Despite some setbacks in the wake of the COVID-19 pandemic, life expectancy at birth has been steadily climbing in recent decades in the United States. Between 1970 and 2019, average life expectancy increased from just under 71 years to nearly 79 years. While a commendable public health accomplishment, these improvements have meaningful implications for America’s ever-growing retired population.

24/7 Wall St. Key Points:

• Most workers in the U.S. aspire to one day retire with a degree of financial security — but a growing number of Americans are not optimistic about their prospects.
• Growing concerns over the cost of retirement are well founded, as an average American can expect to spend over $1 million after exiting the workforce.
• Also: Retiring early is possible, and may be easier than you think. Click here now to see if you’re ahead, or behind. ^(Sponsor)

As adults are living longer, the costs associated with retiring out of the workforce are going up — and older Americans are feeling the squeeze. A recent AARP survey found that about 61% of the 50 and older population are worried they do not have enough money to retire. These concerns are not unfounded – particularly for the 20% of older Americans with no savings — as a typical American who leaves the workforce at age 65 can expect to spend about $1.4 million over the course of their retirement.

Of course, this amount is only an estimate based on the average annual spending of retirement-age Americans and average life expectancy. However, due to variations in the overall cost of living, as well as life expectancy at age 65, there are some parts of the country where a typical retirement may cost hundreds of thousands of dollars less — and others still where retirement expenditures can be expected to total nearly $1.8 million.

Using the latest data from the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the National Center for Health Statistics, 24/7 Wall St. calculated the estimated average expenditures throughout retirement in each state.

According to the BLS Consumer Expenditure Survey, the average American in the 65 and older age group spent $60,087 in 2023. Adjusting for the cost of living, as reported by the BEA, this figure varies from about $52,000 to $67,600, depending on the state. If, going forward, inflation tracks with the Federal Reserve’s 2% target rate, this amount will go up annually — and in some states, the average 65 year old will live another 16 years, and in others, nearly 20 years, according to the Centers for Disease Control and Prevention. (Here is a look at the states with the most retirement-friendly tax policies.)

Based on these factors, estimated retirement spending in the U.S. ranges by as much as $731,900 across the 50 states. Of course, these calculations are based on averages, and for those seeking greater economic security in their golden years, we also included estimated retirement spending with a 15% financial cushion. With this 15% buffer, estimated retirement spending ranges from $1.2 million to more than $2 million, depending on the state. (Here is a look at what is most important for a happy retirement.)

This is how much it costs to retire in every state.

Why It Matters

Based on spending patterns and estimated life expectancy, a typical American can expect to spend over $1 million after age 65. While retirees do not need to have that amount in savings — as Social Security payments can ease the financial burden of retirement — government benefits alone are not enough for a comfortable and financially secure retirement. Notably, retirement costs are not equal across the country, and older Americans on tighter budgets can significantly reduce expenses in retirement by residing in states with a low cost of living.

50. Mississippi

• Total estimated retirement spending: $1,049,656 ($1,207,104 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $52,451 (cost of living adjusted)
• Est. life expectancy at age 65: 81.1 years old (2nd lowest of 50 states)
• Avg. cost of living: 12.7% lower than avg. (2nd lowest of 50 states)
• Median income for 65 & older households: $41,013 (the lowest of 50 states)
• 65 and older population: 510,627 (22.9% of 18 and older pop.)

49. Oklahoma

• Total estimated retirement spending: $1,061,609 ($1,220,850 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,048 (cost of living adjusted)
• Est. life expectancy at age 65: 81.4 years old (5th lowest of 50 states)
• Avg. cost of living: 11.7% lower than avg. (4th lowest of 50 states)
• Median income for 65 & older households: $47,259 (7th lowest of 50 states)
• 65 and older population: 653,664 (22.3% of 18 and older pop.)

