Here’s how much you need to retire comfortably in every state

FeaturedMoney

Written by:

Do you plan to retire soon? The state you choose to call home may be something to consider as you prepare. The cost of living can vary considerably, with some states significantly less expensive than even their immediate neighbors. 

GOBankingRates recently released it’s annual report looking at retirement costs in all 50 states and the District of Columbia. The report looks at things like average per capita spending on groceries, healthcare, gas and fuel, housing and utilities, and personal consumption. The report then tacks on an additional 20% in monthly finances to account for the “comfortable” aspect. 

Related: 11 retirement worries that are top of mind for Americans

As a side note, Social Security payouts, potential pension income, or interest earned on savings are not included in the total amounts provided.

______________________

SPONSORED: Find a Qualified Financial Advisor

1. Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.

2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals get started now.

______________________

 

 

 

Here are the average costs to retire comfortably in every state:

Image Credit: shapecharge.

1. Mississippi

  • Total expenditures: $42,953
  • 20% comfort buffer: $10,738
  • Cost of a comfortable retirement annually: $53,691

Image Credit: DepositPhotos.com.

2. Kansas

  • Total expenditures: $43,866
  • 20% comfort buffer: $10,966
  • Cost of a comfortable retirement annually: $54,832

Image Credit: Pixabay.com.

3. Oklahoma

  • Total expenditures: $43,967
  • 20% comfort buffer: $10,992
  • Cost of a comfortable retirement annually: $54,959

Image Credit: DepositPhotos.com.

4. New Mexico

  • Total expenditures: $44,221
  • 20% comfort buffer: $11,055
  • Cost of a comfortable retirement annually: $55,276

Image Credit: Pixabay.com.

5. Arkansas

  • Total expenditures: $44,728
  • 20% comfort buffer: $11,182
  • Cost of a comfortable retirement annually: $55,910

Image Credit: DepositPhotos.com.

6. Missouri

  • Total expenditures: $44,779
  • 20% comfort buffer: $11,195
  • Cost of a comfortable retirement annually: $55,973

Image Credit: Pixabay.com.

7. Indiana

  • Total expenditures: $45,387
  • 20% comfort buffer: $11,347
  • Cost of a comfortable retirement annually: $56,734

Image Credit: Pixabay.com.

8. Alabama

  • Total expenditures: $45,438
  • 20% comfort buffer: $11,359
  • Cost of a comfortable retirement annually: $56,797

Image Credit: DepositPhotos.com.

9. Illinois

  • Total expenditures: $45,489
  • 20% comfort buffer: $11,372
  • Cost of a comfortable retirement annually: $56,861

Image Credit: Pixabay.com.

10. Tennessee

  • Total expenditures: $45,641
  • 20% comfort buffer: $11,410
  • Cost of a comfortable retirement annually: $57,051

Image Credit: DepositPhotos.com.

11. Georgia

  • Total expenditures: $45,641
  • 20% comfort buffer: $11,410
  • Cost of a comfortable retirement annually: $57,051

Image Credit: Pixabay.com.

12. Michigan

  • Total expenditures: $45,692
  • 20% comfort buffer: $11,423
  • Cost of a comfortable retirement annually: $57,114

Image Credit: Pixabay.com.

13. Iowa

  • Total expenditures: $46,351
  • 20% comfort buffer: $11,588
  • Cost of a comfortable retirement annually: $57,938

Image Credit: Pixabay.com.

14. Texas

  • Total expenditures: $46,503
  • 20% comfort buffer: $11,626
  • Cost of a comfortable retirement annually: $58,129

Image Credit: Pixabay.com.

15. Ohio

  • Total expenditures: $46,706
  • 20% comfort buffer: $11,676
  • Cost of a comfortable retirement annually: $58,382

Image Credit: Pixabay.com.

16. West Virginia

  • Total expenditures: $46,858
  • 20% comfort buffer: $11,714
  • Cost of a comfortable retirement annually: $58,572

Image Credit: DepositPhotos.com.

17. Nebraska

  • Total expenditures: $47,061
  • 20% comfort buffer: $11,765
  • Cost of a comfortable retirement annually: $58,826

Image Credit: Pixabay.com.

18. Louisiana

  • Total expenditures: $47,416
  • 20% comfort buffer: $11,854
  • Cost of a comfortable retirement annually: $59,270

Image Credit: DepositPhotos.com.

19. Kentucky

  • Total expenditures: $47,771
  • 20% comfort buffer: $11,943
  • Cost of a comfortable retirement annually: $59,713

Image Credit: DepositPhotos.com.

20. Idaho

  • Total expenditures: $47,821
  • 20% comfort buffer: $11,955
  • Cost of a comfortable retirement annually: $59,777

Image Credit: DepositPhotos.com.

21. Wyoming

  • Total expenditures: $47,923
  • 20% comfort buffer: $11,981
  • Cost of a comfortable retirement annually: $59,904

Image Credit: Pixabay.com.

22. North Carolina

  • Total expenditures: $48,430
  • 20% comfort buffer: $12,107
  • Cost of a comfortable retirement annually: $60,537

Image Credit: DepositPhotos.com.

23. South Carolina

  • Total expenditures: $48,430
  • 20% comfort buffer: $12,107
  • Cost of a comfortable retirement annually: $60,537

Image Credit: DepositPhotos.com.

