If you’ve been relying on Social Security to cover your retirement, you might want to rethink your plan. With recent updates showing the program’s trust fund may run dry by 2034, future retirees could face a stark reality: retiring without Social Security as a financial safety net.
Let’s walk through what that really means — and how much money you might actually need to retire comfortably in your state.
GoBankingRates new report about Retire Comfortably
Healthcare costs are climbing. Living expenses aren’t slowing down. And with new legislation affecting benefit eligibility, many Americans in their 30s, 40s, and even 50s are starting to ask:
“Will Social Security be there when I retire?”
A new report by GoBankingRates paints a clearer — and more urgent — picture. Their study calculates how much you’d need to retire in each state assuming zero Social Security benefits, using the latest cost of living data and life expectancy averages.
What “Comfortable” Retirement Actually Means in This Study
To keep things simple, researchers used:
- A life expectancy of 80 years
- A starting retirement age of either 60 or 70
- The assumption that retirees would need double their minimum cost of living to account for emergencies, inflation, and personal comfort
All calculations were based on the 50/30/20 rule and sourced from trusted organizations like the Bureau of Labor Statistics, Federal Reserve Economic Data, and Missouri Economic and Research Information Center.
Real Numbers: Retirement Savings Needed (Without Social Security)
Here’s a snapshot of how much you’d need to retire comfortably — completely independent of Social Security.
| State | Annual Cost of Living Comfortably | Savings Needed (Retire at 60) | Savings Needed (Retire at 70) | % Age 65+ |
|---|---|---|---|---|
| Alabama | $70,492 | $1,409,839 | $704,919 | 17.5% |
| Alaska | $110,457 | $2,209,137 | $1,104,569 | 13.3% |
| Arizona | $100,281 | $2,005,627 | $1,002,814 | 18.6% |
| Arkansas | $67,502 | $1,350,045 | $675,022 | 17.3% |
| California | $155,117 | $3,102,333 | $1,551,166 | 15.3% |
| Colorado | $114,744 | $2,294,882 | $1,147,441 | 15.2% |
| Connecticut | $105,428 | $2,108,563 | $1,054,281 | 18.1% |
| Delaware | $94,392 | $1,887,834 | $943,917 | 20.0% |
| Florida | $97,119 | $1,942,374 | $971,187 | 21.1% |
| Georgia | $86,005 | $1,720,096 | $860,048 | 14.6% |
| Hawaii | $186,062 | $3,721,237 | $1,860,618 | 19.9% |
| Idaho | $101,912 | $2,038,236 | $1,019,118 | 16.6% |
| Illinois | $79,736 | $1,594,716 | $797,358 | 16.6% |
| Indiana | $74,029 | $1,480,575 | $740,288 | 16.4% |
| Iowa | $71,373 | $1,427,463 | $713,731 | 17.8% |
| Kansas | $71,534 | $1,430,672 | $715,336 | 16.6% |
| Kentucky | $71,410 | $1,428,204 | $714,102 | 17.0% |
| Louisiana | $67,482 | $1,349,639 | $674,820 | 16.3% |
| Maine | $98,612 | $1,972,231 | $986,115 | 21.9% |
| Maryland | $101,991 | $2,039,812 | $1,019,906 | 16.3% |
| Massachusetts | $136,626 | $2,732,517 | $1,366,259 | 17.5% |
| Michigan | $73,780 | $1,475,595 | $737,797 | 18.2% |
| Minnesota | $88,321 | $1,766,414 | $883,207 | 16.8% |
| Mississippi | $65,523 | $1,310,451 | $655,226 | 16.8% |
| Missouri | $73,667 | $1,473,335 | $736,668 | 17.5% |
| Montana | $102,916 | $2,058,322 | $1,029,161 | 19.7% |
| Nebraska | $76,792 | $1,535,846 | $767,923 | 16.4% |
| Nevada | $103,661 | $2,073,215 | $1,036,607 | 16.6% |
| New Hampshire | $110,761 | $2,215,216 | $1,107,608 | 19.5% |
| New Jersey | $118,338 | $2,366,765 | $1,183,383 | 16.8% |
| New Mexico | $81,627 | $1,632,542 | $816,271 | 18.8% |
| New York | $105,619 | $2,112,384 | $1,056,192 | 17.4% |
| North Carolina | $86,857 | $1,737,146 | $868,573 | 16.9% |
| North Dakota | $78,734 | $1,574,682 | $787,341 | 16.2% |
| Ohio | $73,120 | $1,462,391 | $731,195 | 17.9% |
| Oklahoma | $69,161 | $1,383,214 | $691,607 | 16.1% |
| Oregon | $111,541 | $2,230,814 | $1,115,407 | 18.6% |
| Pennsylvania | $78,582 | $1,571,642 | $785,821 | 19.1% |
| Rhode Island | $109,811 | $2,196,222 | $1,098,111 | 18.3% |
| South Carolina | $81,586 | $1,631,721 | $815,860 | 18.5% |
| South Dakota | $81,949 | $1,638,979 | $819,489 | 17.6% |
| Tennessee | $81,474 | $1,629,482 | $814,741 | 16.8% |
| Texas | $81,985 | $1,639,693 | $819,846 | 13.2% |
| Utah | $110,623 | $2,212,458 | $1,106,229 | 11.6% |
| Vermont | $97,999 | $1,959,971 | $979,986 | 20.8% |
| Virginia | $96,141 | $1,922,813 | $961,406 | 16.3% |
| Washington | $126,952 | $2,539,048 | $1,269,524 | 16.3% |
| West Virginia | $64,715 | $1,294,300 | $647,150 | 20.7% |
| Wisconsin | $84,485 | $1,689,700 | $844,850 | 18.0% |
| Wyoming | $88,792 | $1,775,841 | $887,921 | 18.0% |
Note: “Savings Needed” is calculated by multiplying annual costs by 20 years (for retirement at 60) or 10 years (for retirement at 70).
Why It’s Not One-Size-Fits-All
Where you retire matters — a lot. Retiring in Mississippi could cost you less than half of what you’d need in Hawaii. And while some states like Florida and Arizona are known for being retiree-friendly, rising costs in housing and healthcare are starting to erode that perception.
For example:
- Arizona: Needs $2M+ in savings to retire at 60
- Mississippi: Needs only $1.3M to retire at the same age
Real Talk
If you’re currently in your 40s or 50s, this report is a wake-up call. The “retirement number” you thought was enough might need a serious upgrade.
Here’s what you can start doing now:
- Check your current savings trajectory
- Use a retirement calculator (without Social Security factored in)
- Consider relocating to a lower-cost state if feasible
- Diversify your savings beyond just 401(k)s and IRAs
Frequently Asked Questions (FAQs)
1. Is Social Security really going away?
Not completely — but full benefits may be reduced after 2034 unless Congress acts. Future retirees could see smaller checks or delayed eligibility.
2. How much should I save per month to hit my target?
That depends on your age, income, and where you live. But generally, saving 15–20% of your income (or more) is a smart goal.
3. Is retiring at 70 realistic?
For many, yes — especially if you’re healthy and working part-time or consulting. Retiring later significantly reduces how much you need saved.
4. Does this study account for inflation?
Yes. The numbers reflect comfortable living, not bare-bones survival, and consider rising costs over time.
5. What if I already rely on Social Security?
These numbers assume zero Social Security, so if you’re already collecting or expect to, you might not need as much — but it’s still wise to have backup.
Final Thoughts
Social Security might be part of your future — or it might not. But waiting to find out could cost you more than you think.