What It Costs to Retire Comfortably in Every State

The average Colorado retiree would need about $1.2 million in savings to live comfortably, which is higher than in 41 states. The relatively high cost of living in the state may help explain why so many Colorado senior citizens continue to work after the traditional retirement age. Among the state’s senior households, 41.5% have wage earnings, compared to the national share of 38.0% of senior households.

Housing costs are high for senior citizens living in Connecticut. The average monthly cost of homeownership among the 65 and older population is $870 without a mortgage and $1,481 with — the second and 13th highest costs, respectively, among states.

Partially as a result, retirement is more expensive in Connecticut than in most other states. Living comfortably for the 20.4 years Connecticut residents live, on average, after age 65, costs an estimated $1.3 million average, more than in all but four other states.

For those who reach age 65 in Delaware, the average life expectancy is 84.4 years. Living out those years in relative comfort will cost an estimated $1.1 million on average — roughly in line with the national average cost of retirement.

Florida’s warm climate makes it an ideal location for many Americans to retire. In fact, more than one in every five residents of the Sunshine State are 65 or older, the second largest share of any state in the country. Residents who are 65 in the state are expected to live to an average of just over 85, about a year longer than the national average.

Due in part to the higher life expectancy, the estimated retirement costs in Florida are $1,186,139, greater than the $1,134,687 national average.

The average life expectancy for Georgia residents at age 65 is 83.5 years, about a year shy of the national average. Additionally, goods and services are 7.5% less expensive in Georgia than they are nationwide. As a result, the average estimated cost of a comfortable retirement in the state is just over $1 million — slightly below the $1.1 million average nationwide.