Workers in the U.S. have no control over future Social Security benefits, but individuals do have control over how much they are saving for retirement. Experts recommend saving either 10 times your income or 25 times your expenses. Both calculations will give around the same range for how much you need to save for retirement .
Some people use retirement calculators to determine how much they need to save for retirement. Don’t put all your eggs in one basket by relying on those projections alone, especially since the Social Security amount you expect now may not be the same when you’re ready to retire. It’s best you be clear about your goals, peg an ideal retirement and save toward it. It’s better to be prepared and end up with more than you need if Social Security comes in than to have less because you were counting on Social Security.
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GOBankingRates analyzed the annual cost of living in every state and provided an accurate analysis of how much savings you’ll need to retire. Check out how much you’ll need saved for retirement in each state below.
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West Virginia Annual cost of living: $48,451 How much savings you need to retire: $1,211,287 Annual cost of groceries: $4,778 Annual cost of housing: $6,711 Annual cost of utilities: $4,003 Annual cost of transportation: $4,587 Annual cost of healthcare: $7,638 Check Out: 4 States Retirees Are Moving to in 2024 That Aren’t Arizona or Florida
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Oklahoma Annual cost of living: $49,955 How much savings you need to retire: $1,248,869 Annual cost of groceries: $4,576 Annual cost of housing: $8,056 Annual cost of utilities: $4,122 Annual cost of transportation: $4,414 Annual cost of healthcare: $7,178 Try This: I’m a Florida Native: 3 Financial Reasons I Won’t Retire Here
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Kansas Annual cost of living: $50,475 How much savings you need to retire: $1,261,878 Annual cost of groceries: $4,586 Annual cost of housing: $8,711 Annual cost of utilities: $4,075 Annual cost of transportation: $4,310 Annual cost of healthcare: $7,434 DenisTangneyJr / iStock.com Alabama Annual cost of living: $50,938 How much savings you need to retire: $1,273,441 Annual cost of groceries: $4,658 Annual cost of housing: $8,114 Annual cost of utilities: $4,266 Annual cost of transportation: $4,508 Annual cost of healthcare: $6,575
Michael Warren / iStock.com Mississippi Annual cost of living: $51,053 How much savings you need to retire: $1,276,332 Annual cost of groceries: $4,610 Annual cost of housing: $8,792 Annual cost of utilities: $3,842 Annual cost of transportation: $4,434 Annual cost of healthcare: $7,593 peeterv / Getty Images
Missouri Annual cost of living: $51,169 How much savings you need to retire: $1,279,223 Annual cost of groceries: $4,581 Annual cost of housing: $9,085 Annual cost of utilities: $4,172 Annual cost of transportation: $4,152 Annual cost of healthcare: $6,876 For You: Retirement Savings: 4 Expenses Retirees Regret Keeping in Their Budgets, According to Experts
Arkansas Annual cost of living: $51,169 How much savings you need to retire: $1,279,223 Annual cost of groceries: $4,557 Annual cost of housing: $8,757 Annual cost of utilities: $3,842 Annual cost of transportation: $4,360 Annual cost of healthcare: $6,650 Joel Carillet / Getty Images Iowa Annual cost of living: $52,094 How much savings you need to retire: $1,302,350 Annual cost of groceries: $4,639 Annual cost of housing: $8,781 Annual cost of utilities: $3,961 Annual cost of transportation: $4,790 Annual cost of healthcare: $7,261 Wirestock / Getty Images Tennessee Annual cost of living: $52,210 How much savings you need to retire: $1,305,241 Annual cost of groceries: $4,658 Annual cost of housing: $9,681 Annual cost of utilities: $3,753 Annual cost of transportation: $4,404 Annual cost of healthcare: $6,801 ©iStock.com Indiana Annual cost of living: $52,210 How much savings you need to retire: $1,305,241 Annual cost of groceries: $4,682 Annual cost of housing: $9,096 Annual cost of utilities: $3,829 Annual cost of transportation: $4,686 Annual cost of healthcare: $7,336 Trending Now: The Cheapest Places to Retire Across the US That Look Expensive
sgoodwin4813 / Getty Images/iStockphoto Georgia Annual cost of living: $52,788 How much savings you need to retire: $1,319,696 Annual cost of groceries: $4,687 Annual cost of housing: $9,319 Annual cost of utilities: $3,982 Annual cost of transportation: $4,829 Annual cost of healthcare: $7,532 pawel.gaul / Getty Images Michigan Annual cost of living: $53,077 How much savings you need to retire: $1,326,923 Annual cost of groceries: $4,715 Annual cost of housing: $9,003 Annual cost of utilities: $4,109 Annual cost of transportation: $4,859 Annual cost of healthcare: $6,854 DenisTangneyJr / Getty Images/iStockphoto Louisiana Annual cost of living: $53,250 How much savings you need to retire: $1,331,259 Annual cost of groceries: $4,596 Annual cost of housing: $9,892 Annual cost of utilities: $3,376 Annual cost of transportation: $4,716 Annual cost of healthcare: $7,125 Charles Brown / iStock.com Texas Annual cost of living: $53,424 How much savings you need to retire: $1,335,596 Annual cost of groceries: $4,615 Annual cost of housing: $9,599 Annual cost of utilities: $4,389 Annual cost of transportation: $4,582 Annual cost of healthcare: $7,246 Read More: What Does Social Security Cover for Long-Term Care?
