needed at 60: $1,280,582

• Retirement savings needed at 70: $640,291

Wyoming

• Annual cost of a comfortable retirement: $61,127

• Retirement savings needed at 60: $1,222,532

• Retirement savings needed at 70: $611,266

John Csiszar contributed to the reporting for this article.

Methodology: For this study, GOBankingRates analyzed each state for their cost of living to determine how much someone would need to save to live comfortably in their retirement. Using the average expenditure costs for [1] Groceries, defined as ‘Food at Home’; [2] Housing, defined as ‘Shelter’; [3] Transportation, defined as ‘Gasoline, other fuels and motor oil’ and ‘other vehicle expenses’; [4] Healthcare; and [5] Utilities, defined as ‘Utilities, fuels and other services,’ all sourced from the Bureau of Labor and Statistics 2022 Consumer Expenditure Survey; and the cost of living indexes from the Missouri Economic and Research Center, the average expenditure for each state was calculated. After calculating the total savings needed, an additional savings buffer was calculated by assuming that total expenditures cover 80% of one’s budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then calculated how much savings you would need to retire comfortably for various retirement ages. All data was collected and is up to date as of Feb. 2, 2024.

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This article originally appeared on GOBankingRates.com: Here’s the Cost To Retire Comfortably in Every State by Age