Heres how much money you need to retire in every state

Americans of all ages are facing affordability concerns, with retirees on fixed incomes in particular feeling the strain – though where they choose to live in their golden years has a big impact on their ability to live comfortably.A study by MoneyLion analyzed the monthly savings needed to retire comfortably across states after accounting for the national average expenses for retired households, as well as whether the retiree would have Social Security income and when the retiree began saving for retirement.The report found that the state with the highest annual cost of living for retirees was Hawaii, with an annual cost of $90,752 for necessities and $181,505 for a comfortable cost of living based on the analysis.After accounting for Social Security income, MoneyLion estimated the annual cost of living as a retiree in Hawaii was $156,610.To save enough money to afford that cost of living in retirement, a person would have to save $5,800 a month over 45 years at age 20 before retiring at age 65, or $7,458 a month if they saved for 35 years starting at age 30, with Social Security income.

Those figures rise to $6,722 and $8,643 a month, respectively, without Social Security.California had the second-highest annual cost of living, which MoneyLion estimated at $73,387 for necessities or $121,879 for the comfortable cost of living metric that accounts for Social Security income.Morning Report delivers the latest news, videos, photos and more.

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Never miss a story.The monthly savings would be $4,514 when starting at age 20 or $5,804 starting at age 30 with Social Security, while those would rise to $5,436 and $6,989 without Social Security.“Two of the biggest expenses a retiree needs to look into are the state income taxes and real estate property taxes that will factor into your budget.

It’s also why so many...