Are You on Track for a Comfortable Retirement? Here's How Much Money You Should Save Every Month Depending on Your Age and State.

By / / Business / 11 minutes of reading


Americans believe they’ll need $1.46 million to retire comfortably, according to a Northwestern Mutual study published earlier this year.

Of course, just how far someone’s retirement savings stretch has a lot to do with where they’re spending their golden years.

Related: Are You Actually on Track to Retire Well? A Financial Expert Reveals the Critical Milestones to Hit at Every Age — Plus 3 Common Oversights.

A new study from GOBankingRates determined how much money someone needs to save every month to retire comfortably in each U.S. state based on a retirement age of 65 and life expectancy of 85.

GOBankingRates analyzed data from the U.S. Census American Community Survey, the Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, the Zillow Home Value Index, the Federal Reserve Economic Data and the Social Security Administration to come up with its results.

Related: These Are the ‘Wealthiest and Safest’ Places to Retire in the U.S. None of Them Are in Florida — and 2 States Swept the List.

The study found that retirees need more than $1 million to retire comfortably in nearly half of the U.S., including Hawaii, California, Massachusetts, Washington, New Jersey, Colorado, New York and 16 other states.

Additionally, retirees with less than $500,000 in savings can expect to retire comfortably in just four U.S. states: Louisiana, Arkansas, Mississippi and West Virginia.

Related: What Does It Look Like to Retire Intentionally? 7 Steps to Purposefully Plan for a Fulfilling Future

Check out GOBankingRates’ full state-by-state breakdown of how much people have to save monthly for a comfortable retirement, adjusted for whether they start saving at age 20 or age 30, below:

Alaska

  • Annual cost of a comfortable living: $113,674
  • Cost of 20 years of comfortable retirement: $1,373,083

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,543
  • If you start at age 30: $3,269

Arizona

  • Annual cost of a comfortable living: $104,930
  • Cost of 20 years of comfortable retirement: $1,198,203

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,219
  • If you start at age 30: $2,853

Arkansas

  • Annual cost of a comfortable living: $69,517
  • Cost of 20 years of comfortable retirement: $489,937

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $907
  • If you start at age 30: $1,167

California

  • Annual cost of a comfortable living: $162,045
  • Cost of 20 years of comfortable retirement: $2,340,510

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $4,334
  • If you start at age 30: $5,573

Colorado

  • Annual cost of a comfortable living: $120,778
  • Cost of 20 years of comfortable retirement: $1,515,171

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,806
  • If you start at age 30: $3,608

Connecticut

  • Annual cost of a comfortable living: $110,596
  • Cost of 20 years of comfortable retirement: $1,311,531

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,429
  • If you start at age 30: $3,123

Delaware

  • Annual cost of a comfortable living: $98,685
  • Cost of 20 years of comfortable retirement: $1,073,314

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,988
  • If you start at age 30: $2,556

Florida

  • Annual cost of a comfortable living: $101,626
  • Cost of 20 years of comfortable retirement: $1,132,118

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,097
  • If you start at age 30: $2,696

Georgia

  • Annual cost of a comfortable living: $89,501
  • Cost of 20 years of comfortable retirement: $889,631

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,647
  • If you start at age 30: $2,118

Hawaii

  • Annual cost of a comfortable living: $200,289
  • Cost of 20 years of comfortable retirement: $3,105,384

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $5,751
  • If you start at age 30: $7,394

Idaho

  • Annual cost of a comfortable living: $106,893
  • Cost of 20 years of comfortable retirement: $1,237,471

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,292
  • If you start at age 30: $2,946

Illinois

  • Annual cost of a comfortable living: $83,406
  • Cost of 20 years of comfortable retirement: $767,734

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,422
  • If you start at age 30: $1,828

Indiana

  • Annual cost of a comfortable living: $77,613
  • Cost of 20 years of comfortable retirement: $651,857

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,207
  • If you start at age 30: $1,552

Iowa

  • Annual cost of a comfortable living: $74,527
  • Cost of 20 years of comfortable retirement: $590,147

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,093
  • If you start at age 30: $1,405

Kansas

  • Annual cost of a comfortable living: $74,293
  • Cost of 20 years of comfortable retirement: $585,465

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,084
  • If you start at age 30: $1,394

Kentucky

  • Annual cost of a comfortable living: $72,899
  • Cost of 20 years of comfortable retirement: $557,577

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,033
  • If you start at age 30: $1,328

Louisiana

  • Annual cost of a comfortable living: $69,971
  • Cost of 20 years of comfortable retirement: $499,020

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $924
  • If you start at age 30: $1,188

Maine

  • Annual cost of a comfortable living: $104,397
  • Cost of 20 years of comfortable retirement: $1,187,545

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,199
  • If you start at age 30: $2,827

Maryland

  • Annual cost of a comfortable living: $105,060
  • Cost of 20 years of comfortable retirement: $1,200,803

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,224
  • If you start at age 30: $2,859

Massachusetts

  • Annual cost of a comfortable living: $143,885
  • Cost of 20 years of comfortable retirement: $1,977,309

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $3,662
  • If you start at age 30: $4,708

Michigan

  • Annual cost of a comfortable living: $77,275
  • Cost of 20 years of comfortable retirement: $645,105

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,195
  • If you start at age 30: $1,536

