How much money you need to retire in your state – without Social Security

WASHINGTON - The future of Social Security is uncertain amid soaring health care costs and new legislation impacting benefits in the government program.  

A report released on June 18 revealed that Social Security funds will be depleted by 2034 after it was initially believed there would be enough money to provide full benefits until 2035. 

RELATED: Medicare, Social Security now expected to run out quicker: See the dates and why

With the possibility that future retirees may have to save money without social security, GOBankingRates released a study that compiled the cost of retirement across all 50 states — assuming a life expectancy of 80 years old. The personal finance website defines a comfortable retirement as one in which an individual has double the funds needed to meet the cost of living. 

Money needed to retire in each state

By the numbers:

GoBankingRates, in their study, offers a statistical breakdown of each state's annual cost of living comfortably, the amount of savings needed to retire at 60 years old without Social Security, savings needed to retire at 70 years old without Social Security, and the percentage of the population that is 65 years old and older. 

Data for the report was collected from the Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey for Retired Households and Federal Reserve Economic Data. 

Alabama

• Annual cost of living comfortably: $70,492
• Savings needed to retire at 60 (with no Social Security): $1,409,839
• Savings needed to retire at 70 (with no Social Security): $704,919
• Percentage of population 65 years old and older: 17.5%

Alaska

• Annual cost of living comfortably: $110,457
• Savings needed to retire at 60 (with no Social Security): $2,209,137
• Savings needed to retire at 70 (with no Social Security): $1,104,569
• Percentage of population 65 years old and older: 13.3%  

Arizona

• Annual cost of living comfortably: $100,281
• Savings needed to retire at 60 (with no Social Security): $2,005,627
• Savings needed to retire at 70 (with no Social Security): $1,002,814
• Percentage of population 65 years old and older: 18.6%

Arkansas

• Annual cost of living comfortably: $67,502
• Savings needed to retire at 60 (with no Social Security): $1,350,045
• Savings needed to retire at 70 (with no Social Security): $675,022
• Percentage of population 65 years old and older: 17.3%

California

• Annual cost of living comfortably: $155,117
• Savings needed to retire at 60 (with no Social Security): $3,102,333
• Savings needed to retire at 70 (with no Social Security): $1,551,166
• Percentage of population 65 years old and older: 15.3%

Colorado

• Annual cost of living comfortably: $114,744
• Savings needed to retire at 60 (with no Social Security): $2,294,882
• Savings needed to retire at 70 (with no Social Security): $1,147,441
• Percentage of population 65 years old and older: 15.2%

Connecticut

• Annual cost of living comfortably: $105,428
• Savings needed to retire at 60 (with no Social Security): $2,108,563
• Savings needed to retire at 70 (with no Social Security): $1,054,281
• Percentage of population 65 years old and older: 18.1%

Delaware

• Annual cost of living comfortably: $94,392
• Savings needed to retire at 60 (with no Social Security): $1,887,834
• Savings needed to retire at 70 (with no Social Security): $943,917
• Percentage of population 65 years old and older: 20.0%

Florida

• Annual cost of living comfortably: $97,119
• Savings needed to retire at 60 (with no Social Security): $1,942,374
• Savings needed to retire at 70 (with no Social Security): $971,187
• Percentage of population 65 years old and older: 21.1%

Georgia

• Annual cost of living comfortably: $86,005
• Savings needed to retire at 60 (with no Social Security): $1,720,096
• Savings needed to retire at 70 (with no Social Security): $860,048
• Percentage of population 65 years old and older: 14.6%

Hawaii

• Annual cost of living comfortably: $186,062
• Savings needed to retire at 60 (with no Social Security): $3,721,237
• Savings needed to retire at 70 (with no Social Security): $1,860,618
• Percentage of population 65 years old and older: 19.9%

Idaho

• Annual cost of living comfortably: $101,912
• Savings needed to retire at 60 (with no Social Security): $2,038,236
• Savings needed to retire at 70 (with no Social Security): $1,019,118
• Percentage of population 65 years old and older: 16.6%

Illinois

• Annual cost of living comfortably: $79,736
• Savings needed to retire at 60 (with no Social Security): $1,594,716
• Savings needed to retire at 70 (with no Social Security): $797,358
• Percentage of population 65 years old and older: 16.6%

Indiana

• Annual cost of living comfortably: $74,029
• Savings needed to retire at 60 (with no Social Security): $1,480,575
• Savings needed to retire at 70 (with no Social Security): $740,288
• Percentage of population 65 years old and older: 16.4%

