Depending on the life stage you’re at, retirement might be eons away or jumping right at you. When planning for retirement, state statistics play a crucial role in determining savings, living costs, and expected expenses to lead a comfortable life.
Starting from the lowest annual retirement income needed to the highest, here’s a ranked overview of retirement in different states of America.
1. Washington
Washington hits bottom with the highest average annual retirement income of $68,220. To reside comfortably, retirees need $74,301 per year.
2. New York
To reside comfortably in the Big Apple, the desired average income is $88,444 per year. With an annual retirement income of $65,398, New York is the second-highest. However, retirees must save $1.41 million as retirement is expected to last 16 years.
3. Maryland
Retiring at 65 with an expectancy of 78.80 years, retirees need $1.11 million in savings to last 13.8 years. The average retirement income clocks in at $64,313, but living comfortably costs $80,657 a year.
4. Missouri
With the fourth-lowest average annual retirement income of $62,692, retirees in Missouri need to spend $58,724 to live comfortably. The average length of retirement is 14.1 years, requiring $771,281 in savings.
5. Virginia
Retirees in Virginia should spend about $66,545 to live comfortably. The annual retirement income averages $62,409.
6. Colorado
Yearly expenses are at an average of $61,939 per year for retirees. Retirees should have $1.25 million in savings to last for 15.6 years. To live comfortably, expenses clock in at $68,565 a year.
7. Delaware
Retirees need to spend $68,696 to reside in Delaware comfortably. The state’s average retirement income comes out to $60,491.
8. Idaho
Idaho’s natural beauty and outdoor recreation make it an appealing option for retirees. With an average annual retirement income of $60,487. To live comfortably, retirees need to spend $64,459 each year.
9. Nebraska
The state’s annual retirement income is $60,245. Living comfortably in Nebraska demands retirees to spend about $59,376 on average each year.
10. Hawaii
With the country’s highest life expectancy, Hawaii retirees must have at least $1.84 million in savings to last for 15.5 years. While the retirement income averages $60,081, retirees need to spend $121,228 to live comfortably.
11. Oklahoma
Annual expenses come out to $60,019, requiring retirees of 65 years or older to spend $56,508 to live comfortably in Oklahoma.
12. California
With an average income of $59,009, California retirees need to spend $90,399 to live a comfortable retirement. With an average retirement age of 64 years and life expectancy higher than 80.90 years, $1.46 million in savings is needed.
13. North Carolina
North Carolina retirees need to spend $63,156 to live a comfortable retirement. The state’s average income clocks in at $58,667.
14. Massachusetts
Just under Michigan, the average retiree in Massachusetts has an annual income of $58,253 per year. For an average retirement of 14 years, $1.16 million is needed in savings. Retirees should spend about $97,699 a year to lead a comfortable retirement.
15. Michigan
Michigan has an annual retirement income of $57,680 per year. Those at the age of 62 or over need to spend about $59,767 annually to lead a comfortable life. For a retirement period of 15.6 years, retirees are recommended to have $864,929 in savings.
16. Maine
The Pine Tree State has an average retirement income of $57,666, requiring retirees to spend about $74,627 every year to live comfortably.
17. Vermont
The average annual retirement income is $57,540. Vermont’s mountains and rural charm create a tranquil retirement setting that can be comfortably experienced at a cost of $75,865 each year.
18. South Dakota
Ranking 33rd, South Dakota has an average retirement income of $56,825. Annual expenses clock in at $62,634 for retirees to lead a comfortable life.
19. Tennessee
Tennessee’s average retirement income is $56,369 per year. Yearly expenses amount to about $45,894 per year, requiring retirees to save at least $660,870 for a 12-year retirement period.
20. Minnesota
With an annual retirement income of $55,694, Minnesota follows Arizona, requiring retirees to spend $61,983 every year for a comfortable living.
21. Arizona
Coming in at 30, Arizona’s average annual retirement income is $55,589. To live comfortably, retirees will spend $70,390 every year.
22. Connecticut
Connecticut retirees need to spend $75,213 on average to live a comfortable life. Similar to Wyoming, the state’s annual retirement income is $55,29.
23. Wyoming
With an average annual retirement income of $55,247, Wyoming’s Cowboy State allure and outdoor activities make it an appealing retirement choice. Retirees will spend an average of $59,741 to live comfortably.
24. New Jersey
Annual expenses in New Jersey for those 65 years or older clock in at $55,154. For a retirement period of 15.5 years, at least $1.20 million should be saved, and retirees must spend $74,301 every year to live comfortably.
25. Alaska
Alaska’s average annual retirement income is $54,932. The state has the youngest average retirement age of 61 years and a retirement period of 16.7. To retire comfortably, Alaskan retirees need to spend $81,796 each year and have $1.34 million in savings.
