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The income required to retire comfortably in each state
Fox Business • • business
Key Points:
- Retirees in the U.S. face financial challenges as inflation persists, making it essential to ensure retirement income covers rising expenses.
- Retirement income sources include personal savings (401(k), IRA), annuities, pensions, and Social Security, with the average annual Social Security benefit at $24,852 as of January 2026.
- A MoneyLion analysis using MIT Living Wage Calculator data shows the annual income needed to retire comfortably varies widely by state, from $64,504 in Hawaii to $40,627 in West Virginia.
- Many states require an annual retirement income well above the average Social Security benefit, highlighting the need for additional savings or income sources to maintain financial stability in retirement.
- The state-by-state breakdown underscores regional cost differences, with higher income needs in states like California, Massachusetts, and New York compared to lower costs in states like West Virginia and Arkansas.
