by Mike Winters
While U.S. retirees might move states to be closer to family or for warmer weather, living costs can be a big factor, too.
The annual cost to retire comfortably varies by as much as $66,000 between states — with Hawaii costing the most by far — according to a recent GOBankingRates analysis of retirement expenses in all 50 states and the District of Columbia.
To determine the annual retirement costs for Americans aged 65 and older in each state, the study used Bureau of Labor Statistics estimates for food, shelter, transportation, health care and utility costs. An additional cash buffer of 20% of that total was added to ensure that retirees would be “comfortable,” according to the study.
You’ll need six figures per year to retire comfortably in Hawaii
Hawaii has the highest annual retirement expenses in the country, costing retirees an estimated $121,228 annually. It’s also the only state or district where retirees need to spend six figures.
The Aloha state’s cost of living is high for all residents largely due to higher transportation expenditures, as most goods are shipped in by sea. Those extra costs are passed on to consumers through higher-priced goods. Land in Hawaii is both desirable and limited, which accounts for some of the highest housing costs in the country.
Hawaii contrasts sharply with Mississippi, which has the lowest retirement expenses in the country, costing retirees $55,074 annually.
In Mississippi, home prices and property taxes are among the lowest in the U.S., which helps keep retirement costs low.
As with Mississippi, states with the lowest retirement costs tend to be rural. Such states include Alabama, Oklahoma, Iowa and West Virginia. In rural states, home prices tend to be cheaper compared to states with large urban hubs where homes are in greater demand.
Below are the annual retirement expenses for all states, in alphabetical order.
Alabama
- Total expenditures: $45,415
- 20% comfort buffer: $11,354
- Cost of a comfortable retirement annually: $56,769
Alaska
- Total expenditures: $65,437
- 20% comfort buffer: $16,359
- Cost of a comfortable retirement annually: $81,796
Arizona
- Total expenditures: $56,312
- 20% comfort buffer: $14,078
- Cost of a comfortable retirement annually: $70,390
Arkansas
- Total expenditures: $47,083
- 20% comfort buffer: $11,771
- Cost of a comfortable retirement annually: $58,854
California
- Total expenditures: $72,320
- 20% comfort buffer: $18,080
- Cost of a comfortable retirement annually: $90,399
Colorado
- Total expenditures: $54,852
- 20% comfort buffer: $13,713
- Cost of a comfortable retirement annually: $68,565
Connecticut
- Total expenditures: $60,171
- 20% comfort buffer: $15,043
- Cost of a comfortable retirement annually: $75,213
Delaware
- Total expenditures: $54,957
- 20% comfort buffer: $13,739
- Cost of a comfortable retirement annually: $68,696
District of Columbia
- Total expenditures: $79,984
- 20% comfort buffer: $19,996
- Cost of a comfortable retirement annually: $99,980
Florida
- Total expenditures: $54,487
- 20% comfort buffer: $13,622
- Cost of a comfortable retirement annually: $68,109
Georgia
- Total expenditures: $46,353
- 20% comfort buffer: $11,588
- Cost of a comfortable retirement annually: $57,942
Hawaii
- Total expenditures: $96,982
- 20% comfort buffer: $24,246
- Cost of a comfortable retirement annually: $121,228
Idaho
- Total expenditures: $51,567
- 20% comfort buffer: $12,892
- Cost of a comfortable retirement annually: $64,459
Illinois
- Total expenditures: $47,918
- 20% comfort buffer: $11,979
- Cost of a comfortable retirement annually: $59,897
Indiana
- Total expenditures: $47,031
- 20% comfort buffer: $11,758
- Cost of a comfortable retirement annually: $58,789
Iowa
- Total expenditures: $45,988
- 20% comfort buffer: $11,497
- Cost of a comfortable retirement annually: $57,485
Kansas
- Total expenditures: $45,519
- 20% comfort buffer: $11,380
- Cost of a comfortable retirement annually: $56,899
Kentucky
- Total expenditures: $48,387
- 20% comfort buffer: $12,097
- Cost of a comfortable retirement annually: $60,484
