The Difference Between a Comfortable Retirement and Your Social Security Check in Every State


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RgStudio / iStock.com

Social Security, while an essential benefit for most retirees, does not usually cover all the expenses incurred during retirement — especially if one wants to get by comfortably.

Find Out: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security

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To help you understand exactly how much more income you’ll need on top of your Social Security benefit, GOBankingRates compiled the difference between the average Social Security check and what you need to live comfortably in every state. The data also covers the amount of money you need as savings to live comfortably for 20 years in retirement.

Here’s a look at your state.

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DenisTangneyJr / Getty Images/iStockphoto

West Virginia

  • Household median income: $55,217

  • Mortgage monthly average cost: $1,000.38

  • Expenditure monthly average cost: $1,821.93

  • Total cost of living monthly: $2,822.31

  • Comfortable cost of living monthly: $5,644.63

  • Total cost of living after SS benefits monthly: $954.48

  • Comfortable cost of living after SS benefits monthly: $3,776.79

  • Comfortable retirement savings needed to retire at 65 and live to 85: $906,430.44

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Mississippi

  • Household median income: $52,985

  • Mortgage monthly average cost: $1070.47

  • Expenditure monthly average cost: $1779.79

  • Total cost of living monthly: $2,850.27

  • Comfortable cost of living monthly: $5,700.53

  • Total cost of living after SS benefits monthly: $982.44

  • Comfortable cost of living after SS benefits monthly: $3,832.70

  • Comfortable retirement savings needed to retire at 65 and live to 85: $919,848.20

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Sean Pavone / Getty Images/iStockphoto

Arkansas

  • Household median income: $56,335

  • Mortgage monthly average cost: $1,239.16

  • Expenditure monthly average cost: $1,693.42

  • Total cost of living monthly: $2,932.58

  • Comfortable cost of living monthly: $5,865.17

  • Total cost of living after SS benefits monthly: $1,064.76

  • Comfortable cost of living after SS benefits monthly: $3,997.34

  • Comfortable retirement savings needed to retire at 65 and live to 85: $959,361.80

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DenisTangneyJr / Getty Images/iStockphoto

Louisiana

  • Household median income: $57,852

  • Mortgage monthly average cost: $1,209.398

  • Expenditure monthly average cost: $1,728.69

  • Total cost of living monthly: $2,938.08

  • Comfortable cost of living monthly: $5,876.17

  • Total cost of living after SS benefits monthly: $1,070.25

  • Comfortable cost of living after SS benefits monthly: $4,008.34

  • Comfortable retirement savings needed to retire at 65 and live to 85: $962,000.98

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DenisTangneyJr / iStock.com

Oklahoma

  • Household median income: $61,364

  • Mortgage monthly average cost: $1,241.35

  • Expenditure monthly average cost: $1763.14

  • Total cost of living monthly: $3,004.49

  • Comfortable cost of living monthly: $6,008.99

  • Total cost of living after SS benefits monthly: $1,136.67

  • Comfortable cost of living after SS benefits monthly: $4,141.16

  • Comfortable retirement savings needed to retire at 65 and live to 85: $993,877.92

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Jeremy Poland / Getty Images

Kentucky

  • Household median income: $60,183

  • Mortgage monthly average cost: $1,236.64

  • Expenditure monthly average cost: $1,847.63

  • Total cost of living monthly: $3,084.26

  • Comfortable cost of living monthly: $6,168.53

  • Total cost of living after SS benefits monthly: $1,216.43

  • Comfortable cost of living after SS benefits monthly: $4,300.70

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,032,166.75

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Alabama

  • Household median income: $59,609

  • Mortgage monthly average cost: $1,357.46

  • Expenditure monthly average cost: $1,742.33

  • Total cost of living monthly: $3,099.79

  • Comfortable cost of living monthly: $6,199.58

  • Total cost of living after SS benefits monthly: $1,231.96

  • Comfortable cost of living after SS benefits monthly: $4,331.75

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,039,618.71

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Wirestock / Getty Images/iStockphoto

