Here’s How Much You Need Saved in Every State If You Live to 100
Living to the age of 100 might sound wonderful until you think about your wallet, paying for those extra expenses on the years of your life. Longevity, unfortunately, costs more money.
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The cost of living is not cheap in most places, some may say anywhere, but it does vary depending upon region, and even different states within a region. Living to 100 comes a bit more cheaply in the South and Midwest than it does on the East or West coasts or places like Alaska and Hawaii.
To figure out how much you would need to save to live comfortably to 100, GOBankingRates sourced data for all 50 states from the Missouri Economic Research and Information Center (MERIC), the Bureau of Labor Statistics and the United States Census Bureau. The study took the U.S. averages for six living expenses — groceries, housing, utilities, transportation, healthcare and miscellaneous costs — and used cost-of-living indices from MERIC to determine the annual cost for each expense in every state. The six living expenses were then added together to give a total annual cost of living for that state.
Assuming a retirement age of 65, GOBankingRates extrapolated the total cost of living data by 35 years to determine how much an individual would need to have saved in each state to live comfortably to age 100 — ranked from the lowest amount needed to highest.
Mississippi
Annual cost of living: $29,643
Total cost of living over 35 years: $1,037,507
Savings needed to live comfortably to 100: $1,964,316
In Mississippi, housing costs are incredibly affordable, at more than 37% below the national average. All other expenditures are also below the national average.
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Arkansas
Annual cost of living: $29,747
Total cost of living over 35 years: $1,041,141
Savings needed to live comfortably to 100: $1,971,584
Overall, cost of living is 11.5% lower than the national average in Arkansas, with housing being significantly lower.
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West Virginia
Annual cost of living: $30,069
Total cost of living over 35 years: $1,052,423
Savings needed to live comfortably to 100: $1,994,147
In West Virginia, while groceries and healthcare are about on par with the rest of the nation, housing is nearly 38% lower than the national average.
Louisiana
Annual cost of living: $30,119
Total cost of living over 35 years: $1,054,147
Savings needed to live comfortably to 100: $1,997,596
In Louisiana, all costs are below the national average, though healthcare is almost on par. Utilities and housing are where you really save.
Oklahoma
Annual cost of living: $30,358
Total cost of living over 35 years: $1,062,517
Savings needed to live comfortably to 100: $2,014,335
Oklahoma is another state with an overall low cost of living, at about 14% lower than the national average. Groceries and utilities are not as cheap as other expenditures, however.
Georgia
Annual cost of living: $30,634
Total cost of living over 35 years: $1,072,176
Savings needed to live comfortably to 100: $2,033,653
In Georgia, which has an overall lower cost of living, you won’t save much on healthcare or miscellaneous expenditures, which are almost at the national average.
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Tennessee
Annual cost of living: $30,643
Total cost of living over 35 years: $1,072,517
Savings needed to live comfortably to 100: $2,034,336
Tennessee has an almost 10% lower cost of living than the rest of the nation. Of all expenditures, groceries and transportation come closest to the national average.
Alabama
Annual cost of living: $30,734
Total cost of living over 35 years: $1,075,702
Savings needed to live comfortably to 100: $2,040,705
Overall, Alabama’s cost of living is almost 12% lower than the national average. However, utilities come in at almost 2% above.
Nebraska
Annual cost of living: $30,773
Total cost of living over 35 years: $1,077,072
Savings needed to live comfortably to 100: $2,043,445
All expenditures are below the national average in Nebraska, with housing being the most affordable, at about 22% below the average, and healthcare being the highest, at less than 1% below average.
Illinois
Annual cost of living: $30,936
Total cost of living over 35 years: $1,082,755
Savings needed to live comfortably to 100: $2,054,812
Overall, Illinois’ cost of living is almost 9% below the national average. While most expenditures also fall below average, transportation is slightly higher.
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South Dakota
Annual cost of living: $31,026
Total cost of living over 35 years: $1,085,893
Savings needed to live comfortably to 100: $2,061,087
In South Dakota, housing costs are almost 15% below the national average, but healthcare is almost exactly the average.