DenisTangneyJr / Getty Images/iStockphoto Kentucky Annual cost of living: $53,539 How much savings you need to retire: $1,338,487 Annual cost of groceries: $4,783 Annual cost of housing: $9,143 Annual cost of utilities: $3,690 Annual cost of transportation: $4,701 Annual cost of healthcare: $8,053 YinYang / Getty Images North Dakota Annual cost of living: $53,655 How much savings you need to retire: $1,341,378 Annual cost of groceries: $4,533 Annual cost of housing: $9,611 Annual cost of utilities: $3,533 Annual cost of transportation: $4,879 Annual cost of healthcare: $8,241 DenisTangneyJr / Getty Images/iStockphoto Illinois Annual cost of living: $53,944 How much savings you need to retire: $1,348,605 Annual cost of groceries: $4,687 Annual cost of housing: $9,611 Annual cost of utilities: $4,151 Annual cost of transportation: $4,819 Annual cost of healthcare: $7,532 Jacob Boomsma / Getty Images/iStockphoto Nebraska Annual cost of living: $54,002 How much savings you need to retire: $1,350,050 Annual cost of groceries: $4,711 Annual cost of housing: $9,435 Annual cost of utilities: $3,834 Annual cost of transportation: $4,750 Annual cost of healthcare: $7,721 Discover More: I’m a Financial Planning Expert: Here Are 4 Tools That Work Best for Retirees
DenisTangneyJr / Getty Images South Dakota Annual cost of living: $54,002 How much savings you need to retire: $1,350,050 Annual cost of groceries: $4,682 Annual cost of housing: $10,301 Annual cost of utilities: $3,626 Annual cost of transportation: $5,067 Annual cost of healthcare: $7,691 Sean Pavone / Getty Images/iStockphoto New Mexico Annual cost of living: $54,118 How much savings you need to retire: $1,352,941 Annual cost of groceries: $4,596 Annual cost of housing: $10,301 Annual cost of utilities: $3,664 Annual cost of transportation: $4,572 Annual cost of healthcare: $7,615 Vernon Stockton / Getty Images/iStockphoto Ohio Annual cost of living: $54,349 How much savings you need to retire: $1,358,723 Annual cost of groceries: $4,754 Annual cost of housing: $9,821 Annual cost of utilities: $4,312 Annual cost of transportation: $4,755 Annual cost of healthcare: $7,133 leezsnow / Getty Images/iStockphoto Montana Annual cost of living: $54,696 How much savings you need to retire: $1,367,396 Annual cost of groceries: $4,783 Annual cost of housing: $9,915 Annual cost of utilities: $3,554 Annual cost of transportation: $5,314 Annual cost of healthcare: $8,211 Explore More: 4 Overpriced Products Retirees Shouldn’t Waste Their Money
ChrisBoswell / Getty Images/iStockphoto Minnesota Annual cost of living: $54,811 How much savings you need to retire: $1,370,287 Annual cost of groceries: $4,907 Annual cost of housing: $9,529 Annual cost of utilities: $4,096 Annual cost of transportation: $4,656 Annual cost of healthcare: $8,015 stockphoto52 / Getty Images/iStockphoto Wyoming Annual cost of living: $54,985 How much savings you need to retire: $1,374,623 Annual cost of groceries: $4,816 Annual cost of housing: $10,242 Annual cost of utilities: $3,622 Annual cost of transportation: $4,375 Annual cost of healthcare: $7,985 DenisTangneyJr / iStock.com Pennsylvania Annual cost of living: $55,274 How much savings you need to retire: $1,381,850 Annual cost of groceries: $4,720 Annual cost of housing: $10,032 Annual cost of utilities: $4,384 Annual cost of transportation: $5,314 Annual cost of healthcare: $6,665 Jon Mattrisch / Getty Images/iStockphoto Wisconsin Annual cost of living: $56,083 How much savings you need to retire: $1,402,087 Annual cost of groceries: $4,711 Annual cost of housing: $10,640 Annual cost of utilities: $4,147 Annual cost of transportation: $4,577 Annual cost of healthcare: $8,264 Learn More: 8 Things Boomers Should Sell Right Before Retiring
