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How Much Savings Do You Really Need to Retire at 65? A State-by-State Breakdown for 2026
Planning for retirement often hinges on one big question: How much money do I need? The answer varies dramatically depending on where you choose to live. A recent analysis by GOBankingRates, based on the latest Bureau of Labor Statistics data for retirees aged 65 and older, reveals that the minimum nest egg required to retire at 65 can differ by over $1.46 million across the U.S.
These estimates cover essential expenses—like housing, groceries, transportation, utilities, and health care—for 25 years in retirement. They factor in average Social Security benefits (subtracted from total costs) and assume a safe 4% annual withdrawal rate from savings. Importantly, the figures focus on basics only; they exclude luxuries like travel or entertainment, as well as inflation, unexpected medical bills, or lifestyle upgrades.
The priciest state? Hawaii, where high costs demand roughly $2.2 million in savings—driven largely by exorbitant housing. On the flip side, Oklahoma offers the most affordable retirement, requiring just $735,284.
Housing emerges as the biggest cost driver, varying by up to $30,000 annually between states, while utilities and health care can differ by $5,000 or more.
Here's the full state-by-state list (alphabetical order), showing annual essential costs and minimum savings needed:
Alabama: $53,999 annual / $789,037 savings
Alaska: $78,449 / $1,400,286
Arizona: $66,838 / $1,110,019
Arkansas: $54,859 / $810,538
California: $83,978 / $1,538,508
Colorado: $63,091 / $1,016,336
Connecticut: $70,094 / $1,191,417
Delaware: $63,152 / $1,017,871
Florida: $61,125 / $967,190
Georgia: $56,395 / $848,933
Hawaii: $110,393 / $2,198,902
Idaho: $60,818 / $959,511
Illinois: $58,913 / $911,901
Indiana: $55,657 / $830,504
Iowa: $55,473 / $825,896
Kansas: $54,613 / $804,395
Kentucky: $56,456 / $850,469
Louisiana: $56,947 / $862,756
Maine: $70,155 / $1,192,953
Maryland: $73,043 / $1,265,135
Massachusetts: $92,639 / $1,755,055
Michigan: $58,176 / $893,472
Minnesota: $57,869 / $885,793
Mississippi: $52,524 / $752,178
Missouri: $54,674 / $805,931
Montana: $67,452 / $1,125,377
Nebraska: $56,272 / $845,862
Nevada: $60,572 / $953,368
New Hampshire: $67,084 / $1,116,163
New Jersey: $70,401 / $1,199,096
New Mexico: $56,825 / $859,684
New York: $77,773 / $1,383,392
North Carolina: $59,835 / $934,938
North Dakota: $56,087 / $841,254
Ohio: $57,009 / $864,291
Oklahoma: $51,849 / $735,284
Oregon: $68,681 / $1,156,093
Pennsylvania: $59,650 / $930,331
Rhode Island: $69,664 / $1,180,666
South Carolina: $56,825 / $859,684
South Dakota: $56,395 / $848,933
Tennessee: $55,473 / $825,896
Texas: $55,780 / $833,575
Utah: $60,879 / $961,047
Vermont: $69,848 / $1,185,274
Virginia: $61,493 / $976,405
Washington: $69,971 / $1,188,345
West Virginia: $54,122 / $792,109
Wisconsin: $60,019 / $939,546
Wyoming: $58,545 / $902,686
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If you're eyeing retirement soon, consider relocating to a lower-cost state to stretch your savings further—or boost contributions now to bridge the gap in high-cost areas. These numbers are a starting point; personalize your plan with a financial advisor to account for your unique needs.
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