By Leada Gore
al.com
(TNS)
Social Security is the primary source of income for millions of people.
As of April, some 73.9 million people—more than a fifth of the entire U.S. population—receive benefits from at least one of Social Security’s programs, according to a Pew Research Center analysis. The vast majority of recipients, 52.6 million people, are retirees who receive an average of $1,997 each month.
According to Pew, in 2022, Social Security made up at least half of total personal income for 38.3 million people, or 63.2% of adult recipients. For 26.5 million people—43.6% of recipients—it accounted for three-quarters of their income, while for another 16.4 million, or 27%, Social Security was their only source of income.
But what if Social Security wasn’t an option? How much would you need to cover the cost of living in retirement?
GoBankingRates recently completed a study that compiled the cost of retirement across all 50 states. The analysis used a life expectancy of 80 and defined “comfortable retirement” as one in which you would have double the funds needed to cover the expected cost of living.
The cost of living in each state is the key factor in how much you need in retirement.
In Alabama, the annual cost of living comfortably was estimated to be $70,492. The savings needed to retire at age 60 with no Social Security was $1.409 million; the savings needed to retire at age 70 with no Social Security was $704,919.
Here are the savings needed in the other 49 states, assuming no Social Security benefits. You can see the dollar amount needed to live comfortable in each state here.
Alaska
- Savings needed to retire at 60 (with no Social Security): $2,209,137
- Savings needed to retire at 70 (with no Social Security): $1,104,569
Arizona
- Savings needed to retire at 60 (with no Social Security): $2,005,627
- Savings needed to retire at 70 (with no Social Security): $1,002,814
Arkansas
- Savings needed to retire at 60 (with no Social Security): $1,350,045
- Savings needed to retire at 70 (with no Social Security): $675,022
California
- Savings needed to retire at 60 (with no Social Security): $3,102,333
- Savings needed to retire at 70 (with no Social Security): $1,551,166
Colorado
- Savings needed to retire at 60 (with no Social Security): $2,294,882
- Savings needed to retire at 70 (with no Social Security): $1,147,441
Connecticut
- Savings needed to retire at 60 (with no Social Security): $2,108,563
- Savings needed to retire at 70 (with no Social Security): $1,054,281
Delaware
- Savings needed to retire at 60 (with no Social Security): $1,887,834
- Savings needed to retire at 70 (with no Social Security): $943,917
Florida
- Savings needed to retire at 60 (with no Social Security): $1,942,374
- Savings needed to retire at 70 (with no Social Security): $971,187
Georgia
- Savings needed to retire at 60 (with no Social Security): $1,720,096
- Savings needed to retire at 70 (with no Social Security): $860,048
Hawaii
- Savings needed to retire at 60 (with no Social Security): $3,721,237
- Savings needed to retire at 70 (with no Social Security): $1,860,618
Idaho
- Savings needed to retire at 60 (with no Social Security): $2,038,236
- Savings needed to retire at 70 (with no Social Security): $1,019,118
Illinois
- Savings needed to retire at 60 (with no Social Security): $1,594,716
- Savings needed to retire at 70 (with no Social Security): $797,358
Indiana
- Savings needed to retire at 60 (with no Social Security): $1,480,575
- Savings needed to retire at 70 (with no Social Security): $740,288
Iowa
- Savings needed to retire at 60 (with no Social Security): $1,427,463
- Savings needed to retire at 70 (with no Social Security): $713,731
Kansas
- Savings needed to retire at 60 (with no Social Security): $1,430,672
- Savings needed to retire at 70 (with no Social Security): $715,336
Kentucky
- Savings needed to retire at 60 (with no Social Security): $1,428,204
- Savings needed to retire at 70 (with no Social Security): $714,102
Louisiana
- Savings needed to retire at 60 (with no Social Security): $1,349,639
- Savings needed to retire at 70 (with no Social Security): $674,820
Maine
- Savings needed to retire at 60 (with no Social Security): $1,972,231
- Savings needed to retire at 70 (with no Social Security): $986,115
Maryland
- Savings needed to retire at 60 (with no Social Security): $2,039,812
- Savings needed to retire at 70 (with no Social Security): $1,019,906
Massachusetts
- Savings needed to retire at 60 (with no Social Security): $2,732,517
