A 2019 report from the Federal Reserve found that nearly one in every four American adults have no retirement savings. During the economic crisis brought on by the COVID-19 pandemic, that share has likely grown. Despite stimulus payments and enhanced unemployment benefits, millions of Americans have reduced retirement account contributions or stopped them entirely — some have even been forced to make withdrawals. Here is what you can do if the coronavirus is threatening your retirement.
At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year. Multiply those figures, and add in a little extra for unforeseen expenses and additional financial security, and a comfortable retirement costs an estimated $1,120,408 in the United States.
Ohio is the least expensive state in the Midwest to retire and the eighth least expensive state nationwide. For the average 65 year old in the state, a comfortable retirement is projected to cost an estimated $929,176, about $191,200 less than it would cost the typical 65 year old American.
Retirees in the Buckeye State benefit from a low cost of living. Goods and services in the state are 11.6% less expensive on average than they are nationwide.
State level calculations in this story are based on the average annual expenditure of $50,220 for Americans 65 years and older in 2019, as reported in the BLS Consumer Expenditure Survey. This figure is adjusted by state to account for both cost of living and life expectancy at age 65, and then multiplied by 115% in order to reflect greater financial stability and comfort in retirement. All data in this story is from the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Institute for Health Metrics and Evaluation.
| Rank | State | How much you need to comfortably retire | Life expectancy at age 65 (yrs.) | Cost of living |
|---|---|---|---|---|
| 1 | Hawaii | $1,481,336 | 86.5 | 19.3% more than avg. |
| 2 | California | $1,391,547 | 85.7 | 16.4% more than avg. |
| 3 | New York | $1,383,635 | 85.6 | 16.3% more than avg. |
| 4 | New Jersey | $1,359,968 | 85.3 | 16.0% more than avg. |
| 5 | Massachusetts | $1,268,810 | 84.9 | 10.4% more than avg. |
| 6 | Washington | $1,245,825 | 84.9 | 8.4% more than avg. |
| 7 | Connecticut | $1,237,069 | 85.4 | 5.0% more than avg. |
| 8 | Maryland | $1,219,120 | 84.6 | 7.7% more than avg. |
| 9 | Florida | $1,184,110 | 85.3 | 1% more than avg. |
| 10 | New Hampshire | $1,180,933 | 84.2 | 6.5% more than avg. |
| 11 | Vermont | $1,178,958 | 84.8 | 3.1% more than avg. |
| 12 | Colorado | $1,177,006 | 85.0 | 1.9% more than avg. |
| 13 | Alaska | $1,159,339 | 84.1 | 5.1% more than avg. |
| 14 | Oregon | $1,150,960 | 84.5 | 2.2% more than avg. |
| 15 | Minnesota | $1,148,938 | 85.3 | 2.0% less than avg. |
| 16 | Rhode Island | $1,146,674 | 84.6 | 1.3% more than avg. |
| 17 | Virginia | $1,140,824 | 84.5 | 1.3% more than avg. |
| 18 | Arizona | $1,117,884 | 85.1 | 3.7% less than avg. |
| 19 | Delaware | $1,113,686 | 84.4 | 0.6% less than avg. |
| 20 | Illinois | $1,096,903 | 84.5 | 2.6% less than avg. |
| 21 | Utah | $1,086,767 | 84.5 | 3.5% less than avg. |
| 22 | Maine | $1,072,421 | 83.7 | 0.7% less than avg. |
| 23 | Texas | $1,070,048 | 84.2 | 3.5% less than avg. |
| 24 | Pennsylvania | $1,064,388 | 84.0 | 3.0% less than avg. |
| 25 | Nevada | $1,063,152 | 83.9 | 2.6% less than avg. |
| 26 | Wisconsin | $1,045,578 | 84.7 | 8.1% less than avg. |
| 27 | New Mexico | $1,036,476 | 84.7 | 8.9% less than avg. |
| 28 | Idaho | $1,033,016 | 84.4 | 7.8% less than avg. |
| 29 | Wyoming | $1,029,020 | 84.2 | 7.2% less than avg. |
| 30 | Michigan | $1,007,484 | 83.9 | 7.7% less than avg. |
| 31 | North Dakota | $1,005,682 | 84.5 | 10.7% less than avg. |
| 32 | Nebraska | $1,002,765 | 84.4 | 10.5% less than avg. |
| 33 | Iowa | $1,002,303 | 84.5 | 11.0% less than avg. |
| 34 | North Carolina | $1,000,935 | 83.9 | 8.3% less than avg. |
| 35 | Montana | $998,983 | 83.5 | 6.5% less than avg. |
| 36 | Georgia | $995,777 | 83.5 | 6.8% less than avg. |
| 37 | South Dakota | $983,718 | 84.4 | 12.2% less than avg. |
| 38 | Kansas | $978,798 | 84.0 | 10.8% less than avg. |
| 39 | South Carolina | $967,045 | 83.3 | 8.5% less than avg. |
| 40 | Missouri | $952,821 | 83.6 | 11.3% less than avg. |
| 41 | Indiana | $942,575 | 83.4 | 11.3% less than avg. |
| 42 | Tennessee | $937,660 | 83.1 | 10.3% less than avg. |
| 43 | Ohio | $929,176 | 83.2 | 11.6% less than avg. |
| 44 | Louisiana | $918,844 | 83.1 | 12.1% less than avg. |
| 45 | Oklahoma | $901,455 | 82.9 | 12.8% less than avg. |
| 46 | Kentucky | $883,332 | 82.5 | 12.6% less than avg. |
| 47 | West Virginia | $880,300 | 82.5 | 12.9% less than avg. |
| 48 | Alabama | $877,072 | 82.7 | 14.2% less than avg. |
| 49 | Arkansas | $875,611 | 82.9 | 15.3% less than avg. |
| 50 | Mississippi | $857,886 | 82.6 | 15.6% less than avg. |
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