Iowa

  • Household median income: $70,571

  • Mortgage monthly average cost: $1,343.244

  • Expenditure monthly average cost: $1,796.05

  • Total cost of living monthly: $3,139.29

  • Comfortable cost of living monthly: $6,278.59

  • Total cost of living after SS benefits monthly: $1,271.46

  • Comfortable cost of living after SS benefits monthly: $4,410.76

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,058,581.77

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DenisTangneyJr / Getty Images/iStockphoto

Kansas

  • Household median income: $69,747

  • Mortgage monthly average cost: $1,373.909

  • Expenditure monthly average cost: $1,771.59

  • Total cost of living monthly: $3,145.50

  • Comfortable cost of living monthly: $6,291.01

  • Total cost of living after SS benefits monthly: $1,277.67

  • Comfortable cost of living after SS benefits monthly: $4.423.18

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,061,561.90

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peeterv / Getty Images

Missouri

  • Household median income: $65,920

  • Mortgage monthly average cost: $1,486.80

  • Expenditure monthly average cost: $1,721.60

  • Total cost of living monthly: $3,208.40

  • Comfortable cost of living monthly: $6,416.80

  • Total cost of living after SS benefits monthly: $1,340.57

  • Comfortable cost of living after SS benefits monthly: $4,548.97

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,091,751.54

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InfiniteImpactStudios / Getty Images/iStockphoto

Ohio

  • Household median income: $66,990

  • Mortgage monthly average cost: $1,394.47

  • Expenditure monthly average cost: $1,822.71

  • Total cost of living monthly: $3,217.19

  • Comfortable cost of living monthly: $6,434.37

  • Total cost of living after SS benefits monthly: $1,349.36

  • Comfortable cost of living after SS benefits monthly: $4,566.54

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,095,969.55

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Nicholas Klein / Getty Images

Indiana

  • Household median income: $67,173

  • Mortgage monthly average cost: $1,458.57

  • Expenditure monthly average cost: $1,785.87

  • Total cost of living monthly: $3,244.44

  • Comfortable cost of living monthly: $6,488.87

  • Total cost of living after SS benefits monthly: $1,376.61

  • Comfortable cost of living after SS benefits monthly: $4,621.04

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,109,049.95

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Jonathon Post / iStock.com

Michigan

  • Household median income: $68,505

  • Mortgage monthly average cost: $1,466.12

  • Expenditure monthly average cost: $1,788.45

  • Total cost of living monthly: $3,254.56

  • Comfortable cost of living monthly: $6,509.13

  • Total cost of living after SS benefits monthly: $1,386.73

  • Comfortable cost of living after SS benefits monthly: $4,641.30

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,113,910.73

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MidwestWilderness / Getty Images/iStockphoto

Nebraska

  • Household median income: $71,722

  • Mortgage monthly average cost: $1,579.51

  • Expenditure monthly average cost: $1,830.50

  • Total cost of living monthly: $3,410.003

  • Comfortable cost of living monthly: $6,820.01

  • Total cost of living after SS benefits monthly: $1,542.17

  • Comfortable cost of living after SS benefits monthly: $4,952.18

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,188,522.203

Discover More: What a Middle-Class Social Security Check Could Look Like in 2025

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Christopher Cagney / Getty Images/iStockphoto

North Dakota

  • Household median income: $73,959

  • Mortgage monthly average cost: $1,576.35

  • Expenditure monthly average cost: $1,843.53

  • Total cost of living monthly: $3,419.87

  • Comfortable cost of living monthly: $6,839.75

  • Total cost of living after SS benefits monthly: $1,552.04

  • Comfortable cost of living after SS benefits monthly: $4,971.91

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,193,260.47

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Wirestock / Getty Images/iStockphoto

Pennsylvania

  • Household median income: $73,170

  • Mortgage monthly average cost: $1,611.39

  • Expenditure monthly average cost: $1,833.82

  • Total cost of living monthly: $3,445.21

  • Comfortable cost of living monthly: $6,890.42

  • Total cost of living after SS benefits monthly: $1,577.38

  • Comfortable cost of living after SS benefits monthly: $5,022.59

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,205,421.43

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Illinois

  • Household median income: $78,433

  • Mortgage monthly average cost: $1,611.91

  • Expenditure monthly average cost: $1,842.12

  • Total cost of living monthly: $3,454.03

  • Comfortable cost of living monthly: $6,908.06

  • Total cost of living after SS benefits monthly: $1,586.20

  • Comfortable cost of living after SS benefits monthly: $5,040.23

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,209,655.43

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DenisTangneyJr / Getty Images