Missouri
Annual cost of living: $31,2670
Total cost of living over 35 years: $1,094,447
Savings needed to live comfortably to 100: $2,078,195
Missouri is one of the 10 states with the lowest overall cost of living, which is about 12% lower than the national average. While most expenditures here are also below average, you will pay a bit above average for utilities.
Iowa
Annual cost of living: $31,385
Total cost of living over 35 years: $1,098,458
Savings needed to live comfortably to 100: $2,086,217
Iowa is the sixth cheapest state when it comes to housing. All other expenditures except healthcare fall below the national average.
Kansas
Annual cost of living: $31,540
Total cost of living over 35 years: $1,103,914
Savings needed to live comfortably to 100: $2,097,129
Kansas is the second most affordable state in terms of overall cost of living. However, utilities run almost 5% higher than the national average.
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Kentucky
Annual cost of living: $31,634
Total cost of living over 35 years: $1,107,206
Savings needed to live comfortably to 100: $2,103,713
Kentucky is the fourth most affordable state when it comes to the cost of healthcare. Groceries and miscellaneous costs, however, are slightly above the national average.
Wyoming
Annual cost of living: $31,6989
Total cost of living over 35 years: $1,109,463
Savings needed to live comfortably to 100: $2,108,228
In Wyoming, housing is almost 20% lower than the national average. The next most affordable expenditure here is utilities, which comes in almost 9% lower than the national average.
New Mexico
Annual cost of living: $31,882
Total cost of living over 35 years: $1,115,871
Savings needed to live comfortably to 100: $2,121,044
The expenditure that comes in most below the national average in New Mexico is housing, at 13% below. Healthcare, however, is barely below average and will probably take a good chunk of your income.
Michigan
Annual cost of living: $32,000
Total cost of living over 35 years: $1,120,001
Savings needed to live comfortably to 100: $2,129,303
While Michigan’s overall cost of living is about 9% below the national average, groceries and utilities are right at or slightly above the national average.
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Ohio
Annual cost of living: $32,161
Total cost of living over 35 years: $1,125,628
Savings needed to live comfortably to 100: $2,140,558
Ohio’s overall cost of living is about 8.8% lower than the national average. However, groceries and healthcare are at or above the national average.
Texas
Annual cost of living: $32,214
Total cost of living over 35 years: $1,127,473
Savings needed to live comfortably to 100: $2,144,248
While you’ll pay around 7% below the national average to live in Texas, you will pay a bit above for your utilities here.
Indiana
Annual cost of living: $32,227
Total cost of living over 35 years: $1,127,960
Savings needed to live comfortably to 100: $2,145,222
After housing, the biggest chunk of your income in Indiana will go toward healthcare, at nearly $6,000 per year.
Minnesota
Annual cost of living: $32,531
Total cost of living over 35 years: $1,138,584
Savings needed to live comfortably to 100: $2,166,469
In Minnesota, transportation is nearly 10% higher than the national average, running around $5,408 per year.
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North Carolina
Annual cost of living: $32,589
Total cost of living over 35 years: $1,140,621
Savings needed to live comfortably to 100: $2,170,544
While North Carolina’s overall cost of living is almost 4% lower than the national average, you’ll still pay a good chunk for transportation, around $5,284 per year, and for healthcare, around $6,959.
Idaho
Annual cost of living: $32,756
Total cost of living over 35 years: $1,146,473
Savings needed to live comfortably to 100: $2,182,248
In Idaho, the cost of living is just about the same as the national average. However, you’ll pay a sizable amount to healthcare, $7,140 per year.
North Dakota
Annual cost of living: $32,792
Total cost of living over 35 years: $1,147,729
Savings needed to live comfortably to 100: $2,184,760
Though North Dakota is still almost 6% lower than the national average, you will pay a fair amount for healthcare, around $6,273 and transportation, around $5,541 per year.
South Carolina
Annual cost of living: $33,230
Total cost of living over 35 years: $1,163,049
Savings needed to live comfortably to 100: $2,215,399
South Carolina is an interesting state, given that the overall cost of living is almost 6% lower than the national average but housing is 12% higher and healthcare is almost 20% lower.
