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    HomeMoney & FinanceHow Much to Save for Retirement Each Month Based on Age

    How Much to Save for Retirement Each Month Based on Age

    Money & Finance

    Published on

    By Zen
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    Americans believe they’ll need $1.46 million to retire comfortably, according to a Northwestern Mutual study published earlier this year.

    Of course, just how far someone’s retirement savings stretch has a lot to do with where they’re spending their golden years.

    A new study from GOBankingRates determined how much money someone needs to save every month to retire comfortably in each U.S. state based on a retirement age of 65 and life expectancy of 85.

    GOBankingRates analyzed data from the U.S. Census American Community Survey, the Missouri Economic and Research Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, the Zillow Home Value Index, the Federal Reserve Economic Data and the Social Security Administration to come up with its results.

    The study found that retirees need more than $1 million to retire comfortably in nearly half of the U.S., including Hawaii, California, Massachusetts, Washington, New Jersey, Colorado, New York and 16 other states.

    Additionally, retirees with less than $500,000 in savings can expect to retire comfortably in just four U.S. states: Louisiana, Arkansas, Mississippi and West Virginia.

    Check out GOBankingRates’ full state-by-state breakdown of how much people have to save monthly for a comfortable retirement, adjusted for whether they start saving at age 20 or age 30, below:

    Alaska

    • Annual cost of a comfortable living: $113,674
    • Cost of 20 years of comfortable retirement: $1,373,083

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,543
    • If you start at age 30: $3,269

    Arizona

    • Annual cost of a comfortable living: $104,930
    • Cost of 20 years of comfortable retirement: $1,198,203

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,219
    • If you start at age 30: $2,853

    Arkansas

    • Annual cost of a comfortable living: $69,517
    • Cost of 20 years of comfortable retirement: $489,937

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $907
    • If you start at age 30: $1,167

    California

    • Annual cost of a comfortable living: $162,045
    • Cost of 20 years of comfortable retirement: $2,340,510

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $4,334
    • If you start at age 30: $5,573

    Colorado

    • Annual cost of a comfortable living: $120,778
    • Cost of 20 years of comfortable retirement: $1,515,171

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,806
    • If you start at age 30: $3,608

    Connecticut

    • Annual cost of a comfortable living: $110,596
    • Cost of 20 years of comfortable retirement: $1,311,531

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,429
    • If you start at age 30: $3,123

    Delaware

    • Annual cost of a comfortable living: $98,685
    • Cost of 20 years of comfortable retirement: $1,073,314

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,988
    • If you start at age 30: $2,556

    Florida

    • Annual cost of a comfortable living: $101,626
    • Cost of 20 years of comfortable retirement: $1,132,118

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,097
    • If you start at age 30: $2,696

    Georgia

    • Annual cost of a comfortable living: $89,501
    • Cost of 20 years of comfortable retirement: $889,631

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,647
    • If you start at age 30: $2,118

    Hawaii

    • Annual cost of a comfortable living: $200,289
    • Cost of 20 years of comfortable retirement: $3,105,384

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $5,751
    • If you start at age 30: $7,394

    Idaho

    • Annual cost of a comfortable living: $106,893
    • Cost of 20 years of comfortable retirement: $1,237,471

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,292
    • If you start at age 30: $2,946

    Illinois

    • Annual cost of a comfortable living: $83,406
    • Cost of 20 years of comfortable retirement: $767,734

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,422
    • If you start at age 30: $1,828

    Indiana

    • Annual cost of a comfortable living: $77,613
    • Cost of 20 years of comfortable retirement: $651,857

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,207
    • If you start at age 30: $1,552

    Iowa

    • Annual cost of a comfortable living: $74,527
    • Cost of 20 years of comfortable retirement: $590,147

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,093
    • If you start at age 30: $1,405

    Kansas

    • Annual cost of a comfortable living: $74,293
    • Cost of 20 years of comfortable retirement: $585,465

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,084
    • If you start at age 30: $1,394

    Kentucky

    • Annual cost of a comfortable living: $72,899
    • Cost of 20 years of comfortable retirement: $557,577

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,033
    • If you start at age 30: $1,328

    Louisiana

    • Annual cost of a comfortable living: $69,971
    • Cost of 20 years of comfortable retirement: $499,020

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $924
    • If you start at age 30: $1,188

    Maine

    • Annual cost of a comfortable living: $104,397
    • Cost of 20 years of comfortable retirement: $1,187,545

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,199
    • If you start at age 30: $2,827

    Maryland

    • Annual cost of a comfortable living: $105,060
    • Cost of 20 years of comfortable retirement: $1,200,803

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,224
    • If you start at age 30: $2,859

    Massachusetts

    • Annual cost of a comfortable living: $143,885
    • Cost of 20 years of comfortable retirement: $1,977,309

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $3,662
    • If you start at age 30: $4,708

    Michigan

    • Annual cost of a comfortable living: $77,275
    • Cost of 20 years of comfortable retirement: $645,105

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,195
    • If you start at age 30: $1,536