New Mexico

  • Household median income: $58,722

  • Mortgage monthly average cost: $1,813.81

  • Expenditure monthly average cost: $1,781.27

  • Total cost of living monthly: $3,595.08

  • Comfortable cost of living monthly: $7,190.16

  • Total cost of living after SS benefits monthly: $1,727.25

  • Comfortable cost of living after SS benefits monthly: $5,322.33

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,277,358.85

Learn More: The Standard Retirement Age in the US vs. 5 European Countries

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South Carolina

  • Household median income: $63,623

  • Mortgage monthly average cost: $1,785.53

  • Expenditure monthly average cost: $1,845.19

  • Total cost of living monthly: $3,630.65

  • Comfortable cost of living monthly: $7,261.29

  • Total cost of living after SS benefits monthly: $1,762.82

  • Comfortable cost of living after SS benefits monthly: $5,393.46

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,294,430.93

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Sabrina Gordon / Getty Images

Tennessee

  • Household median income: $64,035

  • Mortgage monthly average cost: $1,934.01

  • Expenditure monthly average cost: $1,708.95

  • Total cost of living monthly: $3,642.96

  • Comfortable cost of living monthly: $7,285.92

  • Total cost of living after SS benefits monthly: $1,775.13

  • Comfortable cost of living after SS benefits monthly: $5,418.09

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,300,342.44

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Charles Brown / iStock.com

Texas

  • Household median income: $73,035

  • Mortgage monthly average cost: $1,833.06

  • Expenditure monthly average cost: $1,811.38

  • Total cost of living monthly: $3,644.44

  • Comfortable cost of living monthly: $7,288.89

  • Total cost of living after SS benefits monthly: $1,776.61

  • Comfortable cost of living after SS benefits monthly: $5,421.05

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,301,053.08

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DenisTangneyJr / iStock.com

South Dakota

  • Household median income: $69,457

  • Mortgage monthly average cost: $1,829.54

  • Expenditure monthly average cost: $1,829.31

  • Total cost of living monthly: $3,658.56

  • Comfortable cost of living monthly: $7,317.12

  • Total cost of living after SS benefits monthly: $1,790.73

  • Comfortable cost of living after SS benefits monthly: $5,449.29

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,307,829.88

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Ron and Patty Thomas / Getty Images/iStockphoto

Wisconsin

  • Household median income: $72,458

  • Mortgage monthly average cost: $1,832.61

  • Expenditure monthly average cost: $1,887.52

  • Total cost of living monthly: $3,720.13

  • Comfortable cost of living monthly: $7,440.27

  • Total cost of living after SS benefits monthly: $1,852.30

  • Comfortable cost of living after SS benefits monthly: $5,572.44

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,337,385.23

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Sean Pavone / iStock.com

Georgia

  • Household median income: $71,355

  • Mortgage monthly average cost: $1,999.70

  • Expenditure monthly average cost: $1,826.71

  • Total cost of living monthly: $3,826.38

  • Comfortable cost of living monthly: $7,652.75

  • Total cost of living after SS benefits monthly: $1,958.55

  • Comfortable cost of living after SS benefits monthly: $5,784.92

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,388,381.01

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jmoor17 / Getty Images

Wyoming

  • Household median income: $72,495

  • Mortgage monthly average cost: $2,065.53

  • Expenditure monthly average cost: $1,813.35

  • Total cost of living monthly: $3,878.88

  • Comfortable cost of living monthly: $7,757.76

  • Total cost of living after SS benefits monthly: $2,011.05

  • Comfortable cost of living after SS benefits monthly: $5,889.93

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,413,582.63

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Kruck20 / iStock.com

North Carolina

  • Household median income: $66,186

  • Mortgage monthly average cost: $2,008.43

  • Expenditure monthly average cost: $1,878.994

  • Total cost of living monthly: $3,887.43

  • Comfortable cost of living monthly: $7,774.85

  • Total cost of living after SS benefits monthly: $2,019.60

  • Comfortable cost of living after SS benefits monthly: $5,907.02

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,417,684.86

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Jacob Boomsma / Getty Images/iStockphoto

