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Partially as a result, the number of Americans working past retirement age is rising fast. Data from the Bureau of Labor Statistics shows that more than 26% Americans between ages 65 to 74 were still working in 2020, and that share is projected to hit 32% by 2030. In 1995, about 17.5% of Americans that age were working, and the percentage was even lower before that.
For those who do not want to work past age 65 and still be financially secure, there is a certain amount of money they can expect to need. This amount should account for expenditures throughout retirement and can come from retirement savings or other sources of income.
According to the Consumer Expenditure Survey from the Bureau of Labor Statistics, the typical retirement-age American spent $52,141 in 2021. Adjusting this figure for average state-level cost of living, inflation, and average life expectancy at age 65 – plus a 15% financial cushion – Oklahoma residents can reasonably expect to spend, on average, $1,197,264 over the course of their retirement starting at age 65, the eighth lowest amount of all states.
It is important to note that this figure does not reflect a retirement savings target, as investment and interest income, pension plans, and Social Security can each supplement retirement savings.
All data used for the calculations in this story are from the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the National Center for Health Statistics. For each year of life beyond age 65, we added 2% of annual expenditures to account for inflation, based on the Federal Reserve’s target inflation rate. Click here to read our full methodology.
Rank | Geo | Est. cost of a comfortable retirement at age 65 ($) | Cost of living | Pop. who are 65 and older (%) |
---|---|---|---|---|
1 | Hawaii | 1,501,762 | 13.2% higher than avg. | 19.6 |
2 | California | 1,482,796 | 11.8% higher than avg. | 15.2 |
3 | New York | 1,452,383 | 9.5% higher than avg. | 17.5 |
4 | New Jersey | 1,447,011 | 9.1% higher than avg. | 16.9 |
5 | Washington | 1,444,173 | 8.9% higher than avg. | 16.2 |
6 | Massachusetts | 1,413,270 | 6.6% higher than avg. | 17.4 |
7 | Maryland | 1,408,866 | 6.2% higher than avg. | 16.3 |
8 | Alaska | 1,385,205 | 4.4% higher than avg. | 13.4 |
9 | Oregon | 1,366,543 | 3% higher than avg. | 18.6 |
10 | Colorado | 1,366,238 | 3% higher than avg. | 15.1 |
11 | Connecticut | 1,360,853 | 2.6% higher than avg. | 18.0 |
12 | New Hampshire | 1,359,620 | 2.5% higher than avg. | 19.3 |
13 | Virginia | 1,356,543 | 2.3% higher than avg. | 16.3 |
14 | Rhode Island | 1,353,956 | 2.1% higher than avg. | 18.3 |
15 | Florida | 1,345,295 | 1.4% higher than avg. | 21.1 |
16 | Illinois | 1,345,057 | 1.4% higher than avg. | 16.6 |
17 | Vermont | 1,308,556 | 1.3% lower than avg. | 20.6 |
18 | Texas | 1,306,460 | 1.5% lower than avg. | 13.2 |
19 | Minnesota | 1,305,413 | 1.6% lower than avg. | 16.8 |
20 | Delaware | 1,295,518 | 2.3% lower than avg. | 20.1 |
21 | Maine | 1,289,258 | 2.8% lower than avg. | 21.7 |
22 | Arizona | 1,282,839 | 3.3% lower than avg. | 18.3 |
23 | Pennsylvania | 1,278,196 | 3.6% lower than avg. | 19.0 |
24 | Georgia | 1,270,411 | 4.2% lower than avg. | 14.7 |
25 | Nevada | 1,267,214 | 4.5% lower than avg. | 16.5 |
26 | Utah | 1,254,601 | 5.4% lower than avg. | 11.6 |
27 | Michigan | 1,250,105 | 5.7% lower than avg. | 18.1 |
28 | North Carolina | 1,244,163 | 6.2% lower than avg. | 17.0 |
29 | South Carolina | 1,242,677 | 6.3% lower than avg. | 18.6 |
30 | Wisconsin | 1,238,088 | 6.7% lower than avg. | 17.9 |
31 | Indiana | 1,229,971 | 7.3% lower than avg. | 16.4 |
32 | Ohio | 1,226,310 | 7.5% lower than avg. | 17.8 |
33 | Missouri | 1,220,514 | 8% lower than avg. | 17.6 |
34 | Idaho | 1,217,252 | 8.2% lower than avg. | 16.5 |
35 | Nebraska | 1,216,920 | 8.2% lower than avg. | 16.4 |
36 | Montana | 1,214,480 | 8.4% lower than avg. | 19.7 |
37 | Wyoming | 1,212,503 | 8.6% lower than avg. | 17.9 |
38 | Louisiana | 1,210,620 | 8.7% lower than avg. | 16.6 |
39 | Kansas | 1,209,042 | 8.8% lower than avg. | 16.7 |
40 | North Dakota | 1,208,325 | 8.9% lower than avg. | 16.0 |
41 | Tennessee | 1,205,023 | 9.1% lower than avg. | 17.0 |
42 | West Virginia | 1,203,816 | 9.2% lower than avg. | 20.7 |
43 | Oklahoma | 1,197,264 | 9.7% lower than avg. | 16.2 |
44 | South Dakota | 1,195,646 | 9.9% lower than avg. | 17.6 |
45 | New Mexico | 1,192,462 | 10.1% lower than avg. | 18.5 |
46 | Iowa | 1,187,966 | 10.4% lower than avg. | 17.8 |
47 | Arkansas | 1,186,335 | 10.6% lower than avg. | 17.4 |
48 | Kentucky | 1,182,077 | 10.9% lower than avg. | 17.0 |
49 | Alabama | 1,169,013 | 11.9% lower than avg. | 17.6 |
50 | Mississippi | 1,148,614 | 13.4% lower than avg. | 16.8 |
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