A comfortable retirement, if you want at least 20 years’ worth, will cost you millions in nearly half the United States.
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GOBankingRates determined the amount you need to save monthly for a comfortable retirement by analyzing data from the U.S. Census American Community Survey, the Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, the Zillow Home Value Index, the Federal Reserve Economic Data and the Social Security Administration.
Using the retirement age of 65 and the life expectancy of 85, a variety of ages were used to calculate savings including saving at ages 20 and 30. These monthly savings also include Social Security. GOBankingRates’ data notes that average monthly Social Security benefits are $1,876 for one person.
Key Findings
- It costs more than $3 million in Hawaii to experience a 20-year comfortable retirement. To reach the full amount of $3,105,384 needed to live to age 85, you would need to start saving $5,751 a month at age 20 or $7,394 a month at age 30 (with Social Security benefits).
- You’ll need more than $1 million in savings in 23 states for 20 years of a comfortable retirement. That’s nearly half of America. These states include Hawaii, California, Massachusetts, Washington, New Jersey, Colorado, New Hampshire, Utah, Oregon, Rhode Island, Alaska, New York, Connecticut, Montana, Idaho, Nevada, Maryland, Arizona, Maine, Vermont, Florida, Virginia and Delaware.
- Retirees with less than $500,000 in savings can fund 20 years of a comfortable retirement in just four states. These include Louisiana ($499,020), Arkansas ($489,937), Mississippi ($442,620) and West Virginia (the cheapest state for a comfortable 20-year retirement at $434,501 in savings).
In alphabetical state order, see how much you need to save every month for a comfortable retirement.
Alabama
- Annual cost of a comfortable living: $73,678
- Cost of 20 years of comfortable retirement: $573,163
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,061
- If you start at age 30: $1,365
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Alaska
- Annual cost of a comfortable living: $113,674
- Cost of 20 years of comfortable retirement: $1,373,083
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,543
- If you start at age 30: $3,269
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Arizona
- Annual cost of a comfortable living: $104,930
- Cost of 20 years of comfortable retirement: $1,198,203
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,219
- If you start at age 30: $2,853
Arkansas
- Annual cost of a comfortable living: $69,517
- Cost of 20 years of comfortable retirement: $489,937
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $907
- If you start at age 30: $1,167
California
- Annual cost of a comfortable living: $162,045
- Cost of 20 years of comfortable retirement: $2,340,510
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $4,334
- If you start at age 30: $5,573
Colorado
- Annual cost of a comfortable living: $120,778
- Cost of 20 years of comfortable retirement: $1,515,171
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,806
- If you start at age 30: $3,608
Connecticut
- Annual cost of a comfortable living: $110,596
- Cost of 20 years of comfortable retirement: $1,311,531
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,429
- If you start at age 30: $3,123
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Delaware
- Annual cost of a comfortable living: $98,685
- Cost of 20 years of comfortable retirement: $1,073,314
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,988
- If you start at age 30: $2,556
Florida
- Annual cost of a comfortable living: $101,626
- Cost of 20 years of comfortable retirement: $1,132,118
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,097
- If you start at age 30: $2,696
Georgia
- Annual cost of a comfortable living: $89,501
- Cost of 20 years of comfortable retirement: $889,631
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,647
- If you start at age 30: $2,118
Hawaii
- Annual cost of a comfortable living: $200,289
- Cost of 20 years of comfortable retirement: $3,105,384
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $5,751
- If you start at age 30: $7,394
Idaho
- Annual cost of a comfortable living: $106,893
- Cost of 20 years of comfortable retirement: $1,237,471
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,292
- If you start at age 30: $2,946
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Illinois
- Annual cost of a comfortable living: $83,406
- Cost of 20 years of comfortable retirement: $767,734
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,422
- If you start at age 30: $1,828
Indiana
- Annual cost of a comfortable living: $77,613
- Cost of 20 years of comfortable retirement: $651,857
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,207
- If you start at age 30: $1,552
Iowa
- Annual cost of a comfortable living: $74,527
- Cost of 20 years of comfortable retirement: $590,147
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,093
- If you start at age 30: $1,405
Kansas
- Annual cost of a comfortable living: $74,293
- Cost of 20 years of comfortable retirement: $585,465
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,084
- If you start at age 30: $1,394
Kentucky
- Annual cost of a comfortable living: $72,899
- Cost of 20 years of comfortable retirement: $557,577
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,033
- If you start at age 30: $1,328
Louisiana
- Annual cost of a comfortable living: $69,971
- Cost of 20 years of comfortable retirement: $499,020
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $924
- If you start at age 30: $1,188
Maine
- Annual cost of a comfortable living: $104,397
- Cost of 20 years of comfortable retirement: $1,187,545
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,199
- If you start at age 30: $2,827
Maryland
- Annual cost of a comfortable living: $105,060
- Cost of 20 years of comfortable retirement: $1,200,803
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,224
- If you start at age 30: $2,859
Massachusetts
- Annual cost of a comfortable living: $143,885
- Cost of 20 years of comfortable retirement: $1,977,309
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $3,662
- If you start at age 30: $4,708
Michigan
- Annual cost of a comfortable living: $77,275
- Cost of 20 years of comfortable retirement: $645,105
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,195
- If you start at age 30: $1,536
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Minnesota
- Annual cost of a comfortable living: $92,599
- Cost of 20 years of comfortable retirement: $951,593
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,762
- If you start at age 30: $2,266
Mississippi
- Annual cost of a comfortable living: $67,151
- Cost of 20 years of comfortable retirement: $442,620
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $820
- If you start at age 30: $1,054
Missouri
- Annual cost of a comfortable living: $76,431
- Cost of 20 years of comfortable retirement: $628,219
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,163
- If you start at age 30: $1,496
Montana
- Annual cost of a comfortable living: $107,035
- Cost of 20 years of comfortable retirement: $1,240,305