Minnesota

  • Household median income: $84,313

  • Mortgage monthly average cost: $2,054.70

  • Expenditure monthly average cost: $1,885.45

  • Total cost of living monthly: $3,940.15

  • Comfortable cost of living monthly: $7,880.30

  • Total cost of living after SS benefits monthly: $2,072.32

  • Comfortable cost of living after SS benefits monthly: $6,012.47

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,442,993.47

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DenisTangneyJr / Getty Images

Delaware

  • Household median income: $79,325

  • Mortgage monthly average cost: $2,305.98

  • Expenditure monthly average cost: $1,898.87

  • Total cost of living monthly: $4,204.85

  • Comfortable cost of living monthly: $8,409.70

  • Total cost of living after SS benefits monthly: $2,337.02

  • Comfortable cost of living after SS benefits monthly: $6,541.87

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,570,047.50

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ferrantraite / Getty Images

Virginia

  • Household median income: $87,249

  • Mortgage monthly average cost: $2,384.63

  • Expenditure monthly average cost: $1,859.60

  • Total cost of living monthly: $4,244.24

  • Comfortable cost of living monthly: $8,488.47

  • Total cost of living after SS benefits monthly: $2,376.41

  • Comfortable cost of living after SS benefits monthly: $6,620.64

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,588,953.58

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marchello74 / iStock.com

Vermont

  • Household median income: $74,014

  • Mortgage monthly average cost: $2,368.16

  • Expenditure monthly average cost: $2,013.94

  • Total cost of living monthly: $4,382.10

  • Comfortable cost of living monthly: $8,764.21

  • Total cost of living after SS benefits monthly: $2,514.27

  • Comfortable cost of living after SS benefits monthly: $6,896.38

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,655,130.72

Read More: How Long $1 Million in Retirement Will Last in Every State

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Art Wager / Getty Images

Florida

  • Household median income: $69,917

  • Mortgage monthly average cost: $2,491.77

  • Expenditure monthly average cost: $1,918.16

  • Total cost of living monthly: $4,409.94

  • Comfortable cost of living monthly: $8,819.87

  • Total cost of living after SS benefits monthly: $2,542.11

  • Comfortable cost of living after SS benefits monthly: $`6,952.04

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,668,489.51

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DenisTangneyJr / Getty Images/iStockphoto

Maine

  • Household median income: $68,251

  • Mortgage monthly average cost: $2,387.91

  • Expenditure monthly average cost: $2,057.06

  • Total cost of living monthly: $4,444.97

  • Comfortable cost of living monthly: $8,889.94

  • Total cost of living after SS benefits monthly: $2,577.14

  • Comfortable cost of living after SS benefits monthly: $7,022.11

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,685,305.51

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Art Wager / iStock.com

Arizona

  • Household median income: $72,581

  • Mortgage monthly average cost: $2,654.82

  • Expenditure monthly average cost: $1,867.83

  • Total cost of living monthly: $4,522.65

  • Comfortable cost of living monthly: $9,045,30

  • Total cost of living after SS benefits monthly: $2,654.82

  • Comfortable cost of living after SS benefits monthly: $7,177.47

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,722,593.83

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sborisov / Getty Images/iStockphoto

Maryland

  • Household median income: $98,461

  • Mortgage monthly average cost: $2,583.26

  • Expenditure monthly average cost: $1,954.92

  • Total cost of living monthly: $4,538.18

  • Comfortable cost of living monthly: $9,076.37

  • Total cost of living after SS benefits monthly: $2,670.35

  • Comfortable cost of living after SS benefits monthly: $7,208.54

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,730,048,97

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christiannafzger / Getty Images/iStockphoto

Idaho

  • Household median income: $70,214

  • Mortgage monthly average cost: $2,737.27

  • Expenditure monthly average cost: $1,836.97

  • Total cost of living monthly: $4,574.24

  • Comfortable cost of living monthly: $9,148.48

  • Total cost of living after SS benefits monthly: $2,706.41

  • Comfortable cost of living after SS benefits monthly: $7,280.65

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,747,355.62

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miromiro / Getty Images

New York

  • Household median income: $81,386

  • Mortgage monthly average cost: $2,664.59

  • Expenditure monthly average cost: $1,975.62

  • Total cost of living monthly: $4,640.20

  • Comfortable cost of living monthly: $9,280.41

  • Total cost of living after SS benefits monthly: $2,772.37

  • Comfortable cost of living after SS benefits monthly: $7,412.58

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,779,018.91

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photoquest7 / Getty Images/iStockphoto

