How Much Do You Need to Retire in Each State After Social Security

If this number makes you check your 401(k) twice, you’re in good company. In the same survey, 51% of plan participants said they expected to save less than $500,000 in retirement, with 24% expecting less than $250,000. Only 30% think they will reach $1 million. The survey was conducted among 1,500 U.S. investors aged 30 to 79 in March and April. Some Wall Street executives have set the bar even higher: BlackRock CEO Larry Fink has warned that Americans need $2 million to retire and that “almost no one is close to that.”

Retirement plan data from Vanguard suggests that a seven-figure goal is still a long way off for many savers. Among Vanguard defined contribution plan participants age 65 and older, the average account balance was $330,186 at the end of 2025. The median was just $103,202. These balances reflect only what participants have accumulated in work plans administered by Vanguard. They may also have IRAs, pensions, other business accounts, or other assets. Yet most Americans are largely lacking in what they think they need.

So how much do you really need? There is no official price for “comfortable”. Where you live, what you spend, and how much Social Security is covered can dramatically change the answer. Change the assumptions and the number moves again.

In a recent analysis, Investopedia estimates that a single retiree would need about $644,000 in North Dakota to about $1.02 million in New Jersey. Its national baseline is what the average American 65 or older living alone actually spent in 2024: about $59,600 a year, according to the Bureau of Labor Statistics. Social Security covers about $23,700 of that, since the average retiree benefit was $1,975 per month as of December 2024. That leaves about $35,900 per year. According to the 4% rule, closing this gap requires a nest egg of approximately $898,000.

These numbers come with caveats. Investopedia’s “comfortable” budget reflects average spending, including travel, dining, and entertainment. The outlet notes that retirees who spend at the median level typically need 15 to 20 percent less. Its estimates also exclude state income taxes on retirement income, long-term care and local property tax breaks for seniors. They also assume that current benefit levels continue, even though Social Security faces a funding gap that could lead to reduced benefits if Congress does not act.

The size of your check matters almost as much as your zip code. Investopedia’s state-by-state figures show that a retiree collecting $1,500 a month would need about $786,000 in North Dakota and $1.16 million in New Jersey. At $3,000 per month, these numbers drop to around $336,000 and $711,000. At $5,000 per month, Social Security alone would cover the estimated annual cost in every state except nine high-cost states: California, Connecticut, Hawaii, Maryland, Massachusetts, New Hampshire, New Jersey, New York and Washington.

The state’s spread comes largely from local costs. Investopedia calculates housing separately, using census data on what older single renters, homeowners with a mortgage, and homeowners without a mortgage pay in each state. It then adjusts other retiree expenses to regional prices.

Housing is the area where geography hits hardest. Investopedia found that for Americans 65 and older living alone, annual housing costs range from about $7,000 in West Virginia to about $19,000 in California. These costs include rent or mortgage payments, insurance, property taxes, and utilities. Daily prices vary less. Goods and services cost about 6% more than the national average in Hawaii and about 7% less in South Dakota.

Retirement Living uses the same 4% rule and gets a very different answer. It starts with the national average retiree spending and adjusts that number using each state’s cost of living index. It then subtracts each state’s average Social Security benefit. Investopedia instead uses a single national benefit because state averages reflect where retirees worked rather than where they currently live. According to Retirement Living’s model, retirees need about $729,000 in Oklahoma and nearly $2.17 million in Hawaii. Massachusetts and California both exceed $1.5 million. FortuneThe previous look at how long a million dollars lasted in each state found a similar trend, with the money running out in about 12 years in Hawaii.

Same 4% rule, very different assumptions on the real cost of living.

How much does a single retiree need in each state

The numbers below are Investopedia’s estimates for a single retiree who receives an average Social Security benefit of $1,975 per month and withdraws 4% of their savings per year. Each entry shows the estimated annual cost of a comfortable retirement and the nest egg needed to cover what Social Security doesn’t cover. Washington, DC, not listed below, costs approximately $1.01 million.

• Alabama: $51,200 per year; A nest egg of $687,000
• Alaska: $57,910 per year; A nest egg of $855,000
• Arizona: $56,210 per year; A nest egg of $813,000
• Arkansas: $49,630 per year; A nest egg of $648,000
• California: $64,300 per year; A nest egg of $1,015,000
• Colorado: $58,810 per year; A nest egg of $878,000
• Connecticut: $60,970 per year; A nest egg of $932,000
• Delaware: $56,000 per year; A nest egg of $807,000
• Florida: $58,030 per year; A nest egg of $858,000
• Georgia: $54,250 per year; A nest egg of $764,000
• Hawaii: $64,350 per year; A nest egg of $1,016,000
• Idaho: $53,110 per year; A nest egg of $735,000
• Illinois: $57,150 per year; A nest egg of $836,000
• Indiana: $52,160 per year; A nest egg of $711,000
• Iowa: $50,400 per year; A nest egg of $667,000
• Kansas: $51,830 per year; A nest egg of $703,000
• Kentucky: $50,780 per year; A nest egg of $677,000
• Louisiana: $50,490 per year; A nest egg of $670,000
• Maine: $55,140 per year; A nest egg of $786,000
• Maryland: $60,880 per year; A nest egg of $930,000
• Massachusetts: $61,160 per year; A nest egg of $937,000
• Michigan: $53,590 per year; A nest egg of $747,000
• Minnesota: $56,430 per year; A nest egg of $818,000
• Mississippi: $49,820 per year; A nest egg of $653,000
• Missouri: $51,880 per year; A nest egg of $704,000
• Montana: $53,260 per year; A nest egg of $739,000
• Nebraska: $51,920 per year; A nest egg of $705,000
• Nevada: $57,590 per year; A nest egg of $847,000
• New Hampshire: $60,360 per year; A nest egg of $917,000
• New Jersey: $64,440 per year; A nest egg of $1,018,000
• New Mexico: $52,150 per year; A nest egg of $711,000
• New York: $61,660 per year; A nest egg of $949,000
• North Carolina: $53,380 per year; A nest egg of $742,000
• North Dakota: $49,450 per year; A nest egg of $644,000
• Ohio: $52,700 per year; A nest egg of $725,000
• Oklahoma: $50,800 per year; A nest egg of $677,000
• Oregon: $58,900 per year; A nest egg of $880,000
• Pennsylvania: $54,550 per year; A nest egg of $771,000
• Rhode Island: $58,490 per year; A nest egg of $870,000
• South Carolina: $52,870 per year; A nest egg of $729,000
• South Dakota: $50,720 per year; A nest egg of $675,000
• Tennessee: $51,070 per year; A nest egg of $684,000
• Texas: $54,790 per year; A nest egg of $777,000
• Utah: $55,890 per year; A nest egg of $805,000
• Vermont: $56,900 per year; A nest egg of $830,000
• Virginia: $57,400 per year; A nest egg of $842,000
• Washington: $61,270 per year; A nest egg of $939,000
• West Virginia: $50,030 per year; A nest egg of $658,000
• Wisconsin: $53,750 per year; A nest egg of $751,000
• Wyoming: $53,020 per year; A nest egg of $733,000