DenisTangneyJr / Getty Images/iStockphoto South Carolina Annual cost of living: $56,430 How much savings you need to retire: $1,410,759 Annual cost of groceries: $4,778 Annual cost of housing: $10,605 Annual cost of utilities: $4,710 Annual cost of transportation: $4,701 Annual cost of healthcare: $7,005 ©iStock.com North Carolina Annual cost of living: $56,951 How much savings you need to retire: $1,423,768 Annual cost of groceries: $4,720 Annual cost of housing: $10,862 Annual cost of utilities: $4,185 Annual cost of transportation: $4,755 Annual cost of healthcare: $7,917 Dana Dagle Photography / Getty Images/iStockphoto Delaware Annual cost of living: $58,338 How much savings you need to retire: $1,458,459 Annual cost of groceries: $4,888 Annual cost of housing: $11,341 Annual cost of utilities: $4,147 Annual cost of transportation: $5,106 Annual cost of healthcare: $7,668 picmax / Getty Images/iStockphoto Idaho Annual cost of living: $58,454 How much savings you need to retire: $1,461,350 Annual cost of groceries: $4,965 Annual cost of housing: $11,797 Annual cost of utilities: $3,321 Annual cost of transportation: $5,427 Annual cost of healthcare: $7,352 Check Out: I’m Planning My Retirement: 5 Expenses I Wish I Had Cut Sooner
ferrantraite / Getty Images Virginia Annual cost of living: $58,570 How much savings you need to retire: $1,464,241 Annual cost of groceries: $4,792 Annual cost of housing: $12,510 Annual cost of utilities: $4,232 Annual cost of transportation: $4,661 Annual cost of healthcare: $7,691 Muhammad Zulkifal / Getty Images/iStockphoto Colorado Annual cost of living: $58,859 How much savings you need to retire: $1,471,468 Annual cost of groceries: $4,816 Annual cost of housing: $12,651 Annual cost of utilities: $3,825 Annual cost of transportation: $4,627 Annual cost of healthcare: $7,955 photoquest7 / Getty Images/iStockphoto Nevada Annual cost of living: $59,379 How much savings you need to retire: $1,484,477 Annual cost of groceries: $4,989 Annual cost of housing: $12,744 Annual cost of utilities: $4,562 Annual cost of transportation: $5,808 Annual cost of healthcare: $6,831 DenisTangneyJr / Getty Images Utah Annual cost of living: $59,495 How much savings you need to retire: $1,487,368 Annual cost of groceries: $4,706 Annual cost of housing: $13,083 Annual cost of utilities: $3,999 Annual cost of transportation: $4,938 Annual cost of healthcare: $6,748 Read Next: I Retired in My 50s: Here’s My Monthly Budget
Michael Warren / Getty Images Florida Annual cost of living: $59,610 How much savings you need to retire: $1,490,259 Annual cost of groceries: $5,022 Annual cost of housing: $12,674 Annual cost of utilities: $4,486 Annual cost of transportation: $4,997 Annual cost of healthcare: $7,585 DenisTangneyJr / Getty Images Arizona Annual cost of living: $63,889 How much savings you need to retire: $1,597,222 Annual cost of groceries: $4,893 Annual cost of housing: $15,024 Annual cost of utilities: $4,283 Annual cost of transportation: $5,185 Annual cost of healthcare: $7,057 DenisTangneyJr / Getty Images Maine Annual cost of living: $64,351 How much savings you need to retire: $1,608,786 Annual cost of groceries: $4,831 Annual cost of housing: $14,253 Annual cost of utilities: $4,698 Annual cost of transportation: $5,487 Annual cost of healthcare: $8,663 akrassel / iStock.com Connecticut Annual cost of living: $65,450 How much savings you need to retire: $1,636,249 Annual cost of groceries: $4,893 Annual cost of housing: $13,773 Annual cost of utilities: $5,668 Annual cost of transportation: $5,318 Annual cost of healthcare: $8,098 Try This: Trump Wants To Eliminate Income Taxes: How Would That Impact You If You Are Retired?
