Retirement Costs Vary Widely: From $40K in West Virginia to $64K in Hawaii
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Households around the country are facing financial stress amid persistent inflation, and retirees facing rising expenses need to ensure their income streams can cover costs.Americans derive their retirement income from a variety of sources, which can include personal retirement savings, such as through a 401(k) plan or IRA, as well as annuities, pension plans, and Social Security benefits.The average annual Social Security benefit amounts to $24,852, based on the monthly average of $2,071 reported by the Social Security Administration in January 2026.A new analysis by MoneyLion that utilized data from the MIT Living Wage Calculator estimated the annual income required to retire comfortably in each state, which ranges from a high of $64,504 in Hawaii to a low of $40,627 in West Virginia.Here’s a look at the state-by-state breakdown of the annual income a single adult without children would need to retire comfortably, according to MoneyLion’s analysis of the MIT Living Wage Calculator.Households around the country are facing financial stress amid persistent inflation, and retirees facing rising expenses need to ensure their income streams can cover costs.Income requirements by state
Alabama: $43,814
Alaska: $51,965
Arizona: $50,900
Arkansas: $41,615
California: $63,402
Colorado: $54,071
Connecticut: $54,178
Delaware: $49,484
Florida: $50,117
Georgia: $50,351
Hawaii: $64,504
Idaho: $49,091
Illinois: $50,796
Americans derive their retirement income from a variety of sources, which can include personal retirement savings, such as through a 401(k) plan or IRA, as well as annuities, pension plans, and Social Security benefits. OnPoint/peopleimages.com – stock.adobe.com
Indiana: $45,326
Iowa: $44,273
Kansas: $44,994
Kentucky: $42,040
Louisiana: $42,378
Maine: $51,465
Maryland: $53,949
Massachusetts: $63,610
Michigan: $45,914
Minnesota: $48,475
Mississippi: $43,025
Missouri: $44,244
Montana: $50,409
Nebraska: $45,241
Nevada: $50,259
New Hampshire: $53,604
New Jersey: $56,884
New Mexico: $45,607
New York: $62,167
North Carolina: $46,745
North Dakota: $42,874
Ohio: $43,674
Oklahoma: $43,119
Oregon: $55,047
Pennsylvania: $48,515
Rhode Island: $52,024
South Carolina: $46,469
The average annual Social Security benefit amounts to $24,852, based on the monthly average of $2,071 reported by the Social Security Administration in January 2026. JohnKwan – stock.adobe.com
South Dakota: $42,706
Tennessee: $44,959
Texas: $45,290
Utah: $51,407
Vermont: $51,831
Virginia: $53,505
Washington: $55,316
West Virginia: $40,627
Wisconsin: $45,504
Wyoming: $44,614