How much do you need to retire? A state-by-state breakdown

A new study highlights the growing affordability challenges facing retirees, finding the cost of living in retirement varies widely depending on where Americans choose to spend their golden years.

A MoneyLion study examined how much Americans would need to save each month to retire comfortably in every state, factoring in average retiree household expenses, Social Security income and the age at which a person starts saving for retirement.

What they're saying:

"Two of the biggest expenses a retiree needs to look into are the state income taxes and real estate property taxes that will factor into your budget. It's also why so many people are moving out of places like California and New York, because, beyond the cost of living, it's very expensive from a taxation perspective," Ted Jenkin, managing partner at Exit Wealth Advisors, told FOX Business.

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"There's a reason beyond the weather for why retirees are moving from high-tax states," Thomas Aiello, National Taxpayers Union vice president of federal affairs, told FOX Business. "Places like Florida, Texas, and Tennessee offer no state income tax, no estate ("death") tax, relatively low property taxes, and a policy environment generally more favorable to taxpayers. That can result in thousands of dollars in annual tax savings compared to New York, California or Illinois."

By the numbers:

The report found Hawaii was the most expensive state for retirees, with annual living costs estimated at $90,752 for basic necessities and $181,505 for a more comfortable retirement lifestyle. After factoring in Social Security income, MoneyLion estimated retirees in Hawaii would still need about $156,610 annually to live comfortably.

To reach that goal, someone starting to save at age 20 would need to put away about $5,800 per month over 45 years before retiring at 65, assuming they receive Social Security benefits. For someone who waits until age 30 to begin saving, the required monthly contribution jumps to $7,458. Without Social Security income, those savings targets increase to $6,722 and $8,643 per month, respectively.

California ranked as the second-most expensive state for retirees. MoneyLion estimated retirees there face annual costs of $73,387 for necessities and $121,879 for a comfortable retirement after accounting for Social Security income. Californians starting to save at age 20 would need to set aside about $4,514 per month, while those beginning at age 30 would need to save $5,804 monthly. Without Social Security benefits, those figures rise to $5,436 and $6,989, respectively.

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At the other end of the spectrum, West Virginia was the least expensive state analyzed in the study. The state’s annual cost of living for retirees was estimated at $29,059 for necessities, while a comfortable retirement would cost about $58,117 annually, or roughly $33,223 after factoring in Social Security income. To meet those retirement goals, someone beginning to save at age 20 would need to put away about $1,230 per month, while someone starting at age 30 would need to save $1,582 monthly. Without Social Security income, those monthly savings targets increase to $2,152 and $2,767, respectively.

Several states that have attracted retirees in recent years landed closer to the middle of the rankings. Tennessee and Texas, for example, each had annual necessities costs slightly above $38,300, while the estimated cost for a comfortable retirement topped $76,000, or more than $51,300 after accounting for Social Security income.

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Methodology:

MoneyLion used data from the U.S. Census Bureau, Bureau of Labor Statistics, Zillow and other federal economic sources to estimate retirement living costs in each state. The analysis factored in household expenses, housing costs, mortgage rates, Social Security income and state cost-of-living indexes to calculate both basic and comfortable retirement costs. Researchers then estimated how much people would need to save each month if they started saving at age 20 or 30 and retired at age 65, assuming a 20-year retirement through age 85. The data was current as of Feb. 11, 2026.