Savings Needed To Retire at 45, 55 & 65 in Every State
It’s expensive to retire in the United States, especially if you want an early retirement. A new MoneyLion analysis reveals Americans planning to retire by age 45 need a minimum of $1.1 million in savings in every state.
For those planning to wait until 55 to retire, they still need $1 million saved in 36 states to comfortably cover costs. These savings also factor in Social Security benefits, which typically average $2,081 per month for one retired worker.
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MoneyLion found the savings needed to retire by age 45, 55 and 65 by reviewing each state’s cost-of-living index and applying that to the national average expenditures for retired people. The total cost of living for necessities was increased by 20% to find the comfortable cost of retirement. MoneyLion sourced the average monthly Social Security income for one full-time worker via the Social Security Administration's Monthly Statistical Snapshot and used this figure and the comfortable cost of retirement to find the savings needed after Social Security to retire at ages 45, 55 and 65.
Key Findings
Retiring at age 45 costs $2 million or more in 19 states and $3 million in three states. The three states where $3 million is needed for a 40-year retirement are Hawaii ($4,269,941), California ($3,430,439) and Massachusetts ($3,114,914).
Hawaii is the most expensive state to retire at any age. Retirees need $1,910,205 to fund a 20-year retirement, $3,090,073 for 30 years and a whopping $4,269,941 to cover 40 years.
There are 13 states where $500,000 or less, plus Social Security, funds a 20-year retirement: Missouri ($487,972), Indiana ($485,507), Michigan ($482,658), Ohio ($471,653), Kansas ($452,599), Iowa ($441,899), Alabama ($427,328), Kentucky ($426,783), Oklahoma ($415,146), Louisiana ($392,059), Arkansas ($391,977), Mississippi ($352,076) and West Virginia ($335,588).
The cost of a 20-year retirement has surpassed $1 million in savings in five states: Hawaii ($1,910,205), California ($1,490,454), Massachusetts ($1,332,692), Washington ($1,144,867) and New Jersey ($1,074,494).
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Let’s see how your retirement savings stacks up for the savings needed to retire at 45, 55 and 65 in every state.
1. Hawaii
Savings needed at 45: $4,269,941
Savings needed at 55: $3,090,073
Savings needed at 65: $1,910,205
Annual cost of comfortable living: $93,013
2. California
Savings needed at 45: $3,430,439
Savings needed at 55: $2,460,447
Savings needed at 65: $1,490,454
Annual cost of comfortable living: $72,025
3. Massachusetts
Savings needed at 45: $3,114,914
Savings needed at 55: $2,223,803
Savings needed at 65: $1,332,692
Annual cost of comfortable living: $64,137
4. Washington
Savings needed at 45: $2,739,264
Savings needed at 55: $1,942,066
Savings needed at 65: $1,144,867
Annual cost of comfortable living: $54,746
5. New Jersey
Savings needed at 45: $2,598,520
Savings needed at 55: $1,836,507
Savings needed at 65: $1,074,494
Annual cost of comfortable living: $51,227
6. Colorado
Savings needed at 45: $2,425,430
Savings needed at 55: $1,706,690
Savings needed at 65: $987,950
Annual cost of comfortable living: $46,900
7. New Hampshire
Savings needed at 45: $2,411,681
Savings needed at 55: $1,696,378
Savings needed at 65: $981,075
Annual cost of comfortable living: $46,556
8. Oregon
Savings needed at 45: $2,389,667
Savings needed at 55: $1,679,868
Savings needed at 65: $970,068
Annual cost of comfortable living: $46,006
9. Rhode Island
Savings needed at 45: $2,364,695
Savings needed at 55: $1,661,139