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,297
- If you start at age 30: $2,953
Nebraska
- Annual cost of a comfortable living: $79,958
- Cost of 20 years of comfortable retirement: $698,758
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,294
- If you start at age 30: $1,664
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Nevada
- Annual cost of a comfortable living: $106,716
- Cost of 20 years of comfortable retirement: $1,233,930
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,285
- If you start at age 30: $2,938
New Hampshire
- Annual cost of a comfortable living: $118,035
- Cost of 20 years of comfortable retirement: $1,460,296
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,704
- If you start at age 30: $3,477
New Jersey
- Annual cost of a comfortable living: $123,370
- Cost of 20 years of comfortable retirement: $1,567,009
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,902
- If you start at age 30: $3,731
New Mexico
- Annual cost of a comfortable living: $85,305
- Cost of 20 years of comfortable retirement: $805,701
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,492
- If you start at age 30: $1,918
New York
- Annual cost of a comfortable living: $111,328
- Cost of 20 years of comfortable retirement: $1,326,162
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,456
- If you start at age 30: $3,158
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North Carolina
- Annual cost of a comfortable living: $90,206
- Cost of 20 years of comfortable retirement: $903,726
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,674
- If you start at age 30: $2,152
North Dakota
- Annual cost of a comfortable living: $80,935
- Cost of 20 years of comfortable retirement: $718,307
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,330
- If you start at age 30: $1,710
Ohio
- Annual cost of a comfortable living: $76,058
- Cost of 20 years of comfortable retirement: $620,769
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,150
- If you start at age 30: $1,478
Oklahoma
- Annual cost of a comfortable living: $72,010
- Cost of 20 years of comfortable retirement: $539,812
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,000
- If you start at age 30: $1,285
Oregon
- Annual cost of a comfortable living: $116,724
- Cost of 20 years of comfortable retirement: $1,434,094
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,656
- If you start at age 30: $3,415
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Pennsylvania
- Annual cost of a comfortable living: $81,739
- Cost of 20 years of comfortable retirement: $734,378
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,360
- If you start at age 30: $1,749
Rhode Island
- Annual cost of a comfortable living: $115,926
- Cost of 20 years of comfortable retirement: $1,418,134
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,626
- If you start at age 30: $3,377
South Carolina
- Annual cost of a comfortable living: $84,702
- Cost of 20 years of comfortable retirement: $793,646
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,470
- If you start at age 30: $1,890
South Dakota
- Annual cost of a comfortable living: $85,827
- Cost of 20 years of comfortable retirement: $816,151
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,511
- If you start at age 30: $1,943
Tennessee
- Annual cost of a comfortable living: $84,451
- Cost of 20 years of comfortable retirement: $788,630
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,460
- If you start at age 30: $1,878
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Texas
- Annual cost of a comfortable living: $85,459
- Cost of 20 years of comfortable retirement: $808,779
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,498
- If you start at age 30: $1,926
Utah
- Annual cost of a comfortable living: $117,038
- Cost of 20 years of comfortable retirement: $1,440,357
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,667
- If you start at age 30: $3,429
Vermont
- Annual cost of a comfortable living: $103,361
- Cost of 20 years of comfortable retirement: $1,166,822
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,161
- If you start at age 30: $2,778
Virginia
- Annual cost of a comfortable living: $100,213
- Cost of 20 years of comfortable retirement: $1,103,871
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $2,044
- If you start at age 30: $2,628
Washington
- Annual cost of a comfortable living: $132,485
- Cost of 20 years of comfortable retirement: $1,749,300
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $3,239
- If you start at age 30: $4,165
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West Virginia
- Annual cost of a comfortable living: $66,745
- Cost of 20 years of comfortable retirement: $434,501
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $805
- If you start at age 30: $1,035
Wisconsin
- Annual cost of a comfortable living: $87,554
- Cost of 20 years of comfortable retirement: $850,695
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,575
- If you start at age 30: $2,025
Wyoming
- Annual cost of a comfortable living: $92,488
- Cost of 20 years of comfortable retirement: $949,365
How much you need to save monthly for 20 years of comfortable retirement (through age 85):
- If you start at age 20: $1,758
- If you start at age 30: $2,260
Methodology: For this study, GOBankingRates analyzed each state to find the amount you need to save monthly in order to retire comfortably. First, GOBankingRates found each state’s total population, population ages 65 and over, total households and household median income, all sourced from the U.S. Census American Community Survey. Using this data, the percentage of the population ages 65 and over was calculated. The cost-of-living indexes were sourced from the Missouri Economic and Research Information Center and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost-of-living indexes for grocery, healthcare, utilities, transportation and miscellaneous, as well as the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each state was calculated. The average single-family home value was sourced from Zillow Home Value Index for October 2024. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living were calculated. Using the 50/30/20 rule that states that needs should not exceed 50% of household income, the total cost of living was doubled in order to find the amount needed to live comfortably. The average Social Security benefits were sourced from the Social Security Administration for each state. Using the average Social Security benefits as well as the total cost of living comfortably, the amount needed to live comfortably after Social Security benefits can be calculated. A variety of ages were used to calculate savings; started saving at 20, 25 and 30, the age of retirement is 65, and the life expectancy is 80, 85 and 90 years old. The amount needed before and after Social Security benefits was calculated for each age of starting savings and each age of life expectancy. All data was collected on and is up to date as of Nov. 15, 2024.
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This article originally appeared on GOBankingRates.com: The Money You Need To Save Monthly To Retire Comfortably in Every State
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