48. West Virginia

• Total estimated retirement spending: $1,079,477 ($1,241,399 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,941 (cost of living adjusted)
• Est. life expectancy at age 65: 81.1 years old (2nd lowest of 50 states)
• Avg. cost of living: 10.2% lower than avg. (8th lowest of 50 states)
• Median income for 65 & older households: $41,438 (2nd lowest of 50 states)
• 65 and older population: 375,264 (26.6% of 18 and older pop.)

47. Alabama

• Total estimated retirement spending: $1,081,858 ($1,244,137 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,060 (cost of living adjusted)
• Est. life expectancy at age 65: 81.4 years old (5th lowest of 50 states)
• Avg. cost of living: 10.0% lower than avg. (10th lowest of 50 states)
• Median income for 65 & older households: $47,114 (6th lowest of 50 states)
• 65 and older population: 907,882 (23.5% of 18 and older pop.)

46. Kentucky

• Total estimated retirement spending: $1,087,846 ($1,251,023 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,360 (cost of living adjusted)
• Est. life expectancy at age 65: 81.4 years old (5th lowest of 50 states)
• Avg. cost of living: 9.5% lower than avg. (14th lowest of 50 states)
• Median income for 65 & older households: $43,927 (5th lowest of 50 states)
• 65 and older population: 787,176 (23.0% of 18 and older pop.)

45. Arkansas

• Total estimated retirement spending: $1,113,013 ($1,279,965 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $51,980 (cost of living adjusted)
• Est. life expectancy at age 65: 81.6 years old (7th lowest of 50 states)
• Avg. cost of living: 13.5% lower than avg. (the lowest of 50 states)
• Median income for 65 & older households: $42,943 (4th lowest of 50 states)
• 65 and older population: 534,187 (23.6% of 18 and older pop.)

44. Louisiana

• Total estimated retirement spending: $1,136,648 ($1,307,145 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,084 (cost of living adjusted)
• Est. life expectancy at age 65: 81.8 years old (8th lowest of 50 states)
• Avg. cost of living: 11.7% lower than avg. (5th lowest of 50 states)
• Median income for 65 & older households: $42,215 (3rd lowest of 50 states)
• 65 and older population: 774,581 (22.5% of 18 and older pop.)

43. Ohio

• Total estimated retirement spending: $1,181,255 ($1,358,443 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,167 (cost of living adjusted)
• Est. life expectancy at age 65: 82.3 years old (11th lowest of 50 states)
• Avg. cost of living: 8.2% lower than avg. (18th lowest of 50 states)
• Median income for 65 & older households: $49,081 (12th lowest of 50 states)
• 65 and older population: 2,150,228 (24.0% of 18 and older pop.)

42. Indiana

• Total estimated retirement spending: $1,186,041 ($1,363,947 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,391 (cost of living adjusted)
• Est. life expectancy at age 65: 82.3 years old (11th lowest of 50 states)
• Avg. cost of living: 7.8% lower than avg. (19th lowest of 50 states)
• Median income for 65 & older households: $48,309 (10th lowest of 50 states)
• 65 and older population: 1,145,300 (22.7% of 18 and older pop.)

41. Tennessee

• Total estimated retirement spending: $1,190,299 ($1,368,844 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,589 (cost of living adjusted)
• Est. life expectancy at age 65: 81.6 years old (7th lowest of 50 states)
• Avg. cost of living: 7.5% lower than avg. (20th lowest of 50 states)
• Median income for 65 & older households: $48,478 (11th lowest of 50 states)
• 65 and older population: 1,207,948 (22.7% of 18 and older pop.)

40. South Carolina

• Total estimated retirement spending: $1,198,817 ($1,378,639 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,987 (cost of living adjusted)
• Est. life expectancy at age 65: 82.4 years old (12th lowest of 50 states)
• Avg. cost of living: 6.8% lower than avg. (22nd lowest of 50 states)
• Median income for 65 & older households: $50,287 (16th lowest of 50 states)
• 65 and older population: 998,167 (24.7% of 18 and older pop.)

