For many retirees, relying only on Social Security has become a major source of financial strain. That much is clear. But what does it take to retire comfortably? And how much should you have saved?
The amount can vary widely depending on where you live. Basic costs like housing, groceries, healthcare, transportation and utilities can make both the cost of living and the cost of retiring on a fixed income look very different from one state to another.
With that in mind, MoneyLion took a close look at what comfortable retirement savings really look like, and how much money you may need in your nest egg to reach that goal.
Key Findings
Whether you are deciding if retirement is financially possible now or trying to estimate how much more you need to save, looking at retirement costs by state can provide useful context. A few of the main takeaways are below:
Only Alaska, Maryland and California have a mean retirement income, among households that receive it, above $40,000 a year.
Average mortgage payments are lowest in West Virginia and Mississippi, where both come in below $1,200 a month.
If saving does not begin until age 45, more than $5,000 a month would be needed to retire at 65 without counting Social Security benefits in Hawaii, California, Massachusetts, Washington and New Jersey.
For comparison, the average monthly Social Security retirement payment is about $2,088. Even so, that amount would not fully cover retirement expenses in any state for someone aiming to maintain a specific lifestyle.
Below is a state-by-state look at how much a comfortable retirement costs, ranked from the highest to the lowest estimated total cost of living.
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