Until Death: Here’s How Much You’ll Need to Save to Make It Through Retirement in Your State

Updated:

November 19, 2024

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How long will your retirement last? If only you had a Magic 8 Ball to tell you exactly how much you’ll need to save to retire comfortably through “the end.” Reputable financial advisors will urge you to plan for retirement by considering your longevity — or, to put it bluntly, how long you’re going to live. You could default to using the human lifespans the CDC calculates “at birth.” But this would be a critical error.

Your life expectancy actually increases with age. That means your estimated time on earth is higher at age 65 than it is at birth. Therefore, longevity — true longevity — matters when it comes to retirement planning. If your retirement budget assumes you will live to 79, and you make it to 85, you’ll probably run out of money.

It’s time Americans get more concrete in their retirement planning.

The Centers for Disease Control and Prevention (CDC) and the National Center for Health Statistics report a second, arguably more concrete metric for life expectancy: life expectancy at 65. Your predicted allotted time on earth is actually higher across all states at age 65 than it is at birth. For example, lifespans at 65 are five years higher in Hawaii than they are at birth (85.1 versus 80.7) and a whopping 10 years higher in Mississippi (81.1 versus 70.9). And you must plan accordingly.

To pinpoint the average retirement income you’d need to live comfortably throughout the U.S., Retirement Living considered how much a person spends during retirement and how long they need their funds to last. More specifically, we looked at the following factors:

An individual’s spending (i.e., groceries, healthcare, housing, utilities, transportation, and entertainment) to calculate the annual retirement income needed to cover these living expenses.
Annual expenditures, including discretionary spending. To ensure this retiree can live a comfortable retirement as the costs of everyday living increase over time, we accounted for annual inflation and the cost of living index for each state.
Life expectancy at 65 by state to determine a more accurate measure of the average lifespan of a retiree.

You’ll probably also collect Social Security during retirement. But with Social Security funds expected to run dry starting in 2035, we excluded the funds from the estimated recommended retirement savings. (But, if you were wondering how Social Security fits within your retirement budget, the average retiree can expect to collect an estimated $889,875.21 from Social Security over a 20-year time span.)

Pensions and Social Security aside, it’s worth defining a retirement budget based on longevity and annual spending, localized and adjusted for inflation. We did the math for you. The final product? A definitive, comprehensive look at how much you’ll need to save to make retirement last in every state.

How Much You’ll Need to Retire Comfortably by State

Below you’ll find a breakdown of the recommended annual and total retirement savings you’ll need to save based on your projected 65+ life expectancy and your state.

Alabama

65+ life expectancy (years): 16.6
Lifespan (years): 81.6
Annual expenditures (before inflation): $54,736
Savings needed to make a comfortable retirement last: $1,229,760

Alaska

65+ life expectancy (years): 18.8
Lifespan (years): 83.8
Annual expenditures (before inflation): $77,610
Savings needed to make a comfortable retirement last: $1,933,882

Arizona

65+ life expectancy (years): 18.5
Lifespan (years): 83.5
Annual expenditures (before inflation): $67,196
Savings needed to make a comfortable retirement last: $1,742,202

Arkansas

65+ life expectancy (years): 16.9
Lifespan (years): 81.9
Annual expenditures (before inflation): $55,170
Savings needed to make a comfortable retirement last: $1,248,295

California

65+ life expectancy (years): 19.5
Lifespan (years): 84.5
Annual expenditures (before inflation): $85,855
Savings needed to make a comfortable retirement last: $2,329,065

Colorado

65+ life expectancy (years): 19.0
Lifespan (years): 84.0
Annual expenditures (before inflation): $65,150
Savings needed to make a comfortable retirement last: $1,722,346

Connecticut

65+ life expectancy (years): 19.0
Lifespan (years): 84.0
Annual expenditures (before inflation): $69,924
Savings needed to make a comfortable retirement last: $1,860,620