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Pennsylvania
Annual cost of living: $33,270
Total cost of living over 35 years: $1,164,463
Savings needed to live comfortably to 100: $2,218,228
In the relatively affordable state of Pennsylvania, housing is on the higher side, at nearly 7% higher than the national average, or around $12,464 per year.
Wisconsin
Annual cost of living: $33,321
Total cost of living over 35 years: $1,166,228
Savings needed to live comfortably to 100: $2,221,758
In Wisconsin you’ll pay on the lower side of the national average for healthcare, around $6,364 per year, but more than 9% above average for transportation, at around $5,393 per year.
Delaware
Annual cost of living: $34,009
Total cost of living over 35 years: $1,190,317
Savings needed to live comfortably to 100: $2,269,935
Delaware is the first state on this list where the overall cost of living starts to leap above the national average, though by less than a full percentage point. Healthcare will run you a sizable $7,231 per year, but utilities are only around $4,219 per year.
Florida
Annual cost of living: $34,287
Total cost of living over 35 years: $1,200,046
Savings needed to live comfortably to 100: $2,289,393
Florida’s overall cost of living is also above the national average, and you’ll especially pay more for healthcare here at around $8,098 per year.
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Montana
Annual cost of living: $34,350
Total cost of living over 35 years: $1,202,233
Savings needed to live comfortably to 100: $2,293,767
Montana’s overall cost of living is only about 3% above the national average. However, utilities are a staggering 15% above average, or around $4,871 per year.
Virginia
Annual cost of living: $34,717
Total cost of living over 35 years: $1,215,081
Savings needed to live comfortably to 100: $2,319,464
In Virginia, all expenses exceed the national average except for utilities, which are around $3,923 per year.
Utah
Annual cost of living: $34,882
Total cost of living over 35 years: $1,220,870
Savings needed to live comfortably to 100: $2,331,042
In Utah, the overall cost of living is nearly 5% higher than the national average. However, transportation is below average, at around $4,523 per year.
Colorado
Annual cost of living: $35,078
Total cost of living over 35 years: $1,227,717
Savings needed to live comfortably to 100: $2,344,736
The expenses that are over the national average in Colorado include healthcare, at around $8,829 per year, and utilities, which are around $4,503 per year.
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Nevada
Annual cost of living: $35,079
Total cost of living over 35 years: $1,227,765
Savings needed to live comfortably to 100: $2,344,832
While utilities are an astonishing nearly 19% above the national average in Nevada, at around $5,028 per year, transportation is around 11% lower than average, at around $4,409 per year.
Arizona
Annual cost of living: $35,919
Total cost of living over 35 years: $1,257,163
Savings needed to live comfortably to 100: $2,403,628
Arizona’s overall cost of living is a full 10% above the national average with healthcare being an enormous 29% above the national average, or around $9,712 per year. That’s more than twice what it costs to pay for utilities each year.
Rhode Island
Annual cost of living: $37,152
Total cost of living over 35 years: $1,300,316
Savings needed to live comfortably to 100: $2,489,934
In Rhode Island, where the overall cost of living is 12% higher than the national average, you’ll pay a steep $9,101 per year in healthcare costs, about one and a half times more than you pay in groceries per year.
New Jersey
Annual cost of living: $37,535
Total cost of living over 35 years: $1,313,731
Savings needed to live comfortably to 100: $2,516,763
New Jersey is another state where the healthcare costs are quite high, around 23% higher than the national average, or $9,531 per year.
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Maine
Annual cost of living: $37,597
Total cost of living over 35 years: $1,315,891
Savings needed to live comfortably to 100: $2,521,084
In Maine, you’ll pay $5,497 in transportation costs and $4,647 in utilities costs, both of which are above the national average.
Washington
Annual cost of living: $38,382
Total cost of living over 35 years: $1,343,359
Savings needed to live comfortably to 100: $2,576,019
Not only is Washington state almost 16% higher than the national average, it has the highest utilities cost, at $5,562 per year.
Oregon
Annual cost of living: $38,615
Total cost of living over 35 years: $1,351,522
Savings needed to live comfortably to 100: $2,592,346
Oregon, where the cost of living is 15% higher than the national average, also has the fourth most expensive utilities, which run around $5,333 per year.