Nevada

  • Household median income: $71,646

  • Mortgage monthly average cost: $2,722.62

  • Expenditure monthly average cost: $1,921.73

  • Total cost of living monthly: $4,644.34

  • Comfortable cost of living monthly: $9,288.68

  • Total cost of living after SS benefits monthly: $2,776.51

  • Comfortable cost of living after SS benefits monthly: $7,420.85

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,781,005.08

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Pugalenthi / Getty Images/iStockphoto

Connecticut

  • Household median income: $90,213

  • Mortgage monthly average cost: $2,585.56

  • Expenditure monthly average cost: $2,085.65

  • Total cost of living monthly: $4,671.22

  • Comfortable cost of living monthly: $9,342.43

  • Total cost of living after SS benefits monthly: $2,803.39

  • Comfortable cost of living after SS benefits monthly: $7,474.60

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,793,904.73

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Lightguard / Getty Images/iStockphoto

Montana

  • Household median income: $66,341

  • Mortgage monthly average cost: $2,792.60

  • Expenditure monthly average cost: $1,898.09

  • Total cost of living monthly: $4,690.69

  • Comfortable cost of living monthly: $9,381.372

  • Total cost of living after SS benefits monthly: $2,822.86

  • Comfortable cost of living after SS benefits monthly: $7,513.54

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,803,250.19

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Jacob Boomsma / Getty Images/iStockphoto

Alaska

  • Household median income: $86,370

  • Mortgage monthly average cost: $2,246.46

  • Expenditure monthly average cost: $2,569.10

  • Total cost of living monthly: $4,816.45

  • Comfortable cost of living monthly: $9,632.91

  • Total cost of living after SS benefits monthly: $2,948.62

  • Comfortable cost of living after SS benefits monthly: $7,765.08

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,863,618.29

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Daniel Hanscom / Getty Images

Rhode Island

  • Household median income: $81,370

  • Mortgage monthly average cost: $2,837.21

  • Expenditure monthly average cost: $2,066.16

  • Total cost of living monthly: $4,903.37

  • Comfortable cost of living monthly: $9,806.73

  • Total cost of living after SS benefits monthly: $3,035.53

  • Comfortable cost of living after SS benefits monthly: $7,938.90

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,905,336.17

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f11photo / Getty Images/iStockphoto

Utah

  • Household median income: $86,833

  • Mortgage monthly average cost: $3,176.03

  • Expenditure monthly average cost: $1,779.64

  • Total cost of living monthly: $4,955.67

  • Comfortable cost of living monthly: $9,911.34

  • Total cost of living after SS benefits monthly: $3,087.84

  • Comfortable cost of living after SS benefits monthly: $8,043.51

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,930,442.87

Discover More: 5 Reasons Retirees Regret Selling Their Homes in Retirement

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DenisTangneyJr / iStock.com

New Hampshire

  • Household median income: $90,845

  • Mortgage monthly average cost: $2,985.93

  • Expenditure monthly average cost: $1,972.76

  • Total cost of living monthly: $4,958.69

  • Comfortable cost of living monthly: $9,917.37

  • Total cost of living after SS benefits monthly: $3,090.86

  • Comfortable cost of living after SS benefits monthly: $8,049.54

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,931,890.62

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Samson1976 / Getty Images/iStockphoto

Oregon

  • Household median income: $76,632

  • Mortgage monthly average cost: $3,053.61

  • Expenditure monthly average cost: $2,035.49

  • Total cost of living monthly: $5,089.09

  • Comfortable cost of living monthly: $10,178.19

  • Total cost of living after SS benefits monthly: $3,221.27

  • Comfortable cost of living after SS benefits monthly: $8,310.36

  • Comfortable retirement savings needed to retire at 65 and live to 85: $1,994.486.43

