How Much Money You’ll Need To Supplement Your Social Security in Every State

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How Much Money You’ll Need To Supplement Your Social Security in Every State

Most retirees understand Social Security isn’t recommended as their sole form of income in their golden years. It’s important to start saving early for

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in accounts like a Roth IRA and 401(k) plan.

If you didn’t get a chance to save early and consistently for retirement, you’ll want to know how much money after Social Security benefits you’ll need to cover monthly expenses. The answer depends on your location.

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To find out how much money you’ll need to

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, GOBankingRates analyzed all 50 states by finding the average cost of living indexes across multiple expenditures and multiplying them by the national average expenditure costs for ages 65 and over for each expenditure category.

This revealed the monthly total cost of expenditures with overall rent cost added in to provide the average total cost of living in each state. Social Security’s Monthly Statistical Supplement for January 2024 was sourced to use the average Social Security benefit amounts for retired workers — $1,860.23 — and to calculate the total monthly cost of living after Social Security benefits.

In alphabetical order, here’s how much money you’ll need in

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Michael Warren / Getty Images

Rent average cost: $980

Expenditure average cost: $2,423.62

Monthly total cost (rent + expenditure): $3,403.62

Leftover monthly costs after Social Security benefits: $1,543.39

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Rocky Grimes / Getty Images/iStockphoto

Rent average cost: $1,701

Expenditure average cost: $3,744.20

Monthly total cost (rent + expenditure): $5,445.20

Leftover monthly costs after Social Security benefits: $3,584.97

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Kruck20 / iStock.com

Rent average cost: $1,373

Expenditure average cost: $3,062.33

Monthly total cost (rent + expenditure): $4,435.33

Leftover monthly costs after Social Security benefits: $2,575.10

dlewis33 / Getty Images/iStockphoto

Rent average cost: $915

Expenditure average cost: $2,426.81

Monthly total cost (rent + expenditure): $3,341.81

Leftover monthly costs after Social Security benefits: $1,481.58

adamkaz / Getty Images/iStockphoto

Rent average cost: $1,827

Expenditure average cost: $4,118.48

Monthly total cost (rent + expenditure): $5,945.48

Leftover monthly costs after Social Security benefits: $4,085.25

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Sean Pavone / Getty Images/iStockphoto

Rent average cost: $1,433

Expenditure average cost: $2,980.23

Monthly total cost (rent + expenditure): $4,413.23

Leftover monthly costs after Social Security benefits: $2,553

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SeanPavonePhoto / Getty Images/iStockphoto

Rent average cost: $1,310

Expenditure average cost: $3,244

Monthly total cost (rent + expenditure): $4,554

Leftover monthly costs after Social Security benefits: $2,693.77

pabradyphoto / Getty Images/iStockphoto

Rent average cost: $1,210

Expenditure average cost: $2,849.56

Monthly total cost (rent + expenditure): $4,059.56

Leftover monthly costs after Social Security benefits: $2,199.33

SeanPavonePhoto / Getty Images/iStockphoto

Rent average cost: $2,105

Expenditure average cost: $4,345.11

Monthly total cost (rent + expenditure): $6,450.11

Leftover monthly costs after Social Security benefits: $4,589.88

Kruck20 / iStock.com

Rent average cost: $1,302

Expenditure average cost: $2,869.64

Monthly total cost (rent + expenditure): $4,171.64

Leftover monthly costs after Social Security benefits: $2,311.41

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ferrantraite / iStock.com

Rent average cost: $1,234

Expenditure average cost: $2,547.72

Monthly total cost (rent + expenditure): $3,781.72

Leftover monthly costs after Social Security benefits: $1,921.49

sorincolac / Getty Images/iStockphoto

Rent average cost: $1,692

Expenditure average cost: $5,480.44

Monthly total cost (rent + expenditure): $7,172.44

Leftover monthly costs after Social Security benefits: $5,312.21

Jennifer_Sharp / Getty Images/iStockphoto

Rent average cost: $808

Expenditure average cost: $2,775.76

Monthly total cost (rent + expenditure): $3,583.76

Leftover monthly costs after Social Security benefits: $1,723.53

Pgiam / Getty Images

Rent average cost: $1,180

Expenditure average cost: $2,579.29

Monthly total cost (rent + expenditure): $3,759.29

Leftover monthly costs after Social Security benefits: $1,899.06

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Ron and Patty Thomas / Getty Images

Rent average cost: $895

Expenditure average cost: $2,581.81

Monthly total cost (rent + expenditure): $3,476.81

Leftover monthly costs after Social Security benefits: $1,616.58

pabradyphoto / Getty Images

Rent average cost: $772

Expenditure average cost: $2,551.33

Monthly total cost (rent + expenditure): $3,323.33

Leftover monthly costs after Social Security benefits: $1,463.10

Sean Pavone / Getty Images/iStockphoto

Rent average cost: $837

Expenditure average cost: $2,473.69

Monthly total cost (rent + expenditure): $3,310.69

Leftover monthly costs after Social Security benefits: $1,450.46

Davel5957 / Getty Images/iStockphoto

Rent average cost: $816

Expenditure average cost: $2,476.05

Monthly total cost (rent + expenditure): $3,292.05

Leftover monthly costs after Social Security benefits: $1,431.82

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SeanPavonePhoto / Getty Images

Rent average cost: $887

Expenditure average cost: $2,561.95

Monthly total cost (rent + expenditure): $3,448.95

Leftover monthly costs after Social Security benefits: $1,588.72

DenisTangneyJr / Getty Images/iStockphoto

Rent average cost: $1,950

Expenditure average cost: $3,108.90

Monthly total cost (rent + expenditure): $5,058.90

Leftover monthly costs after Social Security benefits: $3,198.