Americans dreaming of retiring and spending their golden years relaxing may want to look more closely at where they plan to live. A new study shows how much money people need each year to retire comfortably in all 50 states in 2026, and the gap between the most and least expensive states is pretty significant.
MoneyLion used data from the MIT Living Wage Calculator to determine how much a retired single adult with no children must earn each year to cover living expenses.
According to that analysis, retirees in Hawaii need $64,504 per year just to afford the cost of living. West Virginia retirees, meanwhile, need only $40,627 a year. That’s a difference of nearly $24,000 per year, just depending on where you choose to retire.
The Most And Least Expensive States To Retire In The United States
Hawaii ranked as the most expensive state at $64,504, followed by Massachusetts at $63,610, California at $63,402, New York at $62,167, and New Jersey at $56,884.
The rest of the top 10 include Washington at $55,316; Oregon at $55,047; Connecticut at $54,178; Colorado at $54,071; and Maryland at $53,949.
At the bottom of the scale, West Virginia was the least expensive state to retire at $40,627. The other cheapest states were Arkansas ($41,615), Kentucky ($42,040), Louisiana ($42,378), South Dakota ($42,706), North Dakota ($42,874), Mississippi ($43,025), Oklahoma ($43,119), Ohio ($43,674) and Alabama ($43,814).
Interestingly, Florida, one of America’s most popular retirement destinations, came in at $50,117 annually. (Check out the full list here.)
Social Security Isn’t Going To Cover Enough
According to FOX Business, the average Social Security benefit in January 2026 was $2,071 per month, or $24,852 annually.
That means even a retiree living in the country’s cheapest state, West Virginia, will need an extra $16,000 per year just to cover basic expenses. And that doesn’t account for unexpected medical bills, vacations or other expenses that can drive retirement costs up even higher.
MoneyLion also said its estimates do not fully reflect future inflation, rising healthcare costs, or increases in property taxes and insurance.
The Findings Mirror Studies Released Earlier This Year
In August, we reported that a study by SmartAsset found that single working adults need to earn at least $80,000 annually to live comfortably in every state. In more than half of those states, that number exceeds $100,000.
Perhaps unsurprisingly, Hawaii was again the most expensive state at $129,002, while West Virginia was the cheapest at $81,245.
Another study we reported on earlier this year revealed just how much money it takes to be considered wealthy in every state. That study, also conducted by MoneyLion, found that the top 10% of earners in Connecticut make an average of $370,003 annually, the highest in the country.
Massachusetts ($368,568), California ($362,311), New Jersey ($361,445), and New York ($351,650) rounded out the top five. Meanwhile, the top 10% in West Virginia make an average of $201,400. That’s almost $169,000 less than Connecticut.
So, while the studies all measured slightly different things, one thing was made very clear: Where you choose to live can make a massive difference in how far your money goes.