Iowa

• Annual cost of living comfortably: $71,373
• Savings needed to retire at 60 (with no Social Security): $1,427,463
• Savings needed to retire at 70 (with no Social Security): $713,731
• Percentage of population 65 years old and older: 17.8%

Kansas

• Annual cost of living comfortably: $71,534
• Savings needed to retire at 60 (with no Social Security): $1,430,672
• Savings needed to retire at 70 (with no Social Security): $715,336
• Percentage of population 65 years old and older: 16.6%

Kentucky

• Annual cost of living comfortably: $71,410
• Savings needed to retire at 60 (with no Social Security): $1,428,204
• Savings needed to retire at 70 (with no Social Security): $714,102
• Percentage of population 65 years old and older: 17.0%

Louisiana

• Annual cost of living comfortably: $67,482
• Savings needed to retire at 60 (with no Social Security): $1,349,639
• Savings needed to retire at 70 (with no Social Security): $674,820
• Percentage of population 65 years old and older: 16.3%

Maine

• Annual cost of living comfortably: $98,612
• Savings needed to retire at 60 (with no Social Security): $1,972,231
• Savings needed to retire at 70 (with no Social Security): $986,115
• Percentage of population 65 years old and older: 21.9%

Maryland

• Annual cost of living comfortably: $101,991
• Savings needed to retire at 60 (with no Social Security): $2,039,812
• Savings needed to retire at 70 (with no Social Security): $1,019,906
• Percentage of population 65 years old and older: 16.3%

Massachusetts

• Annual cost of living comfortably: $136,626
• Savings needed to retire at 60 (with no Social Security): $2,732,517
• Savings needed to retire at 70 (with no Social Security): $1,366,259
• Percentage of population 65 years old and older: 17.5%

Michigan

• Annual cost of living comfortably: $73,780
• Savings needed to retire at 60 (with no Social Security): $1,475,595
• Savings needed to retire at 70 (with no Social Security): $737,797
• Percentage of population 65 years old and older: 18.2%

Minnesota

• Annual cost of living comfortably: $88,321
• Savings needed to retire at 60 (with no Social Security): $1,766,414
• Savings needed to retire at 70 (with no Social Security): $883,207
• Percentage of population 65 years old and older: 16.8%

Mississippi

• Annual cost of living comfortably: $65,523
• Savings needed to retire at 60 (with no Social Security): $1,310,451
• Savings needed to retire at 70 (with no Social Security): $655,226
• Percentage of population 65 years old and older: 16.8%

Missouri

• Annual cost of living comfortably: $73,667
• Savings needed to retire at 60 (with no Social Security): $1,473,335
• Savings needed to retire at 70 (with no Social Security): $736,668
• Percentage of population 65 years old and older: 17.5%

Montana

• Annual cost of living comfortably: $102,916
• Savings needed to retire at 60 (with no Social Security): 2,058,322
• Savings needed to retire at 70 (with no Social Security): $1,029,161
• Percentage of population 65 years old and older: 19.7%

Nebraska

• Annual cost of living comfortably: $76,792
• Savings needed to retire at 60 (with no Social Security): $1,535,846
• Savings needed to retire at 70 (with no Social Security): $767,923
• Percentage of population 65 years old and older: 16.4%

Nevada

• Annual cost of living comfortably: $103,661
• Savings needed to retire at 60 (with no Social Security): $2,073,215
• Savings needed to retire at 70 (with no Social Security): $1,036,607
• Percentage of population 65 years old and older: 16.6%

New Hampshire

• Annual cost of living comfortably: $110,761
• Savings needed to retire at 60 (with no Social Security): $2,215,216
• Savings needed to retire at 70 (with no Social Security): $1,107,608
• Percentage of population 65 years old and older: 19.5%

New Jersey

• Annual cost of living comfortably: $118,338
• Savings needed to retire at 60 (with no Social Security): $2,366,765
• Savings needed to retire at 70 (with no Social Security): $1,183,383
• Percentage of population 65 years old and older: 16.8%

New Mexico

• Annual cost of living comfortably: $81,627
• Savings needed to retire at 60 (with no Social Security): $1,632,542
• Savings needed to retire at 70 (with no Social Security): $816,271
• Percentage of population 65 years old and older: 18.8%

New York

• Annual cost of living comfortably: $105,619
• Savings needed to retire at 60 (with no Social Security): $2,112,384
• Savings needed to retire at 70 (with no Social Security): $1,056,192
• Percentage of population 65 years old and older: 17.4%

North Carolina

• Annual cost of living comfortably: $86,857
• Savings needed to retire at 60 (with no Social Security): $1,737,146
• Savings needed to retire at 70 (with no Social Security): $868,573
• Percentage of population 65 years old and older: 16.9%