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New Jersey

  • Household median income: $87,598

  • Mortgage monthly average cost: $3,369.27

  • Expenditure monthly average cost: $1,848.79

  • Total cost of living monthly: $5,218.06

  • Comfortable cost of living monthly: $10,436.11

  • Total cost of living after SS benefits monthly: $3,350.23

  • Comfortable cost of living after SS benefits monthly: $8,528.28

  • Comfortable retirement savings needed to retire at 65 and live to 85: $2,046,749.37

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Jacob Boomsma / Getty Images/iStockphoto

Colorado

  • Household median income: $,87,598

  • Mortgage monthly average cost: $3,369.27

  • Expenditure monthly average cost: $1,848.79

  • Total cost of living monthly: $5,218.06

  • Comfortable cost of living monthly: $10,436.11

  • Total cost of living after SS benefits monthly: $3,350.23

  • Comfortable cost of living after SS benefits monthly: $8,568.28

  • Comfortable retirement savings needed to retire at 65 and live to 85: $2,056,387.09

Consider This: You Won’t Believe How Far a $1 Million Nest Egg Goes in These Countries

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Pgiam / Getty Images

Washington

  • Household median income: $90,325

  • Mortgage monthly average cost: $3,662.50

  • Expenditure monthly average cost: $2,105.85

  • Total cost of living monthly: $5,768.35

  • Comfortable cost of living monthly: $11,536.70

  • Total cost of living after SS benefits monthly: $3,900.52

  • Comfortable cost of living after SS benefits monthly: $9,668.87

  • Comfortable retirement savings needed to retire at 65 and live to 85: $2,320,528.65

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APCortizasJr / Getty Images

Massachusetts

  • Household median income: $96,505

  • Mortgage monthly average cost: $3,886.61

  • Expenditure monthly average cost: $2,278.33

  • Total cost of living monthly: $6,164.94

  • Comfortable cost of living monthly: $12,329.87

  • Total cost of living after SS benefits monthly: $4,297.11

  • Comfortable cost of living after SS benefits monthly: $10,462.04

  • Comfortable retirement savings needed to retire at 65 and live to 85: $2,510,890.65

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Sundry Photography / Getty Images/iStockphoto

California

  • Household median income: $91,905

  • Mortgage monthly average cost: $4,805.21

  • Expenditure monthly average cost: $2,264.14

  • Total cost of living monthly: $7,069.35

  • Comfortable cost of living monthly: $14,138.70

  • Total cost of living after SS benefits monthly: $5,201.52

  • Comfortable cost of living after SS benefits monthly: $12,270.87

  • Comfortable retirement savings needed to retire at 65 and live to 85: $2,945,009.32

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stockphoto52 / Getty Images/iStockphoto

Hawaii

  • Household median income: $94,814

  • Mortgage monthly average cost: $5,890.91

  • Expenditure monthly average cost: $2,561.99

  • Total cost of living monthly: $8,452.91

  • Comfortable cost of living monthly: $16,905.81

  • Total cost of living after SS benefits monthly: $6,585.07

  • Comfortable cost of living after SS benefits monthly: $15,037.98

  • Comfortable retirement savings needed to retire at 65 and live to 85: $3,609,113.92

Methodology: For this study, GOBankingRates analyzed the cost of living in each U.S. state to find the difference in costs for a comfortable retirement and your Social Security benefits. First, GOBankingRates found data for each U.S. state from the U.S. Census American Community Survey for the total population, total households, population ages 65 and over and household median income. For each state the cost-of-living indexes were sourced from Missouri Economic and Research Information Center and using the national average expenditure costs for residents aged 65 and over, as sourced from the U.S. Bureau of Labor Statistics Consumer Expenditure Survey for residents aged 65 and over, the average expenditure costs for each state can be calculated. The average single-family home value was sourced from Zillow Home Value Index from June 2024, and by assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The average mortgage and expenditure costs can be used to calculate the total cost of living for each state. Using the 50/30/20 rule that states that needs should not exceed 50% of the household income, the total cost of living was doubled to find the comfortable cost of living for each state. Using the average Social Security benefits, as sourced from the Social Security Administration, the average Social Security Benefits can be calculated. The comfortable cost of living and the Social Security benefits can be used to calculated the difference between the comfortable cost of living and Social Security benefits. All data was collected on and is up to date as of Jul. 22, 2024.

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This article originally appeared on GOBankingRates.com: The Difference Between a Comfortable Retirement and Your Social Security Check in Every State



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