26. Oregon
Oregon’s Pacific Northwest beauty and outdoor activities attract retirees seeking a scenic retirement. With an average annual retirement income of $54,644 and an average retirement length of 16.2 years, retirees can live comfortably for $79,645 a year.
27. Indiana
Retiring comfortably in Indiana demands $58,789. The average yearly expenses come around to $56,064. To last for 14 years, retirees need at least $784,891 in savings.
28. South Carolina
South Carolina’s annual retirement income comes out at $53,952. For a comfortable retirement period, retirees will spend about $62,765 every year.
29. New Hampshire
Following Texas, with an average retirement income of $53,538, New Hampshire retirees need to spend $74,757 on average to lead a comfortable lifestyle.
30. Texas
Texan retirees must spend $60,353 a year to live comfortably. The annual retirement income clocks in at $53,500.
31. Rhode Island
With an average annual retirement income of $53,449, Rhode Island’s coastal living and historic charm come with a higher cost. Retirees seeking seaside living and cultural amenities should plan for more significant expenses to live comfortably, which costs $72,476 a year.
32. West Virginia
With an average retirement income of $53,178, West Virginia takes the 19th spot. Expenses come out to $58,528 for retirees to live comfortably.
33. Montana
Montana has an average retirement income of $53,088, requiring retirees to spend $68,631 to live comfortably.
34. Iowa
With an average annual retirement income of $52,899, Iowa’s Midwest charm, friendly communities, and lower cost of living make it a budget-friendly retirement option. Retirees need to spend $57,485 to live comfortably.
35. New Mexico
With an average retirement income of $52,563, New Mexico earns 16th place. For retirees to live comfortably, annual expenses clock in at $61,135.
36. Alabama
Coming at 15th place, Alabama retirees need an income of $56,769 to live comfortably. With an average retirement income of $52,554, retirees need to have $712,832 in savings to last 12.9 years.
37. Pennsylvania
With an average annual retirement income of $51,913, Pennsylvania’s rich history and diverse landscapes make it an affordable retirement destination. Retirees need to spend $64,003 annually to live comfortably.
38. Utah
Utah’s scenic beauty and outdoor activities make it an appealing retirement destination. Living comfortably in Utah requires $66,480, while the average annual retirement income is $51,752.
39. Nevada
Nevada retirees must spend $66,415 each year to live comfortably. The average annual retirement income is about $51,589, placing the state at 12th position.
40. Wisconsin
Retirement expenses in Wisconsin come at about $51,241 per year. Retirees need $61,200 annually to live comfortably.
41. Ohio
Ohio’s heartland charm and welcoming communities make it an affordable retirement choice. With an average annual retirement income of $51,049. To enjoy a peaceful and comfortable lifestyle, retirees need $58,268.
42. Kansas
While the annual retirement income clocks in at $50,905 to live comfortably, Kansas’s average expenses come at $56,899 per year. Retirees will need to save about $732,681. Retiring at 65, the retirement period for most can last 13.2 years on average.
43. Kentucky
With an average annual retirement income of $50,617, retirees can enjoy Kentucky’s bluegrass landscapes and friendly atmosphere, creating a serene retirement setting.
44. Mississippi
With a low average retirement income of $53,710 to live comfortably and annual expenses clocking in at $49,838 per year, Mississippi comes close to Arkansas. With a low life expectancy of 74.50, retirees can expect to need about 11.50 years of retirement savings.
45. Arkansas
The average annual retirement income in Arkansas is $49,057. Arkansas offers retirees a serene retreat with its natural beauty and lower cost of living. With an average retirement age of 62 and a life expectancy of 75.4 years, retirees can enjoy affordable living and savings-friendly options at $58,854 per year.
46. Illinois
Illinois offers retirees a mix of urban and rural living so that retirees may find affordable options in smaller communities across the state despite potentially higher costs in city life. The average annual retirement income stands at $47,530, while a comfortable living requires $59,897.
47. Florida
Floridan retirees need to spend $68,109 each year to live comfortably. The annual retirement income comes out $45,609, placing Florida at 4th.
48. North Dakota
North Dakota’s peaceful plains and friendly communities offer retirees a serene living environment. With an average annual retirement income of $45,455, retirees can experience a comfortable retirement experience at $63,482 annually.
49. Georgia
With an average annual retirement income of $44,548, an average retirement age of 63, and a life expectancy of 77.20 years, retirees can enjoy a comfortable lifestyle at $57,942 a year.
50. Louisiana
With an average annual retirement income of $43,352, an average retirement age of 62, and a life expectancy of 73.1 years, Louisiana is at the top of the list.