North Dakota

• Annual cost of living comfortably: $78,734
• Savings needed to retire at 60 (with no Social Security): $1,574,682
• Savings needed to retire at 70 (with no Social Security): $787,341
• Percentage of population 65 years old and older: 16.2%

Ohio

• Annual cost of living comfortably: $73,120
• Savings needed to retire at 60 (with no Social Security): $1,462,391
• Savings needed to retire at 70 (with no Social Security): $731,195
• Percentage of population 65 years old and older: 17.9%

Oklahoma

• Annual cost of living comfortably: $69,161
• Savings needed to retire at 60 (with no Social Security): $1,383,214
• Savings needed to retire at 70 (with no Social Security): $691,607
• Percentage of population 65 years old and older: 16.1%

Oregon

• Annual cost of living comfortably: $111,541
• Savings needed to retire at 60 (with no Social Security): $2,230,814
• Savings needed to retire at 70 (with no Social Security): $1,115,407
• Percentage of population 65 years old and older: 18.6%

Pennsylvania

• Annual cost of living comfortably: $78,582
• Savings needed to retire at 60 (with no Social Security): $1,571,642
• Savings needed to retire at 70 (with no Social Security): $785,821
• Percentage of population 65 years old and older: 19.1%

Rhode Island

• Annual cost of living comfortably: $109,811
• Savings needed to retire at 60 (with no Social Security): $2,196,222
• Savings needed to retire at 70 (with no Social Security): $1,098,111
• Percentage of population 65 years old and older: 18.3%

South Carolina

• Annual cost of living comfortably: $81,586
• Savings needed to retire at 60 (with no Social Security): $1,631,721
• Savings needed to retire at 70 (with no Social Security): $815,860
• Percentage of population 65 years old and older: 18.5%

South Dakota

• Annual cost of living comfortably: $81,949
• Savings needed to retire at 60 (with no Social Security): $1,638,979
• Savings needed to retire at 70 (with no Social Security): $819,489
• Percentage of population 65 years old and older: 17.6%

Tennessee

• Annual cost of living comfortably: $81,474
• Savings needed to retire at 60 (with no Social Security): $1,629,482
• Savings needed to retire at 70 (with no Social Security): $814,741
• Percentage of population 65 years old and older: 16.8%

Texas

• Annual cost of living comfortably: $81,985
• Savings needed to retire at 60 (with no Social Security): $1,639,693
• Savings needed to retire at 70 (with no Social Security): $819,846
• Percentage of population 65 years old and older: 13.2%

Utah

• Annual cost of living comfortably: $110,623
• Savings needed to retire at 60 (with no Social Security): $2,212,458
• Savings needed to retire at 70 (with no Social Security): $1,106,229
• Percentage of population 65 years old and older: 11.6%

Vermont

• Annual cost of living comfortably: $97,999
• Savings needed to retire at 60 (with no Social Security): $1,959,971
• Savings needed to retire at 70 (with no Social Security): $979,986
• Percentage of population 65 years old and older: 20.8%

Virginia

• Annual cost of living comfortably: $96,141
• Savings needed to retire at 60 (with no Social Security): $1,922,813
• Savings needed to retire at 70 (with no Social Security): $961,406
• Percentage of population 65 years old and older: 16.3%

Washington

• Annual cost of living comfortably: $126,952
• Savings needed to retire at 60 (with no Social Security): $2,539,048
• Savings needed to retire at 70 (with no Social Security): $1,269,524
• Percentage of population 65 years old and older: 16.3%

West Virginia

• Annual cost of living comfortably: $64,715
• Savings needed to retire at 60 (with no Social Security): $1,294,300
• Savings needed to retire at 70 (with no Social Security): $647,150
• Percentage of population 65 years old and older: 20.7%

Wisconsin

• Annual cost of living comfortably: $84,485
• Savings needed to retire at 60 (with no Social Security): $1,689,700
• Savings needed to retire at 70 (with no Social Security): $844,850
• Percentage of population 65 years old and older: 18.0%

Wyoming

• Annual cost of living comfortably: $88,792
• Savings needed to retire at 60 (with no Social Security): $1,775,841
• Savings needed to retire at 70 (with no Social Security): $887,921
• Percentage of population 65 years old and older: 18.0%

GoBanking rates noted in their study that the average full Social Security benefits for one person were sourced from the Social Security Administration's Monthly Snapshot for January 2025.  Researchers used the 50/30/20 rule that says states should not exceed 50% of the household income, the total cost of living was doubled to find the income needed to live comfortably. 

All data was collected on and is up to date as of Feb. 21, 2025.

 

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