The Income You Need To Retire Comfortably in Every State
The retirement question isn't whether you can retire. It's whether your income will actually cover your life. That number isn't the same everywhere — it shifts significantly based on where you live and what everything costs.
We pulled data from the MIT Living Wage Calculator to show you exactly what one person needs to earn annually in every state. Find your state, note the number and you've got the foundation for figuring out if your retirement plan actually works.
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What You'll Need To Earn by State
State | Required Annual Income |
|---|---|
Alabama | $43,814 |
Alaska | $51,965 |
Arizona | $50,900 |
Arkansas | $41,615 |
California | $63,402 |
Colorado | $54,071 |
Connecticut | $54,178 |
Delaware | $49,484 |
Florida | $50,117 |
Georgia | $50,351 |
Hawaii | $64,504 |
Idaho | $49,091 |
Illinois | $50,796 |
Indiana | $45,326 |
Iowa | $44,273 |
Kansas | $44,994 |
Kentucky | $42,040 |
Louisiana | $42,378 |
Maine | $51,465 |
Maryland | $53,949 |
Massachusetts | $63,610 |
Michigan | $45,914 |
Minnesota | $48,475 |
Mississippi | $43,025 |
Missouri | $44,244 |
Montana | $50,409 |
Nebraska | $45,241 |
Nevada | $50,259 |
New Hampshire | $53,604 |
New Jersey | $56,884 |
New Mexico | $45,607 |
New York | $62,167 |
North Carolina | $46,745 |
North Dakota | $42,874 |
Ohio | $43,674 |
Oklahoma | $43,119 |
Oregon | $55,047 |
Pennsylvania | $48,515 |
Rhode Island | $52,024 |
South Carolina | $46,469 |
South Dakota | $42,706 |
Tennessee | $44,959 |
Texas | $45,290 |
Utah | $51,407 |
Vermont | $51,831 |
Virginia | $53,505 |
Washington | $55,316 |
West Virginia | $40,627 |
Wisconsin | $45,504 |
Wyoming | $44,614 |
The outliers: Hawaii ($64,500) and California ($63,400) are significantly pricier. West Virginia ($40,600) is your bargain retirement destination, though you'll want to factor in things like healthcare proximity before you move.
Keep in mind that these numbers are for a single adult without children.
How Much Should You Actually Have Saved?
Let's say you live in North Carolina. You're looking at $46,745 annually. Using the 4% rule — which lets you withdraw 4% of your nest egg each year — you'd need about $1.17 million saved to hit that number.
Add $10,000 for annual travel and your target jumps to $56,745, or $1.42 million saved.
Remember, this method doesn’t always account for inflation or unexpected increases in your living expenses. This number also doesn't account for any Social Security benefits you might receive, so you might not need as much saved if your benefit is sizable.
What These Numbers Don't Cover
These figures are starting points, not guarantees. They assume a pretty vanilla retirement — home, basics, nothing exotic. They don't account for:
Travel beyond a set budget
Healthcare costs that rise faster than inflation
Property taxes and insurance creeping up
That hobby or passion project you'll suddenly care about post-retirement
Inflation doing what inflation does
The MIT calculator can drill down by county if your state's average doesn't match your reality. But these are rough estimates. Your actual number depends on what you want retirement to look like and what curveballs life throws at you.
The Bottom Line
Run these numbers against your retirement accounts. If there's a gap, you've got options: Save more now, adjust your retirement timeline, recalibrate what "comfortable" means or talk to a financial advisor about your specific situation. They can stress-test your plan against the stuff this calculator can't predict.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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