How much retirement income you may need across the US, state by state

Many Americans spend decades building retirement savings, but the amount needed for a comfortable life after work varies widely by state.

Data from the MIT Living Wage Calculator outlines the annual income retirees may need in each state to get by in their later years.

Where you live has a major impact on retirement costs, since housing, taxes, insurance and everyday expenses differ sharply from one state to another.

Hawaii and California stand out as two of the most expensive places to retire.

In Hawaii, the calculator says a single adult with no children would need to earn $31.01 an hour, or about $64,500 a year, to support themselves.

Applying the 4% rule, which assumes retirees withdraw 4% of their savings each year, that would translate to roughly $1.61 million in savings.

California is not far behind, with a required annual income of about $63,400 for one person.

That implies a retirement nest egg of around $1.59 million for a single adult without children.

North Carolina falls in the middle of the pack. The state’s living wage estimate for one adult is $46,745 a year, which would call for roughly $1.17 million in savings under the 4% rule.

By contrast, West Virginia is among the least expensive retirement destinations.

There, residents need to earn $19.53 an hour, or about $40,600 a year, to cover their needs.

Using the same 4% formula, that would mean saving about $1.02 million for retirement.

The total you need will also shift depending on your marital status and whether you have children.

The MIT Living Wage Calculator should be treated as a starting point rather than a guarantee. It can help estimate basic housing and living costs, but other expenses can quickly push the total higher.

Travel, for instance, can add significantly to spending, as can higher property taxes, insurance bills, unexpected medical costs and inflation.

Monthly Social Security payments may help offset some of those expenses and reduce the amount you need to draw from savings.