# Here’s How Much it Costs to Retire in Every State Canonical URL: https://www.simplywise.com/blog/heres-how-much-it-costs-to-retire-in-every-state/ Plain text: https://www.simplywise.com/blog/heres-how-much-it-costs-to-retire-in-every-state/llms.txt Publisher: SimplyWise, Inc. (https://www.simplywise.com) Published: May 6, 2020 Updated: October 14, 2026 Category: Retirement & Annuities Summary: Thinking about moving or downsizing in retirement? We outline how much it costs to retire in each state, from annual expenses to life expectancy... --- Where you live in retirement can have a big impact on your annual expenses. While the average annual cost of living in the U.S. is $51,624, that figure can fluctuate significantly, from nearly double that amount in the most expensive state to just under 90 percent in the least expensive. Consider the average retirement age in each state and your life expectancy, and you’re looking at a sizable amount of money needed to cover your retirement years. Of course, Social Security can help cover those expenses, but knowing when you’re eligible to take those benefits and how to maximize them (https://www.simplywise.com/blog/when-do-social-security-benefits-begin/) when you do can help to ensure your financial comfort. Likewise, knowing how states tax Social Security benefits (https://www.simplywise.com/blog/these-are-the-37-states-that-dont-tax-social-security-benefits-and-the-13-that-do/) can help you decide which states are the most financially attractive. As you think about moving or potentially downsizing in retirement, you need to weight how much it costs to retire by location. Methodology To put this list together, we looked at data compiled by HowMuch.net (https://howmuch.net/articles/cost-comfortable-retirement-america), based on figures from the Bureau of Labor Statistics along with cost of living and life expectancy data. The yearly figure needed for retirement comes from the BLS’ 2018 Consumer Expenditure Survey. The expenditures HowMuch considered were those of the age group “65 years or more”. To obtain the total amount required for a comfortable retirement, HowMuch used IHME-based life expectancy figures published by National Geographic. They then subtracted the average retirement year published on MoneyTalks to the previous figure and multiplying it by the state-adjusted yearly expenditures, to obtain the total amount required to retire. The cost to retire in every state According to the data, the average American retirement age is 64 and the average life expectancy is 78.6 years, meaning retirees need an average of $904,000 to cover their living expenses in retirement. Here’s a look at the data in every state, including the average retirement age, cost of living, annual expenses, life expectancy and total amount needed to cover retirement costs. Alaska Average retirement age: 61 Cost of living index: 1.29 Average annual expenses: $66,956 Life expectancy: 77.7 Retirement funds needed: $1,341,805 Alabama Average retirement age: 62 Cost of living index: 0.89 Average annual expenses: $46,049 Life expectancy: 75 Retirement funds needed: $712,832 Arizona Average retirement age: 63 Cost of living index: 1.01 Average annual expenses: $52,140 Life expectancy: 79.1 Retirement funds needed: $1.01 million Arkansas Average retirement age: 62 Cost of living index: 0.88 Average annual expenses: $45,274 Life expectancy: 75.4 Retirement funds needed: $728,010 California Average retirement age: 64 Cost of living index: 1.39 Average annual expenses: $86,171 Life expectancy: 80.9 Retirement funds needed: $1.45 million Colorado Average retirement age: 65 Cost of living index: 1.06 Average annual expenses: $54,670 Life expectancy: 79.9 Retirement funds needed: $977,496 Connecticut Average retirement age: 65 Cost of living index: 1.29 Average annual expenses: $79,852 Life expectancy: 80 Retirement funds needed: $1.25 million Delaware Average retirement age: 63 Cost of living index: 1.07 Average annual expenses: $55,289 Life expectancy: 78.2 Retirement funds needed: $1.01 million Florida Average retirement age: 64 Cost of living index: 0.99 Average annual expenses: $51,159 Life expectancy: 79.1 Retirement funds needed: $927,008 Georgia Average retirement age: 63 Cost of living index: 0.91 Average annual expenses: $46,771 Life expectancy: 77.2 Retirement funds needed: $796,984 Hawaii Average retirement age: 66 Cost of living index: 1.92 Average annual expenses: $119,004 Life expectancy: 81.5 Retirement funds needed: $1.84 million Idaho Average retirement age: 64 Cost of living index: 0.94 Average annual expenses: $58108 Life expectancy: 79 Retirement funds needed: $871,620 Illinois Average retirement age: 64 Cost of living index: 0.95 Average annual expenses: $49,043 Life expectancy: 79 Retirement funds needed: $882,770 Indiana Average retirement age: 63 Cost of living index: 0.91 Average annual expenses: $46,720 Life expectancy: 77 Retirement funds needed: $784,891 Iowa Average retirement age: 65 Cost of living index: 0.92 Average annual expenses: $47,494 Life expectancy: 79.4 Retirement funds needed: $820,698 Kansas Average retirement age: 65 Cost of living index: 0.90 Average annual expenses: $46,255 Life expectancy: 78.2 Retirement funds needed: $732,681 Kentucky Average retirement age: 62 Cost of living index: 0.92 Average annual expenses: $47,339 Life expectancy: 75 Retirement funds needed: $738,492 Louisiana Average retirement age: 62 Cost of living index: 0.94 Average annual expenses: $48,320 Life expectancy: 