Americans face vastly different retirement costs across states as Social Security cuts loom

New York Post

20-06-2025

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.
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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.
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.
8 Pompano Beach, Florida.
Matthew Tighe – stock.adobe.com
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.
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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.
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.
8 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.
InsideCreativeHouse – stock.adobe.com
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.
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Alabama ($70,492 cost of living per year): $1,409,839
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
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California ($155,117 cost of living per year): $3,102,333
Colorado ($114,744 cost of living per year): $2,294,882
Idaho ($101,912 cost of living per year): $2,038,236
8 Aerial view of Nantucket Island.
Kevin – stock.adobe.com
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
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Kentucky ($71,410 cost of living per year): $1,428,204
Louisiana ($67,482 cost of living per year): $1,349,639
Maryland ($101,991 cost of living per year): $2,039,812
8 Downtown Birmingham, Alabama, from Vulcan Park
Robert Hainer – stock.adobe.com
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Maine ($98,612 cost of living per year): $1,972,231
Massachusetts ($136,626 cost of living): $2,732,517
Michigan ($73,780 cost of living per year): $1,475,595
Minnesota ($88,321 cost of living per year): $1,766,414
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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
8 Waikiki Beach and Diamond Head, Oahu, Hawaii.
tomas del amo – stock.adobe.com
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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
North Carolina ($86,857 cost of living per year): $1,737,146
8 The Brooklyn Bridge and the Manhattan skyline.
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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
8 Teton Village homes at sunrise with fog in the valley.
Nicole – stock.adobe.com
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
8 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.
lordn – stock.adobe.com
Wisconsin ($84,485 cost of living per year): $1,689,700
Wyoming ($88,792 cost of living per year): $1,775,841
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.'
Confidence was lower among those that lacked a retirement savings account, with only 31% reporting they anticipated having sufficient funds for comfortable golden years.