Delaware

65+ life expectancy (years): 18.4
Lifespan (years): 83.4
Annual expenditures (before inflation): $62,671
Savings needed to make a comfortable retirement last: $1,614,335

Florida

65+ life expectancy (years): 19.2
Lifespan (years): 84.2
Annual expenditures (before inflation): $62,423
Savings needed to make a comfortable retirement last: $1,650,240

Georgia

65+ life expectancy (years): 17.4
Lifespan (years): 82.4
Annual expenditures (before inflation): $56,286
Savings needed to make a comfortable retirement last: $1,346,743

Hawaii

65+ life expectancy (years): 20.1
Lifespan (years): 85.1
Annual expenditures (before inflation): $111,766
Savings needed to make a comfortable retirement last: $3,168,316

Idaho

65+ life expectancy (years): 18.8
Lifespan (years): 83.8
Annual expenditures (before inflation): $61,121
Savings needed to make a comfortable retirement last: $1,553,853

Illinois

65+ life expectancy (years): 18.0
Lifespan (years): 83.0
Annual expenditures (before inflation): $57,092
Savings needed to make a comfortable retirement last: $1,451,419

Indiana

65+ life expectancy (years): 17.3
Lifespan (years): 82.3
Annual expenditures (before inflation): $56,410
Savings needed to make a comfortable retirement last: $1,340,476

Iowa

65+ life expectancy (years): 18.2
Lifespan (years): 83.2
Annual expenditures (before inflation): $55,976
Savings needed to make a comfortable retirement last: $1,404,221

Kansas

65+ life expectancy (years): 17.9
Lifespan (years): 82.9
Annual expenditures (before inflation): $53,992
Savings needed to make a comfortable retirement last: $1,318,375

Kentucky

65+ life expectancy (years): 16.9
Lifespan (years): 81.9
Annual expenditures (before inflation): $57,030
Savings needed to make a comfortable retirement last: $1,281,290

Louisiana

65+ life expectancy (years): 16.6
Lifespan (years): 81.6
Annual expenditures (before inflation): $56,410
Savings needed to make a comfortable retirement last: $1,312,779

Maine

65+ life expectancy (years): 19.0
Lifespan (years): 84.0
Annual expenditures (before inflation): $68,126
Savings needed to make a comfortable retirement last: $1,686,093

Maryland

65+ life expectancy (years): 18.4
Lifespan (years): 83.4
Annual expenditures (before inflation): $72,217
Savings needed to make a comfortable retirement last: $1,835,942

Massachusetts

65+ life expectancy (years): 18.9
Lifespan (years): 83.9
Annual expenditures (before inflation): $90,814
Savings needed to make a comfortable retirement last: $2,400,797

Michigan

65+ life expectancy (years): 17.8
Lifespan (years): 82.8
Annual expenditures (before inflation): $56,162
Savings needed to make a comfortable retirement last: $1,371,352

Minnesota

65+ life expectancy (years): 19.1
Lifespan (years): 84.1
Annual expenditures (before inflation): $58,332
Savings needed to make a comfortable retirement last: $1,531,997

Mississippi

65+ life expectancy (years): 16.1
Lifespan (years): 81.1
Annual expenditures (before inflation): $53,497
Savings needed to make a comfortable retirement last: $1,184,867

Missouri

65+ life expectancy (years): 17.4
Lifespan (years): 82.4
Annual expenditures (before inflation): $54,860
Savings needed to make a comfortable retirement last: $1,312,629

Montana

65+ life expectancy (years): 18.4
Lifespan (years): 83.4
Annual expenditures (before inflation): $63,786
Savings needed to make a comfortable retirement last: $1,600,158

Nebraska

65+ life expectancy (years): 18.3
Lifespan (years): 83.3
Annual expenditures (before inflation): $56,348
Savings needed to make a comfortable retirement last: $1,423,029

Nevada

65+ life expectancy (years): 17.8
Lifespan (years): 82.8
Annual expenditures (before inflation): $62,609
Savings needed to make a comfortable retirement last: $1,508,276

