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You are at:Home»Business»Americans face vastly different retirement costs across states as Social Security cuts loom
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Americans face vastly different retirement costs across states as Social Security cuts loom

Buddy DoyleBy Buddy DoyleJune 20, 2025No Comments4 Mins Read
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Americans face vastly different retirement costs across states as Social Security cuts loom
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Retirement remains top of mind for many Americans, whether they are approaching their so-called “golden years” or have many years to go before leaving the workforce. 

How much money a person needs to have saved to retire without financial stress is an important consideration in the retirement preparation process, and that can vary depending on various factors, including where someone intends to live and their retirement income sources.

A study released this week by GOBankingRates calculated the amount of money that a “comfortable” retirement would require without income from Social Security factored in and the associated yearly expenses a retiree would face in each U.S. state.

RETIREMENT ACCOUNT BALANCES DIP IN THE 1ST QUARTER, BUT SAVERS KEEP CONTRIBUTING

The analysis comes as Social Security, a common source of retirement income, is looking at potential financing issues with its trust funds in the future. The trustees for Social Security and Medicare recently found that if Social Security’s Old-Age and Survivors Insurance and Disability Insurance trust funds were combined, the trust funds would be able to pay 100% of scheduled benefits until 2034, one year earlier than reported last year. After that, the trust funds would be able to pay only 81% of scheduled benefits, meaning Social Security recipients would see a mandatory 19% cut automatically. 

For the GOBankingRates study, the benchmark for a “comfortable” retirement was a person holding twice the amount of money as the cost of living expenses.

NEARLY HALF OF GENERATION X IS NOT CONFIDENT ABOUT RETIREMENT

Hawaii tops the list of where the most savings would be necessary to retire “comfortably” at 60 years old without Social Security, while West Virginia, nicknamed the Mountain State, required the least, it said. 

GOBankingRates found the nest egg that a person would need to accommodate a comfortable retirement at 60 years old sans Social Security in each state.

Alabama ($70,492 cost of living per year): $1,409,839 

Huntsville Alabama

Alaska ($110,457 cost of living per year): $2,209,137

Arizona ($100,281 cost of living per year): $2,005,627

Arkansas ($67,502 cost of living per year): $1,350,045

California ($155,117 cost of living per year): $3,102,333

Colorado ($114,744 cost of living per year): $2,294,882

Connecticut ($105,428 cost of living per year): $2,108,563

Delaware ($94,392 cost of living per year): $1,887,834

Florida ($97,119 cost of living per year): $1,942,374

Georgia ($86,005 cost of living per year): $1,720,096

Hawaii ($186,062 cost of living per year): $3,721,237

The entire coastline of Honolulu, Hawaii

Idaho ($101,912 cost of living per year): $2,038,236

Illinois ($79,736 cost of living per year): $1,594,716

Indiana ($74,029 cost of living per year): $1,480,575

Iowa ($71,373 cost of living per year): $1,427,463

Kansas ($71,534 cost of living per year): $1,430,672

Kentucky ($71,410 cost of living per year): $1,428,204

Louisiana ($67,482 cost of living per year): $1,349,639

Maine ($98,612 cost of living per year): $1,972,231

Maryland ($101,991 cost of living per year): $2,039,812

Massachusetts ($136,626 cost of living): $2,732,517

Boston skyline at sunset from Harvard

Michigan ($73,780 cost of living per year): $1,475,595

Minnesota ($88,321 cost of living per year): $1,766,414

Mississippi ($65,523 cost of living per year): $1,310,451

Missouri ($73,667 cost of living per year): $1,473,335

Montana ($102,916 cost of living per year): $2,058,322

Nebraska ($76,792 cost of living per year): $1,535,846

Nevada ($103,661 cost of living per year): $2,073,215

New Hampshire ($110,761 cost of living per year): $2,215,216

New Jersey ($118,338 cost of living per year): $2,366,765

New Mexico ($81,627 cost of living per year): $1,632,542

New York ($105,619 cost of living per year): $2,112,384

The New York City skyline

North Carolina ($86,857 cost of living per year): $1,737,146

North Dakota ($78,734 cost of living per year): $1,574,682

Ohio ($73,120 cost of living per year): $1,462,391

Oklahoma ($69,161 cost of living per year): $1,383,214

Oregon ($111,541 cost of living per year): $2,230,814

Pennsylvania ($78,582 cost of living per year): $1,571,642

Rhode Island ($109,811 cost of living per year): $2,196,222

South Carolina ($81,586 cost of living per year): $1,631,721

South Dakota ($81,949 cost of living per year): $1,638,979

Tennessee ($81,474 cost of living per year): $1,629,482

Texas ($81,985 cost of living per year): $1,639,693

Utah ($110,623 cost of living per year): $2,212,458

Vermont ($97,999 cost of living per year): $1,959,971

Virginia ($96,141 cost of living per year): $1,922,813

Washington ($126,952 cost of living per year): $2,539,048

West Virginia ($64,715 cost of living per year): $1,294,300

Wisconsin ($84,485 cost of living per year): $1,689,700

Wyoming ($88,792 cost of living per year): $1,775,841

Welcome to Wyoming highway sign along Interstate 90 north of Sheridan. (Photo by: Don & Melinda Crawford/Education Images/Universal Images Group via Getty Images)

In early June, a Gallup survey found 50% of non-retired U.S. adults that own a retirement savings account felt they “expect to have enough to live comfortably in retirement.” 

STUDY SHOWS HOW LONG SOCIAL SECURITY, $1.5M NEST EGG WOULD LAST IN 50 STATES

Confidence was lower among those that lacked a retirement savings account, with only 31% reporting they anticipated having sufficient funds for comfortable golden years. 

Eric Revell contributed to this report. 

Read the full article here

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