What the Cost of Living Looks Like Post-Retirement in Every State
The more money Americans can put toward their retirement savings, the better. Key findings from a new MoneyLion study ranking the 50 U.S. states based on where retirees are most and least likely to outlive their retirement savings revealed these funds deplete too fast (to where you run out of money) in 23 states, or nearly half of the country. Data also indicates there are 10 states where life expectancy after age 65 ensures a six-figure leftover retirement cushion – and Hawaii is one of them.
To find out what the cost of living after retirement looks like in every state, MoneyLion calculated the total cost of retirement (using each state’s average mortgage and expenditure costs) and sourced the average Social Security benefits amount for retired workers. Using the average life expectancy at 65 (sourced from the Center for Disease Control’s 2025 National Vital Reports), we calculated the total cost for retirement through life expectancy in each state. The median net worth for ages 65+ was also sourced and is 95% higher than the national median net worth.
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As such, each state’s median net worth was increased by 95% to calculate every state’s estimated median net worth for ages 65+. The total retirement income was calculated using Social Security benefits and median net worth for ages 65+. To calculate the retirement cushion and rank states in order of most to least cushion leftover, we used the necessities cost for retirement from age 65 to total life expectancy and retirement income.
Key Findings
Nebraska, New Hampshire and Washington are the top three U.S. states with the highest leftover retirement cushions. Each state’s life expectancy at 65 and their retirement cushions are as follows: Nebraska (18.9 years and $295,069), New Hampshire (19.1 years and $265,417) and Washington (19.1 years and $216,077).
The top 10 ranking states have leftover retirement cushions of $100,000 or more. Nebraska, New Hampshire and Washington aside, the rest of the list includes Maryland ($193,131), Minnesota ($178,894), Hawaii ($162,584), Colorado ($138,125), Iowa ($135,115), Pennsylvania ($131,410) and Illinois ($113,077).
Retirees outlive their retirement savings by a whopping six figures in six states. Each state and its negative savings balance include Nevada (-$113,829), New Mexico (-$189,992), Alaska (-$192,137), Rhode Island (-$198,448), New York (-$340,712) and California (-$433,044).
Which states have the highest and lowest life expectancy at 65? Hawaii boasts the most years (20.5) while West Virginia ranks last at 16.6.
Here’s what the cost of living looks like after entering retirement in every U.S. state.
1. Nebraska
Life expectancy at 65: 18.9 years
Necessities cost for retirement (age 65 to total life expectancy): $718,290
Average total Social Security benefits for retired worker for total life expectancy: $456,049
Retirement income: $1,013,359
Retirement cushion: $295,069
2. New Hampshire
Life expectancy at 65: 19.1
Necessities cost for retirement (age 65 to total life expectancy): $1,039,685
Average total Social Security benefits for retired worker for total life expectancy: $500,532
Retirement income: $1,305,102
Retirement cushion: $265,417
3. Washington
Life expectancy at 65: 19.1
Necessities cost for retirement (age 65 to total life expectancy): $1,155,276
Average total Social Security benefits for retired worker for total life expectancy: $481,178
Retirement income: $1,371,353
Retirement cushion: $216,077
4. Maryland
Life expectancy at 65: 19
Necessities cost for retirement (age 65 to total life expectancy): $939,159
Average total Social Security benefits for retired worker for total life expectancy: $487,815
Retirement income: $1,132,290
Retirement cushion: $193,131
5. Minnesota
Life expectancy at 65: 19.6
Necessities cost for retirement (age 65 to total life expectancy): $842,916
Average total Social Security benefits for retired worker for total life expectancy: $492,775
Retirement income: $1,021,810
Retirement cushion: $178,894
6. Hawaii
Life expectancy at 65: 20.5
Necessities cost for retirement (age 65 to total life expectancy): $1,675,480
Average total Social Security benefits for retired worker for total life expectancy: $487,299
Retirement income: $1,838,064
Retirement cushion: $162,584
7. Colorado
Life expectancy at 65: 19.4
Necessities cost for retirement (age 65 to total life expectancy): $1,057,540
Average total Social Security benefits for retired worker for total life expectancy: $474,165