Maryland
Annual cost of living: $38,837
Total cost of living over 35 years: $1,359,280
Savings needed to live comfortably to 100: $2,607,861
While Maryland’s cost of living is 15% higher than the national average, utilities fall just below that, at around $4,172 per year.
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New Hampshire
Annual cost of living: $39,631
Total cost of living over 35 years: $1,387,099
Savings needed to live comfortably to 100: $2,663,499
Several of the expenditures in this New England state are well above the national average, including healthcare, which runs around $8,550 per year; housing, which is around $14,954 per year and even miscellaneous costs, which run around $1,154 per year.
Vermont
Annual cost of living: $39,655
Total cost of living over 35 years: $1,387,919
Savings needed to live comfortably to 100: $2,665,140
In Vermont, the cost of healthcare might make you feel a little sick, at 35% higher than the national average, or $10,187 per year.
Connecticut
Annual cost of living: $41,268
Total cost of living over 35 years: $1,444,370
Savings needed to live comfortably to 100: $2,778,042
Connecticut has the third highest housing costs, which run around $16,205 per year, though the overall cost of living is only about 14% higher than the national average.
New York
Annual cost of living: $41,309
Total cost of living over 35 years: $1,445,809
Savings needed to live comfortably to 100: $2,780,920
The cost of living in New York starts to really jump, at 27% higher than the national average. It’s also the fifth most expensive state for healthcare, which costs around $13,346 per year.
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California
Annual cost of living: $46,093
Total cost of living over 35 years: $1,613,261
Savings needed to live comfortably to 100: $3,115,823
California is routinely among the most expensive states to live and this study is no exception. With a cost of living that is 36% higher than the national average, you’ll pay 93% higher for your healthcare here, at $14,530 per year, and 27% higher for utilities, or $5,384 per year, to name a couple.
Alaska
Annual cost of living: $46,676
Total cost of living over 35 years: $1,633,670
Savings needed to live comfortably to 100: $3,156,641
In Alaska, which is around 26% higher than the national average, the costs that really bite you are housing, at $18,017 per year, the second most expensive in this study, and transportation, which is the most expensive, at $7,360 per year.
Massachusetts
Annual cost of living: $50,178
Total cost of living over 35 years: $1,756,233
Savings needed to live comfortably to 100: $3,401,767
Massachusetts beats out more touristy states like California and New York with an overall cost of living that is 48% higher than the national average. Healthcare is 127% higher here than the national average, or $17,123 per year, and housing is 39% higher, at around $16,193 per year.
Hawaii
Annual cost of living: $60,308
Total cost of living over 35 years: $2,110,790
Savings needed to live comfortably to 100: $4,110,881
It’s probably no surprise that the tourist-laden Hawaiian Islands, where most things must be shipped or flown in, cost more than the rest of the U.S. Hawaii holds its spot as the No. 1 most expensive state, where the cost of living is 79% higher than the national average. Healthcare comes in at a staggering 206% higher than the national average, or around $23,095 per month.
Methodology: In order to find the savings you need in every state if you live to 100,GOBankingRates analyzed the cost of living across multiple factors including; [1] Grocery cost of living index, [2] Healthcare cost of living index, [3] Utilities cost of living index, [4] Transportation cost of living index, [5] Miscellaneous cost of living index, and [6] housing cost of living index all sourced from the Missouris Economic and Research Information Center. Using the [6] national average expenditure costs for people 65 years and older as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs for each location can be calculated. This can be multiplied by 35 years to find the average expenditure costs for the rest of their life. The Social Security Benefits can be calculated using the Social Security Administration’s average benefits for people from aged 65 to 100 and subtracting that from the 35 years of expenditure costs to find the remaining expense costs for those 35 years. Using the 50/30/20 rule the remaining 35 years of costs can be doubled to find the savings amount needed to live to 100. All data was collected and is up-to-date as-of January 8th, 2024.
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This article originally appeared on GOBankingRates.com: Here’s How Much You Need Saved in Every State If You Live to 100