    Minnesota

    • Annual cost of a comfortable living: $92,599
    • Cost of 20 years of comfortable retirement: $951,593

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,762
    • If you start at age 30: $2,266

    Mississippi

    • Annual cost of a comfortable living: $67,151
    • Cost of 20 years of comfortable retirement: $442,620

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $820
    • If you start at age 30: $1,054

    Missouri

    • Annual cost of a comfortable living: $76,431
    • Cost of 20 years of comfortable retirement: $628,219

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,163
    • If you start at age 30: $1,496

    Montana

    • Annual cost of a comfortable living: $107,035
    • Cost of 20 years of comfortable retirement: $1,240,305

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,297
    • If you start at age 30: $2,953

    Nebraska

    • Annual cost of a comfortable living: $79,958
    • Cost of 20 years of comfortable retirement: $698,758

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,294
    • If you start at age 30: $1,664

    Nevada

    • Annual cost of a comfortable living: $106,716
    • Cost of 20 years of comfortable retirement: $1,233,930

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,285
    • If you start at age 30: $2,938

    New Hampshire

    • Annual cost of a comfortable living: $118,035
    • Cost of 20 years of comfortable retirement: $1,460,296

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,704
    • If you start at age 30: $3,477

    New Jersey

    • Annual cost of a comfortable living: $123,370
    • Cost of 20 years of comfortable retirement: $1,567,009

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,902
    • If you start at age 30: $3,731

    New Mexico

    • Annual cost of a comfortable living: $85,305
    • Cost of 20 years of comfortable retirement: $805,701

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,492
    • If you start at age 30: $1,918

    New York

    • Annual cost of a comfortable living: $111,328
    • Cost of 20 years of comfortable retirement: $1,326,162

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,456
    • If you start at age 30: $3,158

    North Carolina

    • Annual cost of a comfortable living: $90,206
    • Cost of 20 years of comfortable retirement: $903,726

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,674
    • If you start at age 30: $2,152

    North Dakota

    • Annual cost of a comfortable living: $80,935
    • Cost of 20 years of comfortable retirement: $718,307

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,330
    • If you start at age 30: $1,710

    Ohio

    • Annual cost of a comfortable living: $76,058
    • Cost of 20 years of comfortable retirement: $620,769

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,150
    • If you start at age 30: $1,478

    Oklahoma

    • Annual cost of a comfortable living: $72,010
    • Cost of 20 years of comfortable retirement: $539,812

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,000
    • If you start at age 30: $1,285

    Oregon

    • Annual cost of a comfortable living: $116,724
    • Cost of 20 years of comfortable retirement: $1,434,094

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,656
    • If you start at age 30: $3,415

    Pennsylvania

    • Annual cost of a comfortable living: $81,739
    • Cost of 20 years of comfortable retirement: $734,378

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,360
    • If you start at age 30: $1,749

    Rhode Island

    • Annual cost of a comfortable living: $115,926
    • Cost of 20 years of comfortable retirement: $1,418,134

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,626
    • If you start at age 30: $3,377

    South Carolina

    • Annual cost of a comfortable living: $84,702
    • Cost of 20 years of comfortable retirement: $793,646

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,470
    • If you start at age 30: $1,890

    South Dakota

    • Annual cost of a comfortable living: $85,827
    • Cost of 20 years of comfortable retirement: $816,151

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,511
    • If you start at age 30: $1,943

    Tennessee

    • Annual cost of a comfortable living: $84,451
    • Cost of 20 years of comfortable retirement: $788,630

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,460
    • If you start at age 30: $1,878

    Texas

    • Annual cost of a comfortable living: $85,459
    • Cost of 20 years of comfortable retirement: $808,779

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,498
    • If you start at age 30: $1,926

    Utah

    • Annual cost of a comfortable living: $117,038
    • Cost of 20 years of comfortable retirement: $1,440,357

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,667
    • If you start at age 30: $3,429

    Vermont

    • Annual cost of a comfortable living: $103,361
    • Cost of 20 years of comfortable retirement: $1,166,822

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,161
    • If you start at age 30: $2,778

    Virginia

    • Annual cost of a comfortable living: $100,213
    • Cost of 20 years of comfortable retirement: $1,103,871

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $2,044
    • If you start at age 30: $2,628

    Washington

    • Annual cost of a comfortable living: $132,485
    • Cost of 20 years of comfortable retirement: $1,749,300

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $3,239
    • If you start at age 30: $4,165

    West Virginia

    • Annual cost of a comfortable living: $66,745
    • Cost of 20 years of comfortable retirement: $434,501

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $805
    • If you start at age 30: $1,035

    Wisconsin

    • Annual cost of a comfortable living: $87,554
    • Cost of 20 years of comfortable retirement: $850,695

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,575
    • If you start at age 30: $2,025

    Wyoming

    • Annual cost of a comfortable living: $92,488
    • Cost of 20 years of comfortable retirement: $949,365

    How much you need to save monthly for 20 years of comfortable retirement (through age 85):

    • If you start at age 20: $1,758
    • If you start at age 30: $2,260

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