75.4 Retirement funds needed: $776,987 Maine Average retirement age: 63 Cost of living index: 1.17 Average annual expenses: $60,555 Life expectancy: 78 Retirement funds needed: $1.09 million Maryland Average retirement age: 65 Cost of living index: 1.30 Average annual expenses: $67,214 Life expectancy: 78.8 Retirement funds needed: $1.11 million Massachusetts Average retirement age: 66 Cost of living index: 1.34 Average annual expenses: $69,279 Life expectancy: 79.9 Retirement funds needed: $1.15 million Michigan Average retirement age: 62 Cost of living index: 0.89 Average annual expenses: $46,203 Life expectancy: 77.6 Retirement funds needed: $864,929 Minnesota Average retirement age: 65 Cost of living index: 1.02 Average annual expenses: $52,605 Life expectancy: 80.7 Retirement funds needed: $991,075 Mississippi Average retirement age: 63 Cost of living index: 0.86 Average annual expenses: $44,758 Life expectancy: 74.5 Retirement funds needed: $617,661 Missouri Average retirement age: 63 Cost of living index: 0.88 Average annual expenses: $45,584 Life expectancy: 77.1 Retirement funds needed: $771,281 Montana Average retirement age: 64 Cost of living index: 1.05 Average annual expenses: $54,205 Life expectancy: 76.9 Retirement funds needed: $839,096 Nebraska Average retirement age: 65 Cost of living index: 0.92 Average annual expenses: $47,649 Life expectancy: 79.1 Retirement funds needed: $806,220 Nevada Average retirement age: 63 Cost of living index: 1.09 Average annual expenses: $56,373 Life expectancy: 77.9 Retirement funds needed: $1.01 million New Hampshire Average retirement age: 65 Cost of living index: 1.08 Average annual expenses: $55,960 Life expectancy: 79.1 Retirement funds needed: $946,850 New Jersey Average retirement age: 65 Cost of living index: 1.25 Average annual expenses: $64,736 Life expectancy: 80.5 Retirement funds needed: $1.20 million New Mexico Average retirement age: 62 Cost of living index: 0.91 Average annual expenses: $47,184 Life expectancy: 77.6 Retirement funds needed: $883,291 New York Average retirement age: 64 Cost of living index: 1.35 Average annual expenses: $69,847 Life expectancy: 80.8 Retirement funds needed: $1.41 million North Carolina Average retirement age: 63 Cost of living index: 0.94 Average annual expenses: $48,733 Life expectancy: 77.8 Retirement funds needed: $865,499 North Dakota Average retirement age: 65 Cost of living index: 0.98 Average annual expenses: $50,850 Life expectancy: 78.5 Retirement funds needed: $823,764 Oklahoma Average retirement age: 62 Cost of living index: 0.87 Average annual expenses: $45,016 Life expectancy: 75.4 Retirement funds needed: $723,859 Ohio Average retirement age: 63 Cost of living index: 0.92 Average annual expenses: $47,597 Life expectancy: 76.6 Retirement funds needed: $776,788 Oregon Average retirement age: 63 Cost of living index: 1.33 Average annual expenses: $68,712 Life expectancy: 79.2 Retirement funds needed: $1.36 million Pennsylvania Average retirement age: 64 Cost of living index: 0.99 Average annual expenses: $51,005 Life expectancy: 78 Retirement funds needed: $856,876 Rhode Island Average retirement age: 65 Cost of living index: 1.21 Average annual expenses: $62,413 Life expectancy: 79.3 Retirement funds needed: $1.07 million South Carolina Average retirement age: 63 Cost of living index: 0.96 Average annual expenses: $49,507 Life expectancy: 76.2 Retirement funds needed: $784,197 South Dakota Average retirement age: 66 Cost of living index: 0.98 Average annual expenses: 78.1 Life expectancy: 78.1 Retirement funds needed: $738,337 Tennessee Average retirement age: 64 Cost of living index: 0.89 Average annual expenses: $45,894 Life expectancy: 76 Retirement funds needed: $660,870 Texas Average retirement age: 65 Cost of living index: 0.91 Average annual expenses: $47,236 Life expectancy: 78.5 Retirement funds needed: $765,223 Utah Average retirement age: 65 Cost of living index: 0.98 Average annual expenses: $50,850 Life expectancy: 79.3 Retirement funds needed: $872,580 Vermont Average retirement age: 65 Cost of living index: 1.17 Average annual expenses: $60,348 Life expectancy: 79.9 Retirement funds needed: $1.08 million Virginia Average retirement age: 65 Cost of living index: 1.01 Average annual expenses: $52,295 Life expectancy: 79.1 Retirement funds needed: $884,833 Washington Average retirement age: 64 Cost of living index: 1.10 Average annual expenses: $56,890 Life expectancy: 79.9 Retirement funds needed: $1.08 million Washington, D.C. Average retirement age: 67 Cost of living index: 1.62 Average annual expenses: $83,683 Life expectancy: 77.1 Retirement funds needed: $1.01 million West Virginia Average retirement age: 61 Cost of living index: 0.92 Average annual expenses: $47,546 Life expectancy: 74.8 Retirement funds needed: $787,357 Wisconsin Average retirement age: 64 Cost of living index: 0.96 Average annual expenses: $49,714 Life expectancy: 79.5 Retirement funds needed: $924,679 Wyoming Average retirement age: 64 Cost of living index: 0.96 Average annual expenses: $49,404 Life expectancy: 77.9 Retirement funds needed: $824,062 --- ## About SimplyWise SimplyWise, Inc. (New York, NY) builds mobile apps for contractors, tradespeople, and small business owners. The SimplyWise Cost Estimator turns a job site photo into an itemized estimate with labor and material costs in about 6 seconds, and the client signs the branded quote to approve it. It is rated 4.8 on the App Store. 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