gregobagel / Getty Images/iStockphoto Rhode Island Annual cost of living: $65,566 How much savings you need to retire: $1,639,140 Annual cost of groceries: $4,864 Annual cost of housing: $13,493 Annual cost of utilities: $6,011 Annual cost of transportation: $4,899 Annual cost of healthcare: $7,932 Sean Pavone / Getty Images/iStockphoto New Hampshire Annual cost of living: $65,681 How much savings you need to retire: $1,642,031 Annual cost of groceries: $4,778 Annual cost of housing: $13,621 Annual cost of utilities: $4,393 Annual cost of transportation: $5,551 Annual cost of healthcare: $7,804 BrianEKushner / Getty Images/iStockphoto New Jersey Annual cost of living: $65,739 How much savings you need to retire: $1,643,477 Annual cost of groceries: $4,965 Annual cost of housing: $15,854 Annual cost of utilities: $4,240 Annual cost of transportation: $5,284 Annual cost of healthcare: $7,917 Strekoza2 / Getty Images/iStockphoto Oregon Annual cost of living: $65,970 How much savings you need to retire: $1,649,258 Annual cost of groceries: $5,205 Annual cost of housing: $15,784 Annual cost of utilities: $3,774 Annual cost of transportation: $5,996 Annual cost of healthcare: $8,475 Find Out: I’m A Retirement Planner: 4 Moves You Should Make If You Think Trump Will Win the 2024 Election
DenisTangneyJr / Getty Images/iStockphoto Vermont Annual cost of living: $66,317 How much savings you need to retire: $1,657,931 Annual cost of groceries: $5,075 Annual cost of housing: $15,059 Annual cost of utilities: $4,770 Annual cost of transportation: $4,983 Annual cost of healthcare: $8,279 benedek / Getty Images Washington Annual cost of living: $68,549 How much savings you need to retire: $1,663,713 Annual cost of groceries: $5,195 Annual cost of housing: $14,872 Annual cost of utilities: $3,867 Annual cost of transportation: $6,283 Annual cost of healthcare: $8,890 travelview / Getty Images Maryland Annual cost of living: $67,185 How much savings you need to retire: $1,679,613 Annual cost of groceries: $5,042 Annual cost of housing: $16,556 Annual cost of utilities: $4,638 Annual cost of transportation: $5,175 Annual cost of healthcare: $7,593 FilippoBacci / Getty Images/iStockphoto New York Annual cost of living: $71,174 How much savings you need to retire: $1,779,349 Annual cost of groceries: $4,955 Annual cost of housing: $19,432 Annual cost of utilities: $4,333 Annual cost of transportation: $5,432 Annual cost of healthcare: $7,970 Trending Now: I’m a Real Estate Agent: These 5 Florida Cities Are Becoming Unaffordable
mscornelius / Getty Images/iStockphoto Alaska Annual cost of living: $72,330 How much savings you need to retire: $1,808,258 Annual cost of groceries: $6,068 Annual cost of housing: $14,124 Annual cost of utilities: $6,307 Annual cost of transportation: $5,783 Annual cost of healthcare: $11,544 DenisTangneyJr / Getty Images/iStockphoto Massachusetts Annual cost of living: $83,431 How much savings you need to retire: $2,085,784 Annual cost of groceries: $4,989 Annual cost of housing: $24,881 Annual cost of utilities: $6,312 Annual cost of transportation: $5,625 Annual cost of healthcare: $9,319 Michael Warren / Getty Images California Annual cost of living: $83,836 How much savings you need to retire: $2,095,903 Annual cost of groceries: $5,387 Annual cost of housing: $24,518 Annual cost of utilities: $5,752 Annual cost of transportation: $6,984 Annual cost of healthcare: $7,970 DOUGBERRY / Getty Images Hawaii Annual cost of living: $107,657 How much savings you need to retire: $2,691,428 Annual cost of groceries: $5,953 Annual cost of housing: $36,619 Annual cost of utilities: $7,472 Annual cost of transportation: $6,861 Annual cost of healthcare: $9,199 Methodology: In order to find out exactly how much you need to retire in your state without Social Security, GOBankingRates found the annual cost of expenditures for a retired person in each state by multiplying the 65 year and older expenditures from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey by the cost of living index for each state from the Missouri Economic Research and Information Center’s 2024 Q1 cost of living series. To find how much money a retired person would need to save, we divided each state’s annual expenditures, by .04, assuming drawing down savings by 4% each year to pay for living expenses. All data was collected and is up to date as of June 24, 2024.
This article originally appeared on GOBankingRates.com : How Much You Need To Be Saving for Retirement in Every State If You’re Not Counting On Social Security
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