Annual spending to ensure a comfortable retirement
Alabama: $55,425.11
Alaska: $80,877.32
Arizona: $60,503.17
Arkansas: $54,743.91
California: $85,893.44
Colorado: $65,333.51
Connecticut: $79,762.62
Delaware: $65,643.15
District of Columbia: $100,879.90
Florida: $61,246.30
Georgia: $56,477.88
Hawaii: $117,724.18
Idaho: $58,335.71
Illinois: $59,264.62
Indiana: $55,796.68
Iowa: $56,849.45
Kansas: $55,548.97
Kentucky: $56,849.45
Louisiana: $57,964.14
Maine: $72,579.03
Maryland: $81,310.81
Massachusetts: $82,859.00
Michigan: $55,301.26
Minnesota: $62,856.41
Mississippi: $53,071.87
Missouri: $54,991.62
Montana: $64,404.60
Nebraska: $57,778.36
Nevada: $67,067.48
New Hampshire: $67,686.76
New Jersey: $75,861.19
New Mexico: $57,468.72
New York: $84,035.62
North Carolina: $58,211.85
North Dakota: $61,122.44
Ohio: $57,468.72
Oklahoma: $54,558.13
Oregon: $81,248.88
Pennsylvania: $61,060.52
Rhode Island: $75,861.19
South Carolina: $60,874.73
South Dakota: $60,998.59
Tennessee: $55,425.11
Texas: $56,539.81
Utah: $60,812.81
Vermont: $73,507.94
Virginia: $63,166.05
Washington: $67,810.61
West Virginia: $58,645.34
Wisconsin: $59,326.55
Wyoming: $56,044.39
Source: GoBankingRates
According to data from the Bureau of Labor Statistics, the average over-65 household will spend nearly $50,000 a year. The biggest chunk of that is on housing at more than $16,000 a year, but health care is high on the list too (about $6,600), as is transportation ($7,500) and groceries ($3,815). (Of course, people who have paid off their mortgage can dramatically slash this amount, and there are other ways to save as well.)
Of course, these are statewide figures, so it may be that certain cities in the state where it’s pricier to retire in than others. For example, someone looking to retire in San Francisco is probably going to spend more than a person in other spots in the state.