24. Wisconsin

  • Total expenditures: $48,531
  • 20% comfort buffer: $12,133
  • Cost of a comfortable retirement annually: $60,664

Image Credit: Pixabay.com.

25. North Dakota

  • Total expenditures: $48,937
  • 20% comfort buffer: $12,234
  • Cost of a comfortable retirement annually: $61,171

Image Credit: Pixabay.com.

26. Utah

  • Total expenditures: $49,140
  • 20% comfort buffer: $12,285
  • Cost of a comfortable retirement annually: $61,425

Image Credit: Pixabay.com.

27. Florida

  • Total expenditures: $50,306
  • 20% comfort buffer: $12,577
  • Cost of a comfortable retirement annually: $62,883

Image Credit: Pixabay.com.

28. South Dakota

  • Total expenditures: $50,560
  • 20% comfort buffer: $12,640
  • Cost of a comfortable retirement annually: $63,200

Image Credit: Pixabay.com.

29. Arizona

  • Total expenditures: $50,763
  • 20% comfort buffer: $12,691
  • Cost of a comfortable retirement annually: $63,453

Image Credit: DepositPhotos.com.

30. Minnesota

  • Total expenditures: $51,321
  • 20% comfort buffer: $12,830
  • Cost of a comfortable retirement annually: $64,151

Image Credit: Pixabay.com.

31. Virginia

  • Total expenditures: $51,422
  • 20% comfort buffer: $12,855
  • Cost of a comfortable retirement annually: $64,277

Image Credit: Pixabay.com.

32. Colorado

  • Total expenditures: $52,335
  • 20% comfort buffer: $13,084
  • Cost of a comfortable retirement annually: $65,418

Image Credit: Pixabay.com.

33. Pennsylvania

  • Total expenditures: $52,335
  • 20% comfort buffer: $13,084
  • Cost of a comfortable retirement annually: $65,418

Image Credit: Pixabay.com.

34. Delaware

  • Total expenditures: $54,617
  • 20% comfort buffer: $13,654
  • Cost of a comfortable retirement annually: $68,271

Image Credit: Pixabay.com.

35. New Hampshire

  • Total expenditures: $54,769
  • 20% comfort buffer: $13,692
  • Cost of a comfortable retirement annually: $68,461

Image Credit: Pixabay.com.

36. Montana

  • Total expenditures: $54,870
  • 20% comfort buffer: $13,718
  • Cost of a comfortable retirement annually: $68,588

Image Credit: Pixabay.com.

37. Nevada

  • Total expenditures: $55,175
  • 20% comfort buffer: $13,794
  • Cost of a comfortable retirement annually: $68,968

Image Credit: Pixabay.com.

38. Washington

  • Total expenditures: $56,899
  • 20% comfort buffer: $14,225
  • Cost of a comfortable retirement annually: $71,124

Image Credit: Pixabay.com.

39. Maine

  • Total expenditures: $58,420
  • 20% comfort buffer: $14,605
  • Cost of a comfortable retirement annually: $73,025

Image Credit: Pixabay.com.

40. Vermont

  • Total expenditures: $59,181
  • 20% comfort buffer: $14,795
  • Cost of a comfortable retirement annually: $73,976

Image Credit: Pixabay.com.

41. Rhode Island

  • Total expenditures: $60,144
  • 20% comfort buffer: $15,036
  • Cost of a comfortable retirement annually: $75,181

Image Credit: Pixabay.com.

42. New Jersey

  • Total expenditures: $62,071
  • 20% comfort buffer: $15,518
  • Cost of a comfortable retirement annually: $77,589

Image Credit: Pixabay.com.

43. Connecticut

  • Total expenditures: $62,984
  • 20% comfort buffer: $15,746
  • Cost of a comfortable retirement annually: $78,730

Image Credit: Pixabay.com.

44. Maryland

  • Total expenditures: $64,911
  • 20% comfort buffer: $16,228
  • Cost of a comfortable retirement annually: $81,139

Image Credit: Pixabay.com.

45. Alaska

  • Total expenditures: $65,114
  • 20% comfort buffer: $16,279
  • Cost of a comfortable retirement annually: $81,393

Image Credit: Pixabay.com.

46. Massachusetts

  • Total expenditures: $65,773
  • 20% comfort buffer: $16,443
  • Cost of a comfortable retirement annually: $82,217

Image Credit: Pixabay.com.

47. Oregon

  • Total expenditures: $68,106
  • 20% comfort buffer: $17,027
  • Cost of a comfortable retirement annually: $85,133

Image Credit: Pixabay.com.

48. California

  • Total expenditures: $72,366
  • 20% comfort buffer: $18,092
  • Cost of a comfortable retirement annually: $90,458

Image Credit: Pixabay.com.

49. New York

  • Total expenditures: $79,060
  • 20% comfort buffer: $19,765
  • Cost of a comfortable retirement annually: $98,825

Image Credit: Pixabay.com.

50. District of Columbia

  • Total expenditures: $81,494
  • 20% comfort buffer: $20,374
  • Cost of a comfortable retirement annually: $101,868

Image Credit: dkfielding.

51. Hawaii

  • Total expenditures: $100,207
  • 20% comfort buffer: $25,052
  • Cost of a comfortable retirement annually: $125,259

More from MediaFeed:

This article was produced and syndicated by MediaFeed.org.

Image Credit: Pixabay.com.

AlertMe