A 2019 report from the Federal Reserve found that nearly one in every four American adults have no retirement savings. During the economic crisis brought on by the COVID-19 pandemic, that share has likely grown. Despite stimulus payments and enhanced unemployment benefits, millions of Americans have reduced retirement account contributions or stopped them entirely — some have even been forced to make withdrawals.
At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year. Multiply those figures, and add in a little extra for unforeseen expenses and additional financial security, and a comfortable retirement costs an estimated $1,120,408 in the United States.
With a warm climate, Florida is a popular state for retired Americans to relocate to. For 65 year olds in Florida, a comfortable retirement will cost an estimated $1,184,110, nearly $64,000 more than average nationwide. Rather than a higher cost of living, the high retirement costs in Florida are driven primarily by the high average life expectancy in the state. A 65 year old in the state is expected to live another 20.3 years on average — nearly a year longer than the national life expectancy at 65.
Of the 21.5 million people living in the Sunshine State, 20.9% are 65 and older. Meanwhile, just 16.5% of the U.S. population are in the same age group.
State level calculations in this story are based on the average annual expenditure of $50,220 for Americans 65 years and older in 2019, as reported in the BLS Consumer Expenditure Survey. This figure is adjusted by state to account for both cost of living and life expectancy at age 65, and then multiplied by 115% in order to reflect greater financial stability and comfort in retirement. All data in this story is from the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Institute for Health Metrics and Evaluation.
| Rank | State | How much you need to comfortably retire | Life expectancy at age 65 (yrs.) | Cost of living |
|---|---|---|---|---|
| 1 | Hawaii | $1,481,336 | 86.5 | 19.3% more than avg. |
| 2 | California | $1,391,547 | 85.7 | 16.4% more than avg. |
| 3 | New York | $1,383,635 | 85.6 | 16.3% more than avg. |
| 4 | New Jersey | $1,359,968 | 85.3 | 16.0% more than avg. |
| 5 | Massachusetts | $1,268,810 | 84.9 | 10.4% more than avg. |
| 6 | Washington | $1,245,825 | 84.9 | 8.4% more than avg. |
| 7 | Connecticut | $1,237,069 | 85.4 | 5.0% more than avg. |
| 8 | Maryland | $1,219,120 | 84.6 | 7.7% more than avg. |
| 9 | Florida | $1,184,110 | 85.3 | 1% more than avg. |
| 10 | New Hampshire | $1,180,933 | 84.2 | 6.5% more than avg. |
| 11 | Vermont | $1,178,958 | 84.8 | 3.1% more than avg. |
| 12 | Colorado | $1,177,006 | 85.0 | 1.9% more than avg. |
| 13 | Alaska | $1,159,339 | 84.1 | 5.1% more than avg. |
| 14 | Oregon | $1,150,960 | 84.5 | 2.2% more than avg. |
| 15 | Minnesota | $1,148,938 | 85.3 | 2.0% less than avg. |
| 16 | Rhode Island | $1,146,674 | 84.6 | 1.3% more than avg. |
| 17 | Virginia | $1,140,824 | 84.5 | 1.3% more than avg. |
| 18 | Arizona | $1,117,884 | 85.1 | 3.7% less than avg. |
| 19 | Delaware | $1,113,686 | 84.4 | 0.6% less than avg. |
| 20 | Illinois | $1,096,903 | 84.5 | 2.6% less than avg. |
| 21 | Utah | $1,086,767 | 84.5 | 3.5% less than avg. |
| 22 | Maine | $1,072,421 | 83.7 | 0.7% less than avg. |
| 23 | Texas | $1,070,048 | 84.2 | 3.5% less than avg. |
| 24 | Pennsylvania | $1,064,388 | 84.0 | 3.0% less than avg. |
| 25 | Nevada | $1,063,152 | 83.9 | 2.6% less than avg. |
| 26 | Wisconsin | $1,045,578 | 84.7 | 8.1% less than avg. |
| 27 | New Mexico | $1,036,476 | 84.7 | 8.9% less than avg. |
| 28 | Idaho | $1,033,016 | 84.4 | 7.8% less than avg. |
| 29 | Wyoming | $1,029,020 | 84.2 | 7.2% less than avg. |
| 30 | Michigan | $1,007,484 | 83.9 | 7.7% less than avg. |
| 31 | North Dakota | $1,005,682 | 84.5 | 10.7% less than avg. |
| 32 | Nebraska | $1,002,765 | 84.4 | 10.5% less than avg. |
| 33 | Iowa | $1,002,303 | 84.5 | 11.0% less than avg. |
| 34 | North Carolina | $1,000,935 | 83.9 | 8.3% less than avg. |
| 35 | Montana | $998,983 | 83.5 | 6.5% less than avg. |
| 36 | Georgia | $995,777 | 83.5 | 6.8% less than avg. |
| 37 | South Dakota | $983,718 | 84.4 | 12.2% less than avg. |
| 38 | Kansas | $978,798 | 84.0 | 10.8% less than avg. |
| 39 | South Carolina | $967,045 | 83.3 | 8.5% less than avg. |
| 40 | Missouri | $952,821 | 83.6 | 11.3% less than avg. |
| 41 | Indiana | $942,575 | 83.4 | 11.3% less than avg. |
| 42 | Tennessee | $937,660 | 83.1 | 10.3% less than avg. |
| 43 | Ohio | $929,176 | 83.2 | 11.6% less than avg. |
| 44 | Louisiana | $918,844 | 83.1 | 12.1% less than avg. |
| 45 | Oklahoma | $901,455 | 82.9 | 12.8% less than avg. |
| 46 | Kentucky | $883,332 | 82.5 | 12.6% less than avg. |
| 47 | West Virginia | $880,300 | 82.5 | 12.9% less than avg. |
| 48 | Alabama | $877,072 | 82.7 | 14.2% less than avg. |
| 49 | Arkansas | $875,611 | 82.9 | 15.3% less than avg. |
| 50 | Mississippi | $857,886 | 82.6 | 15.6% less than avg. |