Everyday living costs play a major role in how much money you need to retire.
A new state-by-state analysis from personal finance website GOBankingRates shows that the estimated total savings needed to retire at 65 can differ by as much as $1.46 million depending on where you live.
In Hawaii, retirees need about $2.2 million to stop working at 65 and cover essential living expenses for 25 years, including housing, groceries, transportation, utilities and health-care costs. That is the highest estimated minimum of any state. By comparison, Oklahoma has the lowest estimated total, at $735,284, to cover the same basic costs.
The analysis is based on the average living costs for retirees 65 or older in each state, drawn from the latest data published by the U.S. Bureau of Labor Statistics. From there, GOBankingRates subtracted average Social Security payments and estimated the savings needed to cover the remaining expenses using an annual 4% withdrawal rate.
The resulting figures represent a baseline for covering essential costs and don't factor in discretionary spending such as travel, dining or entertainment. Additionally, the estimates don't account for factors such as inflation, lifestyle changes or unexpected costs.
Housing is the biggest factor in annual retirement costs, as it varies by roughly $30,000 annually between states. Utilities and health-care costs can range by as much as $5,000 annually, the study finds.
Here's a look the minimum amount of savings needed to retire at 65 in each state, in alphabetical order.
Alabama
Annual cost of living: $53,999Savings you need to retire: $789,037Alaska
Annual cost of living: $78,449Savings you need to retire: $1,400,286Arizona
Annual cost of living: $66,838Savings you need to retire: $1,110,019Arkansas
Annual cost of living: $54,859Savings you need to retire: $810,538California
Annual cost of living: $83,978Savings you need to retire: $1,538,508Colorado
Annual cost of living: $63,091Savings you need to retire: $1,016,336Connecticut
Annual cost of living: $70,094Savings you need to retire: $1,191,417Delaware
Annual cost of living: $63,152Savings you need to retire: $1,017,871Florida
Annual cost of living: $61,125Savings you need to retire: $967,190Georgia
Annual cost of living: $56,395Savings you need to retire: $848,933Hawaii
Annual cost of living: $110,393Savings you need to retire: $2,198,902Idaho
Annual cost of living: $60,818Savings you need to retire: $959,511Illinois
Annual cost of living: $58,913Savings you need to retire: $911,901Indiana
Annual cost of living: $55,657Savings you need to retire: $830,504Iowa
Annual cost of living: $55,473Savings you need to retire: $825,896Kansas
Annual cost of living: $54,613Savings you need to retire: $804,395Kentucky
Annual cost of living: $56,456Savings you need to retire: $850,469Louisiana
Annual cost of living: $56,947Savings you need to retire: $862,756Maine
Annual cost of living: $70,155Savings you need to retire: $1,192,953Maryland
Annual cost of living: $73,043Savings you need to retire: $1,265,135Massachusetts
Annual cost of living: $92,639Savings you need to retire: $1,755,055Michigan
Annual cost of living: $58,176Savings you need to retire: $893,472Minnesota
Annual cost of living: $57,869Savings you need to retire: $885,793Mississippi
Annual cost of living: $52,524Savings you need to retire: $752,178Missouri
Annual cost of living: $54,674Savings you need to retire: $805,931Montana
Annual cost of living: $67,452Savings you need to retire: $1,125,377Nebraska
Annual cost of living: $56,272Savings you need to retire: $845,862Nevada
Annual cost of living: $60,572Savings you need to retire: $953,368New Hampshire
Annual cost of living: $67,084Savings you need to retire: $1,116,163New Jersey
Annual cost of living: $70,401Savings you need to retire: $1,199,096New Mexico
Annual cost of living: $56,825Savings you need to retire: $859,684New York
Annual cost of living: $77,773Savings you need to retire: $1,383,392North Carolina
Annual cost of living: $59,835Savings you need to retire: $934,938North Dakota
Annual cost of living: $56,087Savings you need to retire: $841,254Ohio
Annual cost of living: $57,009Savings you need to retire: $864,291Oklahoma
Annual cost of living: $51,849Savings you need to retire: $735,284Oregon
Annual cost of living: $68,681Savings you need to retire: $1,156,093Pennsylvania
Annual cost of living: $59,650Savings you need to retire: $930,331Rhode Island
Annual cost of living: $69,664Savings you need to retire: $1,180,666South Carolina
Annual cost of living: $56,825Savings you need to retire: $859,684South Dakota
Annual cost of living: $56,395Savings you need to retire: $848,933Tennessee
Annual cost of living: $55,473Savings you need to retire: $825,896Texas
Annual cost of living: $55,780Savings you need to retire: $833,575Utah
Annual cost of living: $60,879Savings you need to retire: $961,047Vermont
Annual cost of living: $69,848Savings you need to retire: $1,185,274Virginia
Annual cost of living: $61,493Savings you need to retire: $976,405Washington
Annual cost of living: $69,971Savings you need to retire: $1,188,345West Virginia
Annual cost of living: $54,122Savings you need to retire: $792,109Wisconsin
Annual cost of living: $60,019Savings you need to retire: $939,546Wyoming
Annual cost of living: $58,545Savings you need to retire: $902,686Want to get ahead at work with AI? Sign up for CNBC's new online course, Beyond the Basics: How to Use AI to Supercharge Your Work. Learn advanced AI skills like building custom GPTs and using AI agents to boost your productivity today. Use coupon code EARLYBIRD for 25% off. Offer valid from Jan. 5 to Jan. 19, 2026. Terms apply.
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