Yahoo Finance 
What a Comfortable Retirement Will Cost You in Each State
How much do you need to retire comfortably? It's a question in the mind of every American saving for retirement. Unfortunately, there's not a one-size-fits-all answer. There are several rules of thumb to help you figure out how much to save to retire. But the exact dollar amount you need will depend on a variety of factors -- especially where you plan to live in retirement.
Social Security: 20% Cuts to Your Payments May Come Sooner Than Expected
Find Out: 3 Ways to Recession Proof Your Retirement
That's because the cost of living varies from state to state. In some places, you can get by on a small nest egg, while in others, even $2 million won't be enough. Your age at retirement also plays a factor.
To pinpoint the average retirement income you would need to live comfortably throughout the U.S., GOBankingRates looked at five factors in all 50 states and the District of Columbia: an individual's spending on groceries, healthcare, housing, utilities and transportation. Then, the annual retirement income needed to cover these living expenses was calculated, with an additional 20% to account for the "comfortable" aspect of retirement. The states are ranked from least to most expensive.
It should be noted that the suggested annual savings don't include Social Security payouts, potential pension income or interest earned on savings.
Find out exactly how much you'll need to retire comfortably in your state.
Mississippi
Total expenditures: $44,059
20% comfort buffer: $11,015
Cost of a comfortable retirement annually: $55,074
Take Our Poll: Are You Concerned About the Safety of Your Money in Your Bank Accounts?
Oklahoma
Total expenditures: $45,206
20% comfort buffer: $11,302
Cost of a comfortable retirement annually: $56,508
Alabama
Total expenditures: $45,415
20% comfort buffer: $11,354
Cost of a comfortable retirement annually: $56,769
Kansas
Total expenditures: $45,519
20% comfort buffer: $11,380
Cost of a comfortable retirement annually: $56,899
Iowa
Total expenditures: $45,988
20% comfort buffer: $11,497
Cost of a comfortable retirement annually: $57,485
Georgia
Total expenditures: $46,353
20% comfort buffer: $11,588
Cost of a comfortable retirement annually: $57,942
Ohio
Total expenditures: $46,614
20% comfort buffer: $11,654
Cost of a comfortable retirement annually: $58,268
West Virginia
Total expenditures: $46,823
20% comfort buffer: $11,706
Cost of a comfortable retirement annually: $58,528
Missouri
Total expenditures: $46,979
20% comfort buffer: $11,745
Cost of a comfortable retirement annually: $58,724
Indiana
Total expenditures: $47,031
20% comfort buffer: $11,758
Cost of a comfortable retirement annually: $58,789
Tennessee
Total expenditures: $47,083
20% comfort buffer: $11,771
Cost of a comfortable retirement annually: $58,854
Arkansas
Total expenditures: $47,083
20% comfort buffer: $11,771
Cost of a comfortable retirement annually: $58,854
Nebraska
Total expenditures: $47,500
20% comfort buffer: $11,875
Cost of a comfortable retirement annually: $59,376
Wyoming
Total expenditures: $47,792
20% comfort buffer: $11,948
Cost of a comfortable retirement annually: $59,741
Michigan
Total expenditures: $47,813
20% comfort buffer: $11,953
Cost of a comfortable retirement annually: $59,767
Illinois
Total expenditures: $47,918
20% comfort buffer: $11,979
Cost of a comfortable retirement annually: $59,897
Texas
Total expenditures: $48,283
20% comfort buffer: $12,071
Cost of a comfortable retirement annually: $60,353
Kentucky
Total expenditures: $48,387
20% comfort buffer: $12,097
Cost of a comfortable retirement annually: $60,484
Louisiana
Total expenditures: $48,752
20% comfort buffer: $12,188
Cost of a comfortable retirement annually: $60,940
New Mexico
Total expenditures: $48,908
20% comfort buffer: $12,227
Cost of a comfortable retirement annually: $61,135
Wisconsin
Total expenditures: $48,960
20% comfort buffer: $12,240
Cost of a comfortable retirement annually: $61,200
Minnesota
Total expenditures: $49,586
20% comfort buffer: $12,397
Cost of a comfortable retirement annually: $61,983
South Dakota
Total expenditures: $50,108
20% comfort buffer: $12,527
Cost of a comfortable retirement annually: $62,634
South Carolina
Total expenditures: $50,212
20% comfort buffer: $12,553
Cost of a comfortable retirement annually: $62,765
North Carolina
Total expenditures: $50,525
20% comfort buffer: $12,631
Cost of a comfortable retirement annually: $63,156
North Dakota
Total expenditures: $50,785
