A 2019 report from the Federal Reserve found that nearly one in every four American adults have no retirement savings. During the economic crisis brought on by the COVID-19 pandemic, that share has likely grown. Despite stimulus payments and enhanced unemployment benefits, millions of Americans have reduced retirement account contributions or stopped them entirely -- some have even been forced to make withdrawals. Here is what you can do if the coronavirus is threatening your retirement.

At age 65, Americans are expected to live an average of another 19.4 years, and the typical retirement-age American spends $50,220 a year. Multiply those figures, and add in a little extra for unforeseen expenses and additional financial security, and a comfortable retirement costs an estimated $1,120,408 in the United States.

With a relatively high cost of living, Maryland is also a relatively expensive state in which to retire comfortably. Goods and services in the state are 7.7% more expensive than they are on average nationwide, and the average 65 year old should plan on spending $1,219,120 throughout retirement, nearly $99,000 more than the national average.

Housing costs are especially high in Maryland. The typical retirement-age homeowner without a mortgage spends $602 a month on housing, far more than the comparable $499 monthly median nationwide.

State level calculations in this story are based on the average annual expenditure of $50,220 for Americans 65 years and older in 2019, as reported in the BLS Consumer Expenditure Survey. This figure is adjusted by state to account for both cost of living and life expectancy at age 65, and then multiplied by 115% in order to reflect greater financial stability and comfort in retirement. All data in this story is from the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Institute for Health Metrics and Evaluation.


RankStateHow much you need to comfortably retireLife expectancy at age 65 (yrs.)Cost of living
1Hawaii$1,481,33686.519.3% more than avg.
2California$1,391,54785.716.4% more than avg.
3New York$1,383,63585.616.3% more than avg.
4New Jersey$1,359,96885.316.0% more than avg.
5Massachusetts$1,268,81084.910.4% more than avg.
6Washington$1,245,82584.98.4% more than avg.
7Connecticut$1,237,06985.45.0% more than avg.
8Maryland$1,219,12084.67.7% more than avg.
9Florida$1,184,11085.31% more than avg.
10New Hampshire$1,180,93384.26.5% more than avg.
11Vermont$1,178,95884.83.1% more than avg.
12Colorado$1,177,00685.01.9% more than avg.
13Alaska$1,159,33984.15.1% more than avg.
14Oregon$1,150,96084.52.2% more than avg.
15Minnesota$1,148,93885.32.0% less than avg.
16Rhode Island$1,146,67484.61.3% more than avg.
17Virginia$1,140,82484.51.3% more than avg.
18Arizona$1,117,88485.13.7% less than avg.
19Delaware$1,113,68684.40.6% less than avg.
20Illinois$1,096,90384.52.6% less than avg.
21Utah$1,086,76784.53.5% less than avg.
22Maine$1,072,42183.70.7% less than avg.
23Texas$1,070,04884.23.5% less than avg.
24Pennsylvania$1,064,38884.03.0% less than avg.
25Nevada$1,063,15283.92.6% less than avg.
26Wisconsin$1,045,57884.78.1% less than avg.
27New Mexico$1,036,47684.78.9% less than avg.
28Idaho$1,033,01684.47.8% less than avg.
29Wyoming$1,029,02084.27.2% less than avg.
30Michigan$1,007,48483.97.7% less than avg.
31North Dakota$1,005,68284.510.7% less than avg.
32Nebraska$1,002,76584.410.5% less than avg.
33Iowa$1,002,30384.511.0% less than avg.
34North Carolina$1,000,93583.98.3% less than avg.
35Montana$998,98383.56.5% less than avg.
36Georgia$995,77783.56.8% less than avg.
37South Dakota$983,71884.412.2% less than avg.
38Kansas$978,79884.010.8% less than avg.
39South Carolina$967,04583.38.5% less than avg.
40Missouri$952,82183.611.3% less than avg.
41Indiana$942,57583.411.3% less than avg.
42Tennessee$937,66083.110.3% less than avg.
43Ohio$929,17683.211.6% less than avg.
44Louisiana$918,84483.112.1% less than avg.
45Oklahoma$901,45582.912.8% less than avg.
46Kentucky$883,33282.512.6% less than avg.
47West Virginia$880,30082.512.9% less than avg.
48Alabama$877,07282.714.2% less than avg.
49Arkansas$875,61182.915.3% less than avg.
50Mississippi$857,88682.615.6% less than avg.