The amount of money needed to retire in every U.S. state exceeds $700,000.

A new analysis by GoBankingRates shows that the location of retirement could impact savings needs by up to $1.49 million.

In Hawaii, it is necessary to have approximately $2.21 million to retire at 65 and cover essential living expenses for 25 years. This is the highest minimum amount required in any U.S. state. In contrast, West Virginia only requires $712,913 to cover these same basic expenses.

Using the most recent data from the U.S. Bureau of Labor Statistics, GoBankingRates calculated the minimum amount needed to retire by subtracting average Social Security income from average annual living expenses for each state and dividing the remaining amount by 4%. These figures do not include discretionary spending like travel or entertainment.

Although housing is the primary determinant of cost disparities among states, other factors such as healthcare, utilities, and transportation also contribute. However, these estimates provide a useful benchmark for savings, but they are averages and may not fully consider other factors like inflation, lifestyle changes, or unforeseen expenses.

Each state's expected total needed for retirement at age 65 is provided in this look.

Alabama

• Annual cost of living: $53,357
• Savings you need to retire: $773,000

Alaska

• Annual cost of living: $74,147
• Savings you need to retire: $1,292,753

Arizona

• Annual cost of living: $67,778
• Savings you need to retire: $1,133,522

Arkansas

• Annual cost of living: $53,477
• Savings you need to retire: $776,005

California

• Annual cost of living: $86,946
• Savings you need to retire: $1,612,716

Colorado

• Annual cost of living: $61,709
• Savings you need to retire: $981,803

Connecticut

• Annual cost of living: $67,117
• Savings you need to retire: $1,116,998

Delaware

• Annual cost of living: $60,207
• Savings you need to retire: $944,248

Florida

• Annual cost of living: $61,529
• Savings you need to retire: $977,296

Georgia

• Annual cost of living: $54,980
• Savings you need to retire: $813,559

Hawaii

• Annual cost of living: $110,921
• Savings you need to retire: $2,212,084

Idaho

• Annual cost of living: $61,289
• Savings you need to retire: $971,288

Illinois

• Annual cost of living: $57,383
• Savings you need to retire: $873,646

Indiana

• Annual cost of living: $54,859
• Savings you need to retire: $810,555

Iowa

• Annual cost of living: $54,319
• Savings you need to retire: $797,035

Kansas

• Annual cost of living: $52,095
• Savings you need to retire: $741,455

Kentucky

• Annual cost of living: $55,821
• Savings you need to retire: $834,590

Louisiana

• Annual cost of living: $56,181
• Savings you need to retire: $843,603

Maine

• Annual cost of living: $68,199
• Savings you need to retire: $1,144,038

Maryland

• Annual cost of living: $59,426
• Savings you need to retire: $924,720

Massachusetts

• Annual cost of living: $88,268
• Savings you need to retire: $1,645,764

Michigan

• Annual cost of living: $55,460
• Savings you need to retire: $825,577

Minnesota

• Annual cost of living: $57,263
• Savings you need to retire: $870,642

Mississippi

• Annual cost of living: $52,576
• Savings you need to retire: $753,472

Missouri

• Annual cost of living: $53,477
• Savings you need to retire: $776,005

Montana

• Annual cost of living: $56,482
• Savings you need to retire: $851,114

Nebraska

• Annual cost of living: $55,761
• Savings you need to retire: $833,087

Nevada

• Annual cost of living: $60,147
• Savings you need to retire: $942,746

New Hampshire

• Annual cost of living: $66,997
• Savings you need to retire: $1,113,994

New Jersey

• Annual cost of living: $68,980
• Savings you need to retire: $1,163,566

New Mexico

• Annual cost of living: $55,821
• Savings you need to retire: $834,590

New York

• Annual cost of living: $74,147
• Savings you need to retire: $1,292,753

North Carolina

• Annual cost of living: $58,645
• Savings you need to retire: $905,192

North Dakota

• Annual cost of living: $55,340
• Savings you need to retire: $822,572

Ohio

• Annual cost of living: $57,023
• Savings you need to retire: $864,633

Oklahoma

• Annual cost of living: $52,816
• Savings you need to retire: $759,481

Oregon

• Annual cost of living: $66,096
• Savings you need to retire: $1,091,462

Pennsylvania

• Annual cost of living: $57,023
• Savings you need to retire: $864,633

Rhode Island

• Annual cost of living: $67,538
• Savings you need to retire: $1,127,514

South Carolina

• Annual cost of living: $57,203
• Savings you need to retire: $869,140

South Dakota

• Annual cost of living: $55,460
• Savings you need to retire: $825,577

Tennessee

• Annual cost of living: $54,078
• Savings you need to retire: $791,027

Texas

• Annual cost of living: $55,641
• Savings you need to retire: $830,083

Utah

• Annual cost of living: $65,795
• Savings you need to retire: $1,083,951

Vermont

• Annual cost of living: $68,559
• Savings you need to retire: $1,153,051

Virginia

• Annual cost of living: $60,387
• Savings you need to retire: $948,755

Washington

• Annual cost of living: $68,259
• Savings you need to retire: $1,145,540

West Virginia

• Annual cost of living: $50,954
• Savings you need to retire: $712,913

Wisconsin

• Annual cost of living: $59,666
• Savings you need to retire: $930,729

Wyoming

• Annual cost of living: $57,323
• Savings you need to retire: $872,144

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