20% comfort buffer: $12,696
Cost of a comfortable retirement annually: $63,482
Pennsylvania
Total expenditures: $51,202
20% comfort buffer: $12,801
Cost of a comfortable retirement annually: $64,003
Idaho
Total expenditures: $51,567
20% comfort buffer: $12,892
Cost of a comfortable retirement annually: $64,459
Nevada
Total expenditures: $53,132
20% comfort buffer: $13,283
Cost of a comfortable retirement annually: $66,415
Utah
Total expenditures: $53,184
20% comfort buffer: $13,296
Cost of a comfortable retirement annually: $66,480
Virginia
Total expenditures: $53,236
20% comfort buffer: $13,309
Cost of a comfortable retirement annually: $66,545
Florida
Total expenditures: $54,487
20% comfort buffer: $13,622
Cost of a comfortable retirement annually: $68,109
Colorado
Total expenditures: $54,852
20% comfort buffer: $13,713
Cost of a comfortable retirement annually: $68,565
Montana
Total expenditures: $54,904
20% comfort buffer: $13,726
Cost of a comfortable retirement annually: $68,631
Delaware
Total expenditures: $54,957
20% comfort buffer: $13,739
Cost of a comfortable retirement annually: $68,696
Arizona
Total expenditures: $56,312
20% comfort buffer: $14,078
Cost of a comfortable retirement annually: $70,390
Rhode Island
Total expenditures: $57,981
20% comfort buffer: $14,495
Cost of a comfortable retirement annually: $72,476
New Jersey
Total expenditures: $59,441
20% comfort buffer: $14,860
Cost of a comfortable retirement annually: $74,301
Washington
Total expenditures: $59,441
20% comfort buffer: $14,860
Cost of a comfortable retirement annually: $74,301
Maine
Total expenditures: $59,701
20% comfort buffer: $14,925
Cost of a comfortable retirement annually: $74,627
New Hampshire
Total expenditures: $59,806
20% comfort buffer: $14,951
Cost of a comfortable retirement annually: $74,757
Connecticut
Total expenditures: $60,171
20% comfort buffer: $15,043
Cost of a comfortable retirement annually: $75,213
Vermont
Total expenditures: $60,692
20% comfort buffer: $15,173
Cost of a comfortable retirement annually: $75,865
Oregon
Total expenditures: $63,716
20% comfort buffer: $15,929
Cost of a comfortable retirement annually: $79,645
Maryland
Total expenditures: $64,707
20% comfort buffer: $16,177
Cost of a comfortable retirement annually: $80,884
Alaska
Total expenditures: $65,437
20% comfort buffer: $16,359
Cost of a comfortable retirement annually: $81,796
New York
Total expenditures: $70,755
20% comfort buffer: $17,689
Cost of a comfortable retirement annually: $88,444
California
Total expenditures: $72,320
20% comfort buffer: $18,080
Cost of a comfortable retirement annually: $90,399
Massachusetts
Total expenditures: $78,159
20% comfort buffer: $19,540
Cost of a comfortable retirement annually: $97,699
District of Colombia
Total expenditures: $79,984
20% comfort buffer: $19,996
Cost of a comfortable retirement annually: $99,980
Hawaii
Total expenditures: $96,982
20% comfort buffer: $24,246
Cost of a comfortable retirement annually: $121,228
More From GOBankingRates
John Csiszar contributed to the reporting for this article.
Methodology: GOBankingRates analyzed the following expenditures of Americans aged 65 and older, based on data sourced from the Bureau of Labor Statistics' (BLS) most recent Consumer Expenditure Survey release for the full year of 2021: (1) annual spending on groceries, defined as "food at home;" (2) annual spending on housing, defined as "shelter;" (3) annual spending on transportation, defined as"gasoline, other fuels, and motor oil" AND "other vehicle expenses;" (4) annual spending on healthcare; (5) annual spending on utilities, defined as "utilities, fuels, and public services;" and (6) overall average annual expenditures. Spending estimates were adjusted to the state level by multiplying each cost category by its corresponding cost of living index score in each state, sourced from the Missouri Economic Research and Information Center's 2022 Q3 cost of living index data. After calculating total consumption expenditures, an additional (7) savings buffer was calculated by assuming that total expenditures consume 80% of ones budget (50% for necessities and 30% for discretionary spending), with 20% left over for savings. GOBankingRates then combined factors (6) and (7) and factored it out by 20 (assuming 20 years of retirement) to give (8) retirement savings needed to live comfortably. All data was collected on and up to date as of November 9, 2022.
This article originally appeared on GOBankingRates.com: What a Comfortable Retirement Will Cost You in Each State