39. Kansas

• Total estimated retirement spending: $1,234,698 ($1,419,903 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,057 (cost of living adjusted)
• Est. life expectancy at age 65: 83.0 years old (20th lowest of 50 states)
• Avg. cost of living: 10.0% lower than avg. (9th lowest of 50 states)
• Median income for 65 & older households: $52,203 (25th lowest of 50 states)
• 65 and older population: 499,746 (23.4% of 18 and older pop.)

38. Montana

• Total estimated retirement spending: $1,238,527 ($1,424,306 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,225 (cost of living adjusted)
• Est. life expectancy at age 65: 83.4 years old (25th highest of 50 states)
• Avg. cost of living: 9.8% lower than avg. (11th lowest of 50 states)
• Median income for 65 & older households: $48,165 (8th lowest of 50 states)
• 65 and older population: 224,418 (25.6% of 18 and older pop.)

37. New Mexico

• Total estimated retirement spending: $1,240,476 ($1,426,548 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,310 (cost of living adjusted)
• Est. life expectancy at age 65: 83.3 years old (24th lowest of 50 states)
• Avg. cost of living: 9.6% lower than avg. (13th lowest of 50 states)
• Median income for 65 & older households: $50,240 (15th lowest of 50 states)
• 65 and older population: 393,944 (25.4% of 18 and older pop.)

36. Georgia

• Total estimated retirement spending: $1,244,131 ($1,430,751 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,104 (cost of living adjusted)
• Est. life expectancy at age 65: 82.1 years old (9th lowest of 50 states)
• Avg. cost of living: 3.3% lower than avg. (24th highest of 50 states)
• Median income for 65 & older households: $51,664 (20th lowest of 50 states)
• 65 and older population: 1,609,186 (20.4% of 18 and older pop.)

35. Wyoming

• Total estimated retirement spending: $1,246,817 ($1,433,839 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,588 (cost of living adjusted)
• Est. life expectancy at age 65: 82.8 years old (17th lowest of 50 states)
• Avg. cost of living: 9.2% lower than avg. (15th lowest of 50 states)
• Median income for 65 & older households: $53,229 (23rd highest of 50 states)
• 65 and older population: 107,482 (24.3% of 18 and older pop.)

34. Idaho

• Total estimated retirement spending: $1,254,736 ($1,442,946 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,935 (cost of living adjusted)
• Est. life expectancy at age 65: 83.4 years old (25th highest of 50 states)
• Avg. cost of living: 8.6% lower than avg. (16th lowest of 50 states)
• Median income for 65 & older households: $52,132 (24th lowest of 50 states)
• 65 and older population: 325,721 (23.0% of 18 and older pop.)

33. Missouri

• Total estimated retirement spending: $1,259,361 ($1,448,265 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,137 (cost of living adjusted)
• Est. life expectancy at age 65: 82.6 years old (15th lowest of 50 states)
• Avg. cost of living: 8.2% lower than avg. (17th lowest of 50 states)
• Median income for 65 & older households: $48,298 (9th lowest of 50 states)
• 65 and older population: 1,105,780 (23.5% of 18 and older pop.)

32. South Dakota

• Total estimated retirement spending: $1,286,148 ($1,479,071 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $52,934 (cost of living adjusted)
• Est. life expectancy at age 65: 84.2 years old (9th highest of 50 states)
• Avg. cost of living: 11.9% lower than avg. (3rd lowest of 50 states)
• Median income for 65 & older households: $50,665 (18th lowest of 50 states)
• 65 and older population: 165,403 (24.4% of 18 and older pop.)

31. North Carolina

• Total estimated retirement spending: $1,291,983 ($1,485,781 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $56,565 (cost of living adjusted)
• Est. life expectancy at age 65: 82.7 years old (16th lowest of 50 states)
• Avg. cost of living: 5.9% lower than avg. (23rd lowest of 50 states)
• Median income for 65 & older households: $49,781 (13th lowest of 50 states)
• 65 and older population: 1,840,567 (23.2% of 18 and older pop.)