- Savings needed to retire at 70 (with no Social Security): $1,366,259
Michigan
- Savings needed to retire at 60 (with no Social Security): $1,475,595
- Savings needed to retire at 70 (with no Social Security): $737,797
Minnesota
- Savings needed to retire at 60 (with no Social Security): $1,766,414
- Savings needed to retire at 70 (with no Social Security): $883,207
Mississippi
- Savings needed to retire at 60 (with no Social Security): $1,310,451
- Savings needed to retire at 70 (with no Social Security): $655,226
Missouri
- Savings needed to retire at 60 (with no Social Security): $1,473,335
- Savings needed to retire at 70 (with no Social Security): $736,668
Montana
- Savings needed to retire at 60 (with no Social Security): 2,058,322
- Savings needed to retire at 70 (with no Social Security): $1,029,161
Nebraska
- Savings needed to retire at 60 (with no Social Security): $1,535,846
- Savings needed to retire at 70 (with no Social Security): $767,923
Nevada
- Savings needed to retire at 60 (with no Social Security): $2,073,215
- Savings needed to retire at 70 (with no Social Security): $1,036,607
New Hampshire
- Savings needed to retire at 60 (with no Social Security): $2,215,216
- Savings needed to retire at 70 (with no Social Security): $1,107,608
New Jersey
- Savings needed to retire at 60 (with no Social Security): $2,366,765
- Savings needed to retire at 70 (with no Social Security): $1,183,383
New Mexico
- Savings needed to retire at 60 (with no Social Security): $1,632,542
- Savings needed to retire at 70 (with no Social Security): $816,271
New York
- Savings needed to retire at 60 (with no Social Security): $2,112,384
- Savings needed to retire at 70 (with no Social Security): $1,056,192
North Carolina
- Savings needed to retire at 60 (with no Social Security): $1,737,146
- Savings needed to retire at 70 (with no Social Security): $868,573
North Dakota
- Savings needed to retire at 60 (with no Social Security): $1,574,682
- Savings needed to retire at 70 (with no Social Security): $787,341
Ohio
- Savings needed to retire at 60 (with no Social Security): $1,462,391
- Savings needed to retire at 70 (with no Social Security): $731,195
Oklahoma
- Savings needed to retire at 60 (with no Social Security): $1,383,214
- Savings needed to retire at 70 (with no Social Security): $691,607
Oregon
- Savings needed to retire at 60 (with no Social Security): $2,230,814
- Savings needed to retire at 70 (with no Social Security): $1,115,407
Pennsylvania
- Savings needed to retire at 60 (with no Social Security): $1,571,642
- Savings needed to retire at 70 (with no Social Security): $785,821
Rhode Island
- Savings needed to retire at 60 (with no Social Security): $2,196,222
- Savings needed to retire at 70 (with no Social Security): $1,098,111
South Carolina
- Savings needed to retire at 60 (with no Social Security): $1,631,721
- Savings needed to retire at 70 (with no Social Security): $815,860
South Dakota
- Savings needed to retire at 60 (with no Social Security): $1,638,979
- Savings needed to retire at 70 (with no Social Security): $819,489
Tennessee
- Savings needed to retire at 60 (with no Social Security): $1,629,482
- Savings needed to retire at 70 (with no Social Security): $814,741
Texas
- Savings needed to retire at 60 (with no Social Security): $1,639,693
- Savings needed to retire at 70 (with no Social Security): $819,846
Utah
- Savings needed to retire at 60 (with no Social Security): $2,212,458
- Savings needed to retire at 70 (with no Social Security): $1,106,229
Vermont
- Savings needed to retire at 60 (with no Social Security): $1,959,971
- Savings needed to retire at 70 (with no Social Security): $979,986
Virginia
- Savings needed to retire at 60 (with no Social Security): $1,922,813
- Savings needed to retire at 70 (with no Social Security): $961,406
Washington
- Savings needed to retire at 60 (with no Social Security): $2,539,048
- Savings needed to retire at 70 (with no Social Security): $1,269,524
West Virginia
- Savings needed to retire at 60 (with no Social Security): $1,294,300
- Savings needed to retire at 70 (with no Social Security): $647,150
Wisconsin
- Savings needed to retire at 60 (with no Social Security): $1,689,700
- Savings needed to retire at 70 (with no Social Security): $844,850
Wyoming
- Savings needed to retire at 60 (with no Social Security): $1,775,841
- Savings needed to retire at 70 (with no Social Security): $887,921
You can see the complete analysis here.
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Tags: Benefits, Payroll, retirement, Social Security
