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.
Minnesota is the only state in the Midwest where retirement is estimated to cost more than it will across the U.S. on average. A comfortable retirement will cost the average 65 year old Minnesota resident an estimated $1,148,938 — $28,500 more than the comparable national average.
High retirement costs in the state are driven largely by life expectancy. In Minnesota, 65 year olds are expected to live another 20.3 years on average, about a year longer than the typical American 65 year old. Housing costs are also relatively high in the state. The typical retirement age homeowner without a mortgage in the state spends just $545 a month on housing, above the comparable $499 monthly median nationwide.
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. |