30. Michigan

• Total estimated retirement spending: $1,292,601 ($1,486,491 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $56,592 (cost of living adjusted)
• Est. life expectancy at age 65: 82.9 years old (19th lowest of 50 states)
• Avg. cost of living: 5.8% lower than avg. (24th lowest of 50 states)
• Median income for 65 & older households: $51,010 (19th lowest of 50 states)
• 65 and older population: 1,851,239 (24.2% of 18 and older pop.)

29. North Dakota

• Total estimated retirement spending: $1,293,112 ($1,487,079 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,220 (cost of living adjusted)
• Est. life expectancy at age 65: 84.1 years old (10th highest of 50 states)
• Avg. cost of living: 11.4% lower than avg. (6th lowest of 50 states)
• Median income for 65 & older households: $56,319 (16th highest of 50 states)
• 65 and older population: 129,816 (22.4% of 18 and older pop.)

28. Iowa

• Total estimated retirement spending: $1,295,959 ($1,490,353 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,337 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 11.2% lower than avg. (7th lowest of 50 states)
• Median income for 65 & older households: $52,006 (23rd lowest of 50 states)
• 65 and older population: 585,334 (24.5% of 18 and older pop.)

27. Nebraska

• Total estimated retirement spending: $1,319,450 ($1,517,367 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,304 (cost of living adjusted)
• Est. life expectancy at age 65: 83.8 years old (16th highest of 50 states)
• Avg. cost of living: 9.6% lower than avg. (12th lowest of 50 states)
• Median income for 65 & older households: $51,974 (22nd lowest of 50 states)
• 65 and older population: 329,771 (23.2% of 18 and older pop.)

26. Nevada

• Total estimated retirement spending: $1,330,974 ($1,530,620 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,272 (cost of living adjusted)
• Est. life expectancy at age 65: 82.5 years old (14th lowest of 50 states)
• Avg. cost of living: 3.0% lower than avg. (23rd highest of 50 states)
• Median income for 65 & older households: $54,959 (21st highest of 50 states)
• 65 and older population: 511,078 (22.9% of 18 and older pop.)

25. Texas

• Total estimated retirement spending: $1,333,650 ($1,533,697 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,390 (cost of living adjusted)
• Est. life expectancy at age 65: 82.5 years old (14th lowest of 50 states)
• Avg. cost of living: 2.8% lower than avg. (21st highest of 50 states)
• Median income for 65 & older households: $52,331 (25th highest of 50 states)
• 65 and older population: 3,817,557 (19.1% of 18 and older pop.)

24. Pennsylvania

• Total estimated retirement spending: $1,338,110 ($1,538,827 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,585 (cost of living adjusted)
• Est. life expectancy at age 65: 83.2 years old (23rd lowest of 50 states)
• Avg. cost of living: 2.5% lower than avg. (20th highest of 50 states)
• Median income for 65 & older households: $50,330 (17th lowest of 50 states)
• 65 and older population: 2,508,501 (25.2% of 18 and older pop.)

23. Wisconsin

• Total estimated retirement spending: $1,359,175 ($1,563,052 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,939 (cost of living adjusted)
• Est. life expectancy at age 65: 83.9 years old (15th highest of 50 states)
• Avg. cost of living: 6.9% lower than avg. (21st lowest of 50 states)
• Median income for 65 & older households: $50,167 (14th lowest of 50 states)
• 65 and older population: 1,095,117 (24.3% of 18 and older pop.)

22. Virginia

• Total estimated retirement spending: $1,382,700 ($1,590,105 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,537 (cost of living adjusted)
• Est. life expectancy at age 65: 83.2 years old (23rd lowest of 50 states)
• Avg. cost of living: 0.7% higher than avg. (16th highest of 50 states)
• Median income for 65 & older households: $61,447 (11th highest of 50 states)
• 65 and older population: 1,430,307 (22.3% of 18 and older pop.)