New Hampshire

65+ life expectancy (years): 19.1
Lifespan (years): 84.1
Annual expenditures (before inflation): $70,729
Savings needed to make a comfortable retirement last: $1,798,120

New Jersey

65+ life expectancy (years): 18.2
Lifespan (years): 83.2
Annual expenditures (before inflation): $70,605
Savings needed to make a comfortable retirement last: $1,854,352

New Mexico

65+ life expectancy (years): 18.3
Lifespan (years): 83.3
Annual expenditures (before inflation): $58,270
Savings needed to make a comfortable retirement last: $1,491,163

New York

65+ life expectancy (years): 18.4
Lifespan (years): 83.4
Annual expenditures (before inflation): $78,044
Savings needed to make a comfortable retirement last: $2,090,195

North Carolina

65+ life expectancy (years): 18.0
Lifespan (years): 83.0
Annual expenditures (before inflation): $59,076
Savings needed to make a comfortable retirement last: $1,432,824

North Dakota

65+ life expectancy (years): 18.2
Lifespan (years): 83.2
Annual expenditures (before inflation): $58,642
Savings needed to make a comfortable retirement last: $1,490,816

Ohio

65+ life expectancy (years): 17.5
Lifespan (years): 82.5
Annual expenditures (before inflation): $58,704
Savings needed to make a comfortable retirement last: $1,394,979

Oklahoma

65+ life expectancy (years): 16.6
Lifespan (years): 81.6
Annual expenditures (before inflation): $53,435
Savings needed to make a comfortable retirement last: $1,209,023

Oregon

65+ life expectancy (years): 19.3
Lifespan (years): 84.3
Annual expenditures (before inflation): $71,101
Savings needed to make a comfortable retirement last: $1,819,536

Pennsylvania

65+ life expectancy (years): 18.1
Lifespan (years): 83.1
Annual expenditures (before inflation): $59,261
Savings needed to make a comfortable retirement last: $1,486,639

Rhode Island

65+ life expectancy (years): 18.6
Lifespan (years): 83.6
Annual expenditures (before inflation): $68,622
Savings needed to make a comfortable retirement last: $1,756,082

South Carolina

65+ life expectancy (years): 17.7
Lifespan (years): 82.7
Annual expenditures (before inflation): $59,076
Savings needed to make a comfortable retirement last: $1,432,824

South Dakota

65+ life expectancy (years): 18.3
Lifespan (years): 83.3
Annual expenditures (before inflation): $57,278
Savings needed to make a comfortable retirement last: $1,465,781

Tennessee

65+ life expectancy (years): 17.0
Lifespan (years): 82.0
Annual expenditures (before inflation): $55,976
Savings needed to make a comfortable retirement last: $1,284,357

Texas

65+ life expectancy (years): 17.7
Lifespan (years): 82.7
Annual expenditures (before inflation): $57,464
Savings needed to make a comfortable retirement last: $1,412,544

Utah

65+ life expectancy (years): 18.8
Lifespan (years): 83.8
Annual expenditures (before inflation): $63,973
Savings needed to make a comfortable retirement last: $1,637,106

Vermont

65+ life expectancy (years): 19.5
Lifespan (years): 84.5
Annual expenditures (before inflation): $71,473
Savings needed to make a comfortable retirement last: $1,865,122

Virginia

65+ life expectancy (years): 18.6
Lifespan (years): 83.6
Annual expenditures (before inflation): $63,167
Savings needed to make a comfortable retirement last: $1,584,608

Washington

65+ life expectancy (years): 19.5
Lifespan (years): 84.5
Annual expenditures (before inflation): $71,907
Savings needed to make a comfortable retirement last: $1,864,349

Washington, D.C.

