NEW YORK (WOWO) — The amount of money Americans need to retire comfortably varies dramatically depending on where they live, with a new analysis estimating that a single adult needs more than $64,000 a year in Hawaii but about $40,600 in West Virginia.
The analysis by financial technology company MoneyLion used data from the Massachusetts Institute of Technology’s Living Wage Calculator to estimate annual income requirements for a single adult without children in all 50 states. The findings were reported by Fox Business reporter Eric Revell.
Hawaii topped the list at $64,504 a year, followed by Massachusetts at $63,610, California at $63,402 and New York at $62,167. West Virginia had the lowest estimated requirement at $40,627, followed by Arkansas at $41,615 and Kentucky at $42,040.
The figures offer a state-by-state comparison of the income needed to cover living expenses in retirement. Actual retirement budgets can vary depending on housing costs, health care needs, taxes, debt, lifestyle and other personal circumstances.
In the Midwest, the analysis estimated that a single adult would need $50,796 a year in Illinois, $45,914 in Michigan, $45,326 in Indiana and $43,674 in Ohio. Iowa’s estimate was $44,273, while Wisconsin came in at $45,504 and Missouri at $44,244.
Among other states, Florida’s estimated annual retirement income requirement was $50,117, while Arizona came in at $50,900. Colorado’s figure was $54,071, Oregon’s was $55,047 and Washington’s was $55,316. New Jersey was estimated at $56,884.
At the lower end of the range, Mississippi’s estimated requirement was $43,025, Oklahoma’s was $43,119, Alabama’s was $43,814 and South Dakota’s was $42,706.
The analysis comes as retirees face pressure from the cost of everyday expenses and must determine how to combine savings, pensions, annuities and Social Security to pay for retirement.
According to the Social Security Administration figures cited by Fox Business, the average monthly Social Security retirement benefit was $2,071 in January 2026, equivalent to $24,852 over a year. That amount is substantially below the annual income estimates for every state in the MoneyLion analysis, underscoring the importance of other income sources for many retirees.
Retirement income can come from employer-sponsored plans such as 401(k)s, individual retirement accounts, pensions, annuities and Social Security benefits. How much a person needs to draw from those sources depends on their expenses and other income.
The MoneyLion figures should be viewed as estimates rather than a universal retirement savings target. The analysis describes annual income needs for a single adult without children; it does not establish how much a person must accumulate in retirement savings, nor does it account for every household’s circumstances.
For people approaching retirement, the state-level differences highlight the importance of considering where they plan to live, their expected housing and medical expenses, and how much reliable income they will have once they stop working.