Louisiana
- Total expenditures: $48,752
- 20% comfort buffer: $12,188
- Cost of a comfortable retirement annually: $60,940
Maine
- Total expenditures: $59,701
- 20% comfort buffer: $14,925
- Cost of a comfortable retirement annually: $74,627
Maryland
- Total expenditures: $64,707
- 20% comfort buffer: $16,177
- Cost of a comfortable retirement annually: $80,884
Massachusetts
- Total expenditures: $78,159
- 20% comfort buffer: $19,540
- Cost of a comfortable retirement annually: $97,699
Michigan
- Total expenditures: $47,813
- 20% comfort buffer: $11,953
- Cost of a comfortable retirement annually: $59,767
Minnesota
- Total expenditures: $49,586
- 20% comfort buffer: $12,397
- Cost of a comfortable retirement annually: $61,983
Mississippi
- Total expenditures: $44,059
- 20% comfort buffer: $11,015
- Cost of a comfortable retirement annually: $55,074
Missouri
- Total expenditures: $46,979
- 20% comfort buffer: $11,745
- Cost of a comfortable retirement annually: $58,724
Montana
- Total expenditures: $54,904
- 20% comfort buffer: $13,726
- Cost of a comfortable retirement annually: $68,631
Nebraska
- Total expenditures: $47,500
- 20% comfort buffer: $11,875
- Cost of a comfortable retirement annually: $59,376
Nevada
- Total expenditures: $53,132
- 20% comfort buffer: $13,283
- Cost of a comfortable retirement annually: $66,415
New Hampshire
- Total expenditures: $59,806
- 20% comfort buffer: $14,951
- Cost of a comfortable retirement annually: $74,757
New Jersey
- Total expenditures: $59,441
- 20% comfort buffer: $14,860
- Cost of a comfortable retirement annually: $74,301
New Mexico
- Total expenditures: $48,908
- 20% comfort buffer: $12,227
- Cost of a comfortable retirement annually: $61,135
New York
- Total expenditures: $70,755
- 20% comfort buffer: $17,689
- Cost of a comfortable retirement annually: $88,444
North Carolina
- Total expenditures: $50,525
- 20% comfort buffer: $12,631
- Cost of a comfortable retirement annually: $63,156
North Dakota
- Total expenditures: $50,785
- 20% comfort buffer: $12,696
- Cost of a comfortable retirement annually: $63,482
Ohio
- Total expenditures: $46,614
- 20% comfort buffer: $11,654
- Cost of a comfortable retirement annually: $58,268
Oklahoma
- Total expenditures: $45,206
- 20% comfort buffer: $11,302
- Cost of a comfortable retirement annually: $56,508
Oregon
- Total expenditures: $63,716
- 20% comfort buffer: $15,929
- Cost of a comfortable retirement annually: $79,645
Pennsylvania
- Total expenditures: $51,202
- 20% comfort buffer: $12,801
- Cost of a comfortable retirement annually: $64,003
Rhode Island
- Total expenditures: $57,981
- 20% comfort buffer: $14,495
- Cost of a comfortable retirement annually: $72,476
South Carolina
- Total expenditures: $50,212
- 20% comfort buffer: $12,553
- Cost of a comfortable retirement annually: $62,765
South Dakota
- Total expenditures: $50,108
- 20% comfort buffer: $12,527
- Cost of a comfortable retirement annually: $62,634
Tennessee
- Total expenditures: $47,083
- 20% comfort buffer: $11,771
- Cost of a comfortable retirement annually: $58,854
Texas
- Total expenditures: $48,283
- 20% comfort buffer: $12,071
- Cost of a comfortable retirement annually: $60,353
Utah
- Total expenditures: $53,184
- 20% comfort buffer: $13,296
- Cost of a comfortable retirement annually: $66,480
Vermont
- Total expenditures: $60,692
- 20% comfort buffer: $15,173
- Cost of a comfortable retirement annually: $75,865
Virginia
- Total expenditures: $53,236
- 20% comfort buffer: $13,309
- Cost of a comfortable retirement annually: $66,545
Washington
- Total expenditures: $59,441
- 20% comfort buffer: $14,860
- Cost of a comfortable retirement annually: $74,301
West Virginia
- Total expenditures: $46,823
- 20% comfort buffer: $11,706
- Cost of a comfortable retirement annually: $58,528
Wisconsin
- Total expenditures: $48,960
- 20% comfort buffer: $12,240
- Cost of a comfortable retirement annually: $61,200
Wyoming
- Total expenditures: $47,792
- 20% comfort buffer: $11,948
- Cost of a comfortable retirement annually: $59,741