21. Utah

• Total estimated retirement spending: $1,386,987 ($1,595,036 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $57,084 (cost of living adjusted)
• Est. life expectancy at age 65: 83.8 years old (16th highest of 50 states)
• Avg. cost of living: 5.0% lower than avg. (25th lowest of 50 states)
• Median income for 65 & older households: $63,225 (8th highest of 50 states)
• 65 and older population: 395,938 (17.3% of 18 and older pop.)

20. Arizona

• Total estimated retirement spending: $1,387,586 ($1,595,724 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,751 (cost of living adjusted)
• Est. life expectancy at age 65: 83.1 years old (21st lowest of 50 states)
• Avg. cost of living: 1.1% higher than avg. (15th highest of 50 states)
• Median income for 65 & older households: $57,507 (14th highest of 50 states)
• 65 and older population: 1,328,837 (25.0% of 18 and older pop.)

19. Alaska

• Total estimated retirement spending: $1,395,958 ($1,605,351 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $61,117 (cost of living adjusted)
• Est. life expectancy at age 65: 82.9 years old (19th lowest of 50 states)
• Avg. cost of living: 1.7% higher than avg. (12th highest of 50 states)
• Median income for 65 & older households: $66,292 (3rd highest of 50 states)
• 65 and older population: 100,267 (18.6% of 18 and older pop.)

18. Vermont

• Total estimated retirement spending: $1,410,829 ($1,622,453 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,065 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 3.4% lower than avg. (25th highest of 50 states)
• Median income for 65 & older households: $53,245 (22nd highest of 50 states)
• 65 and older population: 137,830 (26.3% of 18 and older pop.)

17. Maine

• Total estimated retirement spending: $1,417,574 ($1,630,210 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,343 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 2.9% lower than avg. (22nd highest of 50 states)
• Median income for 65 & older households: $51,870 (21st lowest of 50 states)
• 65 and older population: 309,782 (27.7% of 18 and older pop.)

16. Minnesota

• Total estimated retirement spending: $1,436,845 ($1,652,372 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $59,136 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 1.6% lower than avg. (19th highest of 50 states)
• Median income for 65 & older households: $56,839 (15th highest of 50 states)
• 65 and older population: 986,180 (23.2% of 18 and older pop.)

15. Illinois

• Total estimated retirement spending: $1,443,240 ($1,659,725 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $59,399 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 1.1% lower than avg. (18th highest of 50 states)
• Median income for 65 & older households: $55,071 (20th highest of 50 states)
• 65 and older population: 2,093,908 (23.1% of 18 and older pop.)

14. Delaware

• Total estimated retirement spending: $1,449,050 ($1,666,408 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $59,638 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 0.7% lower than avg. (17th highest of 50 states)
• Median income for 65 & older households: $62,733 (9th highest of 50 states)
• 65 and older population: 209,183 (27.2% of 18 and older pop.)

13. Colorado

• Total estimated retirement spending: $1,480,133 ($1,702,153 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,917 (cost of living adjusted)
• Est. life expectancy at age 65: 84.1 years old (10th highest of 50 states)
• Avg. cost of living: 1.4% higher than avg. (14th highest of 50 states)
• Median income for 65 & older households: $63,445 (7th highest of 50 states)
• 65 and older population: 899,032 (20.6% of 18 and older pop.)

12. Rhode Island

• Total estimated retirement spending: $1,480,571 ($1,702,656 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,935 (cost of living adjusted)
• Est. life expectancy at age 65: 84.0 years old (13th highest of 50 states)
• Avg. cost of living: 1.4% higher than avg. (13th highest of 50 states)
• Median income for 65 & older households: $55,691 (19th highest of 50 states)
• 65 and older population: 199,395 (24.2% of 18 and older pop.)

11. Florida

• Total estimated retirement spending: $1,510,354 ($1,736,907 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,161 (cost of living adjusted)
• Est. life expectancy at age 65: 83.7 years old (18th highest of 50 states)
• Avg. cost of living: 3.5% higher than avg. (11th highest of 50 states)
• Median income for 65 & older households: $52,625 (24th highest of 50 states)
• 65 and older population: 4,571,937 (28.3% of 18 and older pop.)

