Minimum savings needed to retire at 65 in every U.S. state

Daily living expenses play a significant role in how much money you need to retire.

A new state-by-state analysis from the personal finance website GOBanking Rates It shows that the estimated total savings needed to retire at age 65 can vary by up to $1.46 million, depending on where you live.

In Hawaii, retirees who stop working at age 65 need about $2.2 million to cover basic living expenses, including housing, food, transportation, utilities and healthcare costs for 25 years. This is the highest estimated minimum of any state. By comparison, Oklahoma has the lowest estimated total amount to cover the same basic costs at $735,284.

The analysis is based on the average cost of living for retirees ages 65 and older in each state, based on the most recent data published by the U.S. Bureau of Labor Statistics. From there, GOBankingRates subtracted average Social Security payments and estimated the savings needed to cover remaining expenses using a 4% annual withdrawal rate.

The resulting figures provide a basis for covering essential costs and do not take into account discretionary expenses such as travel, meals or entertainment. Additionally, the estimates do not take into account factors such as inflation, lifestyle changes or unexpected costs.

Housing is the biggest factor in annual retirement costs, as it varies by about $30,000 per year between states. The study finds that utilities and health care costs can run up to $5,000 annually.

Here’s a look at the minimum savings required to retire at age 65 in each state, in alphabetical order.

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