65+ life expectancy (years): 17.7
Lifespan (years): 82.7
Annual expenditures (before inflation): $91,000
Savings needed to make a comfortable retirement last: $2,374,674

West Virginia

65+ life expectancy (years): 17.0
Lifespan (years): 82.0
Annual expenditures (before inflation): $54,364
Savings needed to make a comfortable retirement last: $1,221,404

Wisconsin

65+ life expectancy (years): 18.5
Lifespan (years): 83.5
Annual expenditures (before inflation): $58,952
Savings needed to make a comfortable retirement last: $1,498,696

Wyoming

65+ life expectancy (years): 18.1
Lifespan (years): 83.1
Annual expenditures (before inflation): $57,278
Savings needed to make a comfortable retirement last: $1,417,607

States With the Highest (And Lowest) 65+ Life Expectancies

The CDC marks the national life expectancy rate at 77.5 years as of 2024. But state data proves that this figure varies widely by location. Among the 50 states and Washington, D.C., Hawaii has the highest life expectancy at age 65 (20.1 years), and Mississippi has the lowest (16.1 years).

Seniors should consider the average life expectancy of their state and adjust their retirement savings accordingly. Additional factors, such as lifestyle and family medical history, can also impact this decision.

Highest States	Life Expectancy at Age 65
Hawaii	20.1
California	19.5
Vermont	19.5
Washington	19.5
Oregon	19.3
Lowest States	Life Expectancy at Age 65
Mississippi	16.1
Louisiana	16.6
Oklahoma	16.6
Alabama	16.6
Arkansas	16.9

65+ Life Expectancy by State

States Where You Need the Most (And Least) Retirement Savings

Determining how much money you’ll need to save for retirement can feel like taking a shot in the dark, especially when experts commonly cite numbers like $1 million, $1.5 million, or even $2 million. There are even more “rules of thumbs” and formulas to consider, like costs of living and inflation.

Our data shows that the exact dollar amount you need will depend on several factors; of them, the most important is where you plan to live in your later years. Below are the states where you’ll need the most money to make your retirement last — and the states where you’ll need the least.

States Where You Need the Most Money	Retirement Savings Needed
Hawaii	$3,168,316
Massachusetts	$2,400,797
Washington, D.C.	$2,374,674
California	$2,329,065
New York	$2,090,195
States Where You Need the Least Money	Retirement Savings Needed
Mississippi	$1,184,867
Oklahoma	$1,209,023
West Virginia	$1,221,404
Alabama	$1,229,760
Arkansas	$1,248,295

Retirement Savings by State

Methodology

To determine how much you’ll need to save during retirement in your state, Retirement Living calculated the total cost of expenditures for a retired person in each state by multiplying the average annual expenditures from the latest Consumer Expenditure Survey from the Bureau of Labor Statistics by the 65+ life expectancy rate in each state as reported by the National Center for Health Statistics and the CDC. Retirement Living derived spending estimates from annual spending on (1) groceries, defined as “food”; (2) housing; (3) transportation; (4) healthcare; (5) utilities and discretionary spending defined as (6) apparel and services; (7) entertainment; (8) personal care; (9) reading; (10) education; (11) tobacco products and smoking supplies; and (12) miscellaneous.

To find how much money a retired person would need to live comfortably throughout the duration of their retirement, we adjusted annual expenditures to account for (1) inflation and rising costs of consumer goods using an annualized inflation rate calculated based on reported rates since 2010; and (2) the cost of living index for each state from the Missouri Economic Research and Information Center’s cost of living series.

To determine Social Security earnings over a 20-year period, we applied an annualized cost-of-living adjustment to the average Social Security benefit for retirees as of April 2024, as reported by the Social Security Administration.

All data was collected on and is up to date as of June 2024.

Fair Use Statement

If you found this information on retirement planning and life expectancy interesting, please share it with anyone you’d like for noncommercial purposes only; you must provide a link back to this article so readers can access our full findings and methodology.

Sources:

U.S. Bureau of Labor Statistics Consumer Expenditures
U.S. Department of Health and Human Services; Centers for Disease Control and Prevention; National Center for Health Statistics National Vital Statistics Reports
Missouri Economic Research and Information Center’s Cost of Living Data Series
Social Security Administration Monthly Statistical Snapshot, March 2024