10. Maryland

• Total estimated retirement spending: $1,517,843 ($1,745,520 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,469 (cost of living adjusted)
• Est. life expectancy at age 65: 83.7 years old (18th highest of 50 states)
• Avg. cost of living: 4.0% higher than avg. (9th highest of 50 states)
• Median income for 65 & older households: $69,070 (2nd highest of 50 states)
• 65 and older population: 1,010,721 (22.9% of 18 and older pop.)

9. Oregon

• Total estimated retirement spending: $1,528,881 ($1,758,213 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,924 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 4.7% higher than avg. (8th highest of 50 states)
• Median income for 65 & older households: $55,973 (17th highest of 50 states)
• 65 and older population: 801,572 (25.0% of 18 and older pop.)

8. New Hampshire

• Total estimated retirement spending: $1,537,991 ($1,768,689 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $63,299 (cost of living adjusted)
• Est. life expectancy at age 65: 84.0 years old (13th highest of 50 states)
• Avg. cost of living: 5.3% higher than avg. (7th highest of 50 states)
• Median income for 65 & older households: $59,946 (13th highest of 50 states)
• 65 and older population: 278,740 (25.0% of 18 and older pop.)

7. New York

• Total estimated retirement spending: $1,571,292 ($1,806,986 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $64,669 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 7.6% higher than avg. (6th highest of 50 states)
• Median income for 65 & older households: $55,878 (18th highest of 50 states)
• 65 and older population: 3,379,568 (24.0% of 18 and older pop.)

6. Washington

• Total estimated retirement spending: $1,584,957 ($1,822,701 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,232 (cost of living adjusted)
• Est. life expectancy at age 65: 84.1 years old (10th highest of 50 states)
• Avg. cost of living: 8.6% higher than avg. (4th highest of 50 states)
• Median income for 65 & older households: $62,597 (10th highest of 50 states)
• 65 and older population: 1,271,287 (22.7% of 18 and older pop.)

5. New Jersey

• Total estimated retirement spending: $1,589,644 ($1,828,091 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,425 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 8.9% higher than avg. (2nd highest of 50 states)
• Median income for 65 & older households: $65,988 (4th highest of 50 states)
• 65 and older population: 1,545,244 (23.9% of 18 and older pop.)

4. Connecticut

• Total estimated retirement spending: $1,606,394 ($1,847,353 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,304 (cost of living adjusted)
• Est. life expectancy at age 65: 84.9 years old (2nd highest of 50 states)
• Avg. cost of living: 3.7% higher than avg. (10th highest of 50 states)
• Median income for 65 & older households: $65,053 (6th highest of 50 states)
• 65 and older population: 639,992 (24.0% of 18 and older pop.)

3. California

• Total estimated retirement spending: $1,643,633 ($1,890,178 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $67,647 (cost of living adjusted)
• Est. life expectancy at age 65: 84.3 years old (8th highest of 50 states)
• Avg. cost of living: 12.6% higher than avg. (the highest of 50 states)
• Median income for 65 & older households: $65,628 (5th highest of 50 states)
• 65 and older population: 5,673,617 (21.8% of 18 and older pop.)

2. Massachusetts

• Total estimated retirement spending: $1,676,869 ($1,928,399 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,037 (cost of living adjusted)
• Est. life expectancy at age 65: 84.6 years old (3rd highest of 50 states)
• Avg. cost of living: 8.2% higher than avg. (5th highest of 50 states)
• Median income for 65 & older households: $60,810 (12th highest of 50 states)
• 65 and older population: 1,216,510 (23.7% of 18 and older pop.)

1. Hawaii

• Total estimated retirement spending: $1,781,529 ($2,048,758 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,260 (cost of living adjusted)
• Est. life expectancy at age 65: 85.6 years old (the highest of 50 states)
• Avg. cost of living: 8.6% higher than avg. (3rd highest of 50 states)
• Median income for 65 & older households: $77,957 (the highest of 50 states)
• 65 and older population: 279,735 (26.5% of 18 and older pop.)

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