Savings needed at 65: $957,582
Annual cost of comfortable living: $45,382
10. Utah
Savings needed at 45: $2,339,874
Savings needed at 55: $1,642,523
Savings needed at 65: $945,172
Annual cost of comfortable living: $44,761
11. Alaska
Savings needed at 45: $2,305,262
Savings needed at 55: $1,616,564
Savings needed at 65: $927,866
Annual cost of comfortable living: $43,896
12. New York
Savings needed at 45: $2,271,377
Savings needed at 55: $1,591,150
Savings needed at 65: $910,923
Annual cost of comfortable living: $43,049
13. Connecticut
Savings needed at 45: $2,267,704
Savings needed at 55: $1,588,395
Savings needed at 65: $909,087
Annual cost of comfortable living: $42,957
14. Idaho
Savings needed at 45: $2,146,695
Savings needed at 55: $1,497,639
Savings needed at 65: $848,582
Annual cost of comfortable living: $39,932
15. Maryland
Savings needed at 45: $2,138,407
Savings needed at 55: $1,491,423
Savings needed at 65: $844,438
Annual cost of comfortable living: $39,725
16. Montana
Savings needed at 45: $2,131,706
Savings needed at 55: $1,486,397
Savings needed at 65: $841,088
Annual cost of comfortable living: $39,557
17. Nevada
Savings needed at 45: $2,094,689
Savings needed at 55: $1,458,634
Savings needed at 65: $822,579
Annual cost of comfortable living: $38,632
18. Maine
Savings needed at 45: $2,048,039
Savings needed at 55: $1,423,646
Savings needed at 65: $799,254
Annual cost of comfortable living: $37,465
19. Arizona
Savings needed at 45: $2,012,344
Savings needed at 55: $1,396,875
Savings needed at 65: $781,407
Annual cost of comfortable living: $36,573
20. Virginia
Savings needed at 45: $1,996,102
Savings needed at 55: $1,384,694
Savings needed at 65: $773,286
Annual cost of comfortable living: $36,167
21. Vermont
Savings needed at 45: $1,994,355
Savings needed at 55: $1,383,384
Savings needed at 65: $772,412
Annual cost of comfortable living: $36,123
22. Delaware
Savings needed at 45: $1,943,591
Savings needed at 55: $1,345,311
Savings needed at 65: $747,030
Annual cost of comfortable living: $34,854
23. Florida
Savings needed at 45: $1,882,503
Savings needed at 55: $1,299,494
Savings needed at 65: $716,486
Annual cost of comfortable living: $33,327
24. Minnesota
Savings needed at 45: $1,765,925
Savings needed at 55: $1,212,061
Savings needed at 65: $658,197
Annual cost of comfortable living: $30,412
25. Wyoming
Savings needed at 45: $1,759,152
Savings needed at 55: $1,206,982
Savings needed at 65: $654,811
Annual cost of comfortable living: $30,243
26. North Carolina
Savings needed at 45: $1,720,006
Savings needed at 55: $1,177,622
Savings needed at 65: $635,237
Annual cost of comfortable living: $29,264
27. Wisconsin
Savings needed at 45: $1,686,005
Savings needed at 55: $1,152,121
Savings needed at 65: $618,237
Annual cost of comfortable living: $28,414
28. Georgia
Savings needed at 45: $1,678,502
Savings needed at 55: $1,146,494
Savings needed at 65: $614,486
Annual cost of comfortable living: $28,227
29. South Dakota
Savings needed at 45: $1,624,759
Savings needed at 55: $1,106,187
Savings needed at 65: $587,614
Annual cost of comfortable living: $26,883
30. New Mexico
Savings needed at 45: $1,622,212
Savings needed at 55: $1,104,276
Savings needed at 65: $586,341
Annual cost of comfortable living: $26,820
31. Tennessee
Savings needed at 45: $1,587,948
Savings needed at 55: $1,078,579
Savings needed at 65: $569,209
Annual cost of comfortable living: $25,963
32. Illinois
Savings needed at 45: $1,582,592
Savings needed at 55: $1,074,561
Savings needed at 65: $566,531
Annual cost of comfortable living: $25,829
33. South Carolina
Savings needed at 45: $1,569,810
Savings needed at 55: $1,064,974