Minnesota

  • Annual cost of a comfortable living: $92,599
  • Cost of 20 years of comfortable retirement: $951,593

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,762
  • If you start at age 30: $2,266

Mississippi

  • Annual cost of a comfortable living: $67,151
  • Cost of 20 years of comfortable retirement: $442,620

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $820
  • If you start at age 30: $1,054

Missouri

  • Annual cost of a comfortable living: $76,431
  • Cost of 20 years of comfortable retirement: $628,219

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,163
  • If you start at age 30: $1,496

Montana

  • Annual cost of a comfortable living: $107,035
  • Cost of 20 years of comfortable retirement: $1,240,305

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,297
  • If you start at age 30: $2,953

Nebraska

  • Annual cost of a comfortable living: $79,958
  • Cost of 20 years of comfortable retirement: $698,758

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,294
  • If you start at age 30: $1,664

Nevada

  • Annual cost of a comfortable living: $106,716
  • Cost of 20 years of comfortable retirement: $1,233,930

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,285
  • If you start at age 30: $2,938

New Hampshire

  • Annual cost of a comfortable living: $118,035
  • Cost of 20 years of comfortable retirement: $1,460,296

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,704
  • If you start at age 30: $3,477

New Jersey

  • Annual cost of a comfortable living: $123,370
  • Cost of 20 years of comfortable retirement: $1,567,009

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,902
  • If you start at age 30: $3,731

New Mexico

  • Annual cost of a comfortable living: $85,305
  • Cost of 20 years of comfortable retirement: $805,701

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,492
  • If you start at age 30: $1,918

New York

  • Annual cost of a comfortable living: $111,328
  • Cost of 20 years of comfortable retirement: $1,326,162

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,456
  • If you start at age 30: $3,158

North Carolina

  • Annual cost of a comfortable living: $90,206
  • Cost of 20 years of comfortable retirement: $903,726

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,674
  • If you start at age 30: $2,152

North Dakota

  • Annual cost of a comfortable living: $80,935
  • Cost of 20 years of comfortable retirement: $718,307

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,330
  • If you start at age 30: $1,710

Ohio

  • Annual cost of a comfortable living: $76,058
  • Cost of 20 years of comfortable retirement: $620,769

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,150
  • If you start at age 30: $1,478

Oklahoma

  • Annual cost of a comfortable living: $72,010
  • Cost of 20 years of comfortable retirement: $539,812

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,000
  • If you start at age 30: $1,285

Oregon

  • Annual cost of a comfortable living: $116,724
  • Cost of 20 years of comfortable retirement: $1,434,094

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,656
  • If you start at age 30: $3,415

Pennsylvania

  • Annual cost of a comfortable living: $81,739
  • Cost of 20 years of comfortable retirement: $734,378

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,360
  • If you start at age 30: $1,749

Rhode Island

  • Annual cost of a comfortable living: $115,926
  • Cost of 20 years of comfortable retirement: $1,418,134

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,626
  • If you start at age 30: $3,377

South Carolina

  • Annual cost of a comfortable living: $84,702
  • Cost of 20 years of comfortable retirement: $793,646

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,470
  • If you start at age 30: $1,890

South Dakota

  • Annual cost of a comfortable living: $85,827
  • Cost of 20 years of comfortable retirement: $816,151

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,511
  • If you start at age 30: $1,943

Tennessee

  • Annual cost of a comfortable living: $84,451
  • Cost of 20 years of comfortable retirement: $788,630

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,460
  • If you start at age 30: $1,878

Texas

  • Annual cost of a comfortable living: $85,459
  • Cost of 20 years of comfortable retirement: $808,779

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,498
  • If you start at age 30: $1,926

Utah

  • Annual cost of a comfortable living: $117,038
  • Cost of 20 years of comfortable retirement: $1,440,357

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,667
  • If you start at age 30: $3,429

Vermont

  • Annual cost of a comfortable living: $103,361
  • Cost of 20 years of comfortable retirement: $1,166,822

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,161
  • If you start at age 30: $2,778

Virginia

  • Annual cost of a comfortable living: $100,213
  • Cost of 20 years of comfortable retirement: $1,103,871

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $2,044
  • If you start at age 30: $2,628

Washington

  • Annual cost of a comfortable living: $132,485
  • Cost of 20 years of comfortable retirement: $1,749,300

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $3,239
  • If you start at age 30: $4,165

West Virginia

  • Annual cost of a comfortable living: $66,745
  • Cost of 20 years of comfortable retirement: $434,501

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $805
  • If you start at age 30: $1,035

Wisconsin

  • Annual cost of a comfortable living: $87,554
  • Cost of 20 years of comfortable retirement: $850,695

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,575
  • If you start at age 30: $2,025

Wyoming

  • Annual cost of a comfortable living: $92,488
  • Cost of 20 years of comfortable retirement: $949,365

How much you need to save monthly for 20 years of comfortable retirement (through age 85):

  • If you start at age 20: $1,758
  • If you start at age 30: $2,260



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About The Author

Avatar of Kelsey Fox
Kelsey Fox is a news writer for Australia Bulletin, where she covers politics, health, business, parenting, and finance. She grew up in the suburbs of Sydney, Australia. In her free time, you can find her hiking in the woods or exploring new restaurants with friends.

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