Everyday living costs play a major role in how much money you need to retire.
A new state-by-state analysis from personal finance website GOBankingRates shows that the estimated total savings needed to retire at 65 can differ by as much as $1.46 million depending on where you live.
In Hawaii, retirees need about $2.2 million to stop working at 65 and cover essential living expenses for 25 years, including housing, groceries, transportation, utilities and health-care costs. That is the highest estimated minimum of any state. By comparison, Oklahoma has the lowest estimated total, at $735,284, to cover the same basic costs.
The analysis is based on the average living costs for retirees 65 or older in each state, drawn from the latest data published by the U.S. Bureau of Labor Statistics. From there, GOBankingRates subtracted average Social Security payments and estimated the savings needed to cover the remaining expenses using an annual 4% withdrawal rate.
The resulting figures represent a baseline for covering essential costs and don’t factor in discretionary spending such as travel, dining or entertainment. Additionally, the estimates don’t account for factors such as inflation, lifestyle changes or unexpected costs.
Housing is the biggest factor in annual retirement costs, as it varies by roughly $30,000 annually between states. Utilities and health-care costs can range by as much as $5,000 annually, the study finds.
Here’s a look the minimum amount of savings needed to retire at 65 in each state, in alphabetical order.
Alabama
- Annual cost of living: $53,999
- Savings you need to retire: $789,037
Alaska
- Annual cost of living: $78,449
- Savings you need to retire: $1,400,286
Arizona
- Annual cost of living: $66,838
- Savings you need to retire: $1,110,019
Arkansas
- Annual cost of living: $54,859
- Savings you need to retire: $810,538
California
- Annual cost of living: $83,978
- Savings you need to retire: $1,538,508
Colorado
- Annual cost of living: $63,091
- Savings you need to retire: $1,016,336
Connecticut
- Annual cost of living: $70,094
- Savings you need to retire: $1,191,417
Delaware
- Annual cost of living: $63,152
- Savings you need to retire: $1,017,871
Florida
- Annual cost of living: $61,125
- Savings you need to retire: $967,190
Georgia
- Annual cost of living: $56,395
- Savings you need to retire: $848,933
Hawaii
- Annual cost of living: $110,393
- Savings you need to retire: $2,198,902
Idaho
- Annual cost of living: $60,818
- Savings you need to retire: $959,511
Illinois
- Annual cost of living: $58,913
- Savings you need to retire: $911,901
Indiana
- Annual cost of living: $55,657
- Savings you need to retire: $830,504
Iowa
- Annual cost of living: $55,473
- Savings you need to retire: $825,896
Kansas
- Annual cost of living: $54,613
- Savings you need to retire: $804,395
Kentucky
- Annual cost of living: $56,456
- Savings you need to retire: $850,469
Louisiana
- Annual cost of living: $56,947
- Savings you need to retire: $862,756
Maine
- Annual cost of living: $70,155
- Savings you need to retire: $1,192,953
Maryland
- Annual cost of living: $73,043
- Savings you need to retire: $1,265,135
Massachusetts
- Annual cost of living: $92,639
- Savings you need to retire: $1,755,055
Michigan
- Annual cost of living: $58,176
- Savings you need to retire: $893,472
Minnesota
- Annual cost of living: $57,869
- Savings you need to retire: $885,793
Mississippi
- Annual cost of living: $52,524
- Savings you need to retire: $752,178
Missouri
- Annual cost of living: $54,674
- Savings you need to retire: $805,931
Montana
- Annual cost of living: $67,452
- Savings you need to retire: $1,125,377
Nebraska
- Annual cost of living: $56,272
- Savings you need to retire: $845,862
Nevada
- Annual cost of living: $60,572
- Savings you need to retire: $953,368
New Hampshire
- Annual cost of living: $67,084
- Savings you need to retire: $1,116,163
New Jersey
- Annual cost of living: $70,401
- Savings you need to retire: $1,199,096
New Mexico
- Annual cost of living: $56,825
- Savings you need to retire: $859,684
New York
- Annual cost of living: $77,773
- Savings you need to retire: $1,383,392
North Carolina
- Annual cost of living: $59,835
- Savings you need to retire: $934,938
North Dakota
- Annual cost of living: $56,087
- Savings you need to retire: $841,254
Ohio
- Annual cost of living: $57,009
- Savings you need to retire: $864,291
Oklahoma
- Annual cost of living: $51,849
- Savings you need to retire: $735,284
Oregon
- Annual cost of living: $68,681
- Savings you need to retire: $1,156,093
Pennsylvania
- Annual cost of living: $59,650
- Savings you need to retire: $930,331
Rhode Island
- Annual cost of living: $69,664
- Savings you need to retire: $1,180,666
South Carolina
- Annual cost of living: $56,825
- Savings you need to retire: $859,684
South Dakota
- Annual cost of living: $56,395
- Savings you need to retire: $848,933
Tennessee
- Annual cost of living: $55,473
- Savings you need to retire: $825,896
Texas
- Annual cost of living: $55,780
- Savings you need to retire: $833,575
Utah
- Annual cost of living: $60,879
- Savings you need to retire: $961,047
Vermont
- Annual cost of living: $69,848
- Savings you need to retire: $1,185,274
Virginia
- Annual cost of living: $61,493
- Savings you need to retire: $976,405
Washington
- Annual cost of living: $69,971
- Savings you need to retire: $1,188,345
West Virginia
- Annual cost of living: $54,122
- Savings you need to retire: $792,109
Wisconsin
- Annual cost of living: $60,019
- Savings you need to retire: $939,546
Wyoming
- Annual cost of living: $58,545
- Savings you need to retire: $902,686
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