Savings needed at 65: $560,139
Annual cost of comfortable living: $25,510
34. Texas
Savings needed at 45: $1,562,139
Savings needed at 55: $1,059,222
Savings needed at 65: $556,304
Annual cost of comfortable living: $25,318
35. North Dakota
Savings needed at 45: $1,545,509
Savings needed at 55: $1,046,749
Savings needed at 65: $547,989
Annual cost of comfortable living: $24,902
36. Pennsylvania
Savings needed at 45: $1,539,217
Savings needed at 55: $1,042,030
Savings needed at 65: $544,843
Annual cost of comfortable living: $24,745
37. Nebraska
Savings needed at 45: $1,477,333
Savings needed at 55: $995,617
Savings needed at 65: $513,901
Annual cost of comfortable living: $23,198
38. Missouri
Savings needed at 45: $1,425,474
Savings needed at 55: $956,723
Savings needed at 65: $487,972
Annual cost of comfortable living: $21,901
39. Indiana
Savings needed at 45: $1,420,544
Savings needed at 55: $953,026
Savings needed at 65: $485,507
Annual cost of comfortable living: $21,778
40. Michigan
Savings needed at 45: $1,414,846
Savings needed at 55: $948,752
Savings needed at 65: $482,658
Annual cost of comfortable living: $21,635
41. Ohio
Savings needed at 45: $1,392,837
Savings needed at 55: $932,245
Savings needed at 65: $471,653
Annual cost of comfortable living: $21,085
42. Kansas
Savings needed at 45: $1,354,728
Savings needed at 55: $903,663
Savings needed at 65: $452,599
Annual cost of comfortable living: $20,133
43. Iowa
Savings needed at 45: $1,333,329
Savings needed at 55: $887,614
Savings needed at 65: $441,899
Annual cost of comfortable living: $19,598
44. Alabama
Savings needed at 45: $1,304,188
Savings needed at 55: $865,758
Savings needed at 65: $427,328
Annual cost of comfortable living: $18,869
45. Kentucky
Savings needed at 45: $1,303,096
Savings needed at 55: $864,939
Savings needed at 65: $426,783
Annual cost of comfortable living: $18,842
46. Oklahoma
Savings needed at 45: $1,279,823
Savings needed at 55: $847,485
Savings needed at 65: $415,146
Annual cost of comfortable living: $18,260
47. Louisiana
Savings needed at 45: $1,233,648
Savings needed at 55: $812,854
Savings needed at 65: $392,059
Annual cost of comfortable living: $17,106
48. Arkansas
Savings needed at 45: $1,233,484
Savings needed at 55: $812,731
Savings needed at 65: $391,977
Annual cost of comfortable living: $17,101
49. Mississippi
Savings needed at 45: $1,153,683
Savings needed at 55: $752,880
Savings needed at 65: $352,076
Annual cost of comfortable living: $15,106
50. West Virginia
Savings needed at 45: $1,120,706
Savings needed at 55: $728,147
Savings needed at 65: $335,588
Annual cost of comfortable living: $14,282
Methodology: Savings were calculated using cost-of-living indexes from Missouri Economic and Research Information Center, national average expenditure costs for retired households from the Bureau of Labor Statistics Consumer Expenditure Survey for retired consumer units and home cost data calculated from Zillow Home Value Index and the Federal Reserve Economic Data. To find the comfortable cost of retirement, the total cost of living for necessities was increased with a 20% buffer. The average monthly Social Security income for one full-time worker was sourced from the Social Security Administration's Monthly Statistical Snapshot. MoneyLion assumes that Social Security Benefits are started at the age of 67. Assuming the person lives to 85, the total cost of retirement was calculated for each retirement starting age. All data is up to date as of May 22, 2026.
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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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