Retirement income: $1,195,665
Retirement cushion: $138,125
8. Iowa
Life expectancy at 65: 18.7
Necessities cost for retirement (age 65 to total life expectancy): $657,251
Average total Social Security benefits for retired worker for total life expectancy: $447,021
Retirement income: $792,366
Retirement cushion: $135,115
9. Pennsylvania
Life expectancy at 65: 18.7
Necessities cost for retirement (age 65 to total life expectancy): $734,141
Average total Social Security benefits for retired worker for total life expectancy: $460,536
Retirement income: $865,551
Retirement cushion: $131,410
10. Illinois
Life expectancy at 65: 18.7
Necessities cost for retirement (age 65 to total life expectancy): $745,366
Average total Social Security benefits for retired worker for total life expectancy: $449,918
Retirement income: $858,443
Retirement cushion: $113,077
11. Michigan
Life expectancy at 65: 18.4
Necessities cost for retirement (age 65 to total life expectancy): $682,079
Average total Social Security benefits for retired worker for total life expectancy: $456,179
Retirement income: $781,829
Retirement cushion: $99,751
12. Idaho
Life expectancy at 65: 19.0
Necessities cost for retirement (age 65 to total life expectancy): $958,042
Average total Social Security benefits for retired worker for total life expectancy: $444,926
Retirement income: $1,056,056
Retirement cushion: $98,014
13. Florida
Life expectancy at 65: 19.4
Necessities cost for retirement (age 65 to total life expectancy): $856,176
Average total Social Security benefits for retired worker for total life expectancy: $456,656
Retirement income: $954,101
Retirement cushion: $97,925
14. Maine
Life expectancy at 65: 18.7
Necessities cost for retirement (age 65 to total life expectancy): $919,852
Average total Social Security benefits for retired worker for total life expectancy: $423,818
Retirement income: $1,016,033
Retirement cushion: $96,181
15. Kansas
Life expectancy at 65: 18.1
Necessities cost for retirement (age 65 to total life expectancy): $646,459
Average total Social Security benefits for retired worker for total life expectancy: $446,383
Retirement income: $727,573
Retirement cushion: $81,113
16. West Virginia
Life expectancy at 65: 16.6
Necessities cost for retirement (age 65 to total life expectancy): $523,612
Average total Social Security benefits for retired worker for total life expectancy: $378,092
Retirement income: $602,342
Retirement cushion: $78,729
17. Ohio
Life expectancy at 65: 17.8
Necessities cost for retirement (age 65 to total life expectancy): $647,489
Average total Social Security benefits for retired worker for total life expectancy: $410,734
Retirement income: $711,814
Retirement cushion: $64,325
18. North Dakota
Life expectancy at 65: 19.5
Necessities cost for retirement (age 65 to total life expectancy): $763,638
Average total Social Security benefits for retired worker for total life expectancy: $451,276
Retirement income: $823,921
Retirement cushion: $60,283
19. Tennessee
Life expectancy at 65: 17.2
Necessities cost for retirement (age 65 to total life expectancy): $685,195
Average total Social Security benefits for retired worker for total life expectancy: $404,133
Retirement income: $739,533
Retirement cushion: $54,338
20. Indiana
Life expectancy at 65: 17.7
Necessities cost for retirement (age 65 to total life expectancy): $654,668
Average total Social Security benefits for retired worker for total life expectancy: $432,009
Retirement income: $707,544
Retirement cushion: $52,876
21. Wisconsin
Life expectancy at 65: 19.1
Necessities cost for retirement (age 65 to total life expectancy): $799,102
Average total Social Security benefits for retired worker for total life expectancy: $464,726
Retirement income: $831,326
Retirement cushion: $32,224
22. South Dakota
Life expectancy at 65: 19.4
Necessities cost for retirement (age 65 to total life expectancy): $790,965
Average total Social Security benefits for retired worker for total life expectancy: $446,811
Retirement income: $819,456
Retirement cushion: $28,491
23. Wyoming
Life expectancy at 65: 18.5
Necessities cost for retirement (age 65 to total life expectancy): $803,045
Average total Social Security benefits for retired worker for total life expectancy: $449,226
Retirement income: $821,871
Retirement cushion: $18,826
24. Utah
Life expectancy at 65: 19.0
Necessities cost for retirement (age 65 to total life expectancy): $1,007,060
Average total Social Security benefits for retired worker for total life expectancy: $470,861
Retirement income: $1,022,321
Retirement cushion: $15,261
25. Virginia
Life expectancy at 65: 18.5
Necessities cost for retirement (age 65 to total life expectancy): $874,392
Average total Social Security benefits for retired worker for total life expectancy: $458,197
Retirement income: $885,442
Retirement cushion: $11,050
26. Alabama
Life expectancy at 65: 17.1
Necessities cost for retirement (age 65 to total life expectancy): $597,227
Average total Social Security benefits for retired worker for total life expectancy: $405,340
Retirement income: $607,165
Retirement cushion: $9,937
27. Mississippi
Life expectancy at 65: 16.7
Necessities cost for retirement (age 65 to total life expectancy): $535,029
Average total Social Security benefits for retired worker for total life expectancy: $363,574
Retirement income: $533,770
Retirement cushion: -$1,260
28. Connecticut
Life expectancy at 65: 19.8
Necessities cost for retirement (age 65 to total life expectancy): $1,018,830
Average total Social Security benefits for retired worker for total life expectancy: $521,805
Retirement income: $1,015,350
Retirement cushion: -$3,480
29. Georgia
Life expectancy at 65: 17.9
Necessities cost for retirement (age 65 to total life expectancy): $742,656
Average total Social Security benefits for retired worker for total life expectancy: $413,368
Retirement income: $739,018
Retirement cushion: -$3,638
30. Texas
Life expectancy at 65: 18.3
Necessities cost for retirement (age 65 to total life expectancy): $720,673
Average total Social Security benefits for retired worker for total life expectancy: $424,272
Retirement income: $715,797
Retirement cushion: -4,876
31. North Carolina
Life expectancy at 65: 18.1
Necessities cost for retirement (age 65 to total life expectancy): $768,343
Average total Social Security benefits for retired worker for total life expectancy: $430,058
Retirement income: $762,338
Retirement cushion: -$6,005
32. New Jersey
Life expectancy at 65: 19.6
Necessities cost for retirement (age 65 to total life expectancy): $1,135,571
Average total Social Security benefits for retired worker for total life expectancy: $515,100
Retirement income: $1,124,280
Retirement cushion: -$11,291
33. Missouri
Life expectancy at 65: 17.8
Necessities cost for retirement (age 65 to total life expectancy): $656,766
Average total Social Security benefits for retired worker for total life expectancy: $413,636
Retirement income: $645,101
Retirement cushion: -$11,665
34. Delaware
Life expectancy at 65: 18.8
Necessities cost for retirement (age 65 to total life expectancy): $880,849
Average total Social Security benefits for retired worker for total life expectancy: $489,694
Retirement income: $862,339
Retirement cushion: -$18,510
35. Montana
Life expectancy at 65: 19.1
Necessities cost for retirement (age 65 to total life expectancy): $956,911
Average total Social Security benefits for retired worker for total life expectancy: $432,489
Retirement income: $935,784
Retirement cushion: -$21,127
36. South Carolina
Life expectancy at 65: 18.0
Necessities cost for retirement (age 65 to total life expectancy): $712,662
Average total Social Security benefits for retired worker for total life expectancy: $431,201
Retirement income: $684,506
Retirement cushion: -$28,156
37. Oklahoma
Life expectancy at 65: 16.8
Necessities cost for retirement (age 65 to total life expectancy): $575,573
Average total Social Security benefits for retired worker for total life expectancy: $387,413
Retirement income: $540,507
Retirement cushion: -$35,065
38. Louisiana
Life expectancy at 65: 17.5
Necessities cost for retirement (age 65 to total life expectancy): $583,371
Average total Social Security benefits for retired worker for total life expectancy: $381,864
Retirement income: $548,063
Retirement cushion: - $35,308
39. Arkansas
Life expectancy at 65: 17.0
Necessities cost for retirement (age 65 to total life expectancy): $569,857
Average total Social Security benefits for retired worker for total life expectancy: $411,982
Retirement income: $533,857
Retirement cushion: -$36,000
40. Kentucky
Life expectancy at 65: 16.8
Necessities cost for retirement (age 65 to total life expectancy): $584,222
Average total Social Security benefits for retired worker for total life expectancy: $376,137
Retirement income: $535,842
Retirement cushion: -$48,380
41. Arizona
Life expectancy at 65: 18.8
Necessities cost for retirement (age 65 to total life expectancy): $887,517
Average total Social Security benefits for retired worker for total life expectancy: $430,217
Retirement income: $828,602
Retirement cushion: -$58,915
42. Massachusetts
Life expectancy at 65: 19.7
Necessities cost for retirement (age 65 to total life expectancy): $1,329,761
Average total Social Security benefits for retired worker for total life expectancy: $492,733
Retirement income: $1,262,788
Retirement cushion: -$66,973
43. Vermont
Life expectancy at 65: 19.5
Necessities cost for retirement (age 65 to total life expectancy): $934,115
Average total Social Security benefits for retired worker for total life expectancy: $477,276
Retirement income: $849,921
Retirement cushion: -$84,194
44. Oregon
Life expectancy at 65: 18.8
Necessities cost for retirement (age 65 to total life expectancy): $1,026,322
Average total Social Security benefits for retired worker for total life expectancy: $448,885
Retirement income: $934,240
Retirement cushion: -$92,082
45. Nevada
Life expectancy at 65: 17.9
Necessities cost for retirement (age 65 to total life expectancy): $862,030
Average total Social Security benefits for retired worker for total life expectancy: $409,486
Retirement income: $748,201
Retirement cushion: -$113,829
46. New Mexico
Life expectancy at 65: 18.7
Necessities cost for retirement (age 65 to total life expectancy): $759,650
Average total Social Security benefits for retired worker for total life expectancy: $418,533
Retirement income: $569,658
Retirement cushion: -$189,992
47. Alaska
Life expectancy at 65: 18.6
Necessities cost for retirement (age 65 to total life expectancy): $993,371
Average total Social Security benefits for retired worker for total life expectancy: $428,589
Retirement income: $801,234
Retirement cushion: -$192,137
48. Rhode Island
Life expectancy at 65: 19.4
Necessities cost for retirement (age 65 to total life expectancy): $1,048,291
Average total Social Security benefits for retired worker for total life expectancy: $477,198
Retirement income: $849,843
Retirement cushion: -$198,448
49. New York
Life expectancy at 65: 19.8
Necessities cost for retirement (age 65 to total life expectancy): $1,079,202
Average total Social Security benefits for retired worker for total life expectancy: $479,529
Retirement income: $738,489
Retirement cushion: -$340,712
50. California
Life expectancy at 65: 19.7
Necessities cost for retirement (age 65 to total life expectancy): $1,434,426
Average total Social Security benefits for retired worker for total life expectancy: $457,472
Retirement income: $991,382
Retirement cushion: - $443,044
Methodology: For this study, MoneyLion analyzed each U.S. state to find the places where retirees will outlive their savings. MoneyLion sourced data including total population, population ages 65 and up, total households, and median household income from the U.S. Census ACS. The cost-of-living indexes were sourced from Missouri Economic and Research Information Center and using the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs can be calculated for each state. The average single-family home value was sourced from Zillow Home Value Index. Assuming a 20% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated for each state. Using the average mortgage and expenditure costs, the total cost of retirement was calculated for each state. The average Social Security benefits for a retired worker in each state was sourced from the 2025 Annual Statistical Supplement from the Social Security Administration. The average life expectancy at 65 was sourced from the Center for Disease Control's 2025 National Vital Reports. Using the life expectancy at 65, the total cost for retirement through life expectancy was calculated for each state. Using the U.S. Census' SIPP data, the median net worth (including home equity) was sourced for each state and for selected characteristics. The median net worth for ages 65 and over is 95% higher than the national median net worth, so each state's median net worth was increased by 95% to calculate the estimated median net worth for ages 65 and over in each state. Using the Social Security benefits along with the median net worth (including home equity) for ages 65 and over in each state, the total retirement income was calculated for each state. The total cost of retirement until life expectancy was counted as retirement expenses and using retirement expenses along with the retirement income, the retirement cushion was calculated for each U.S. state. All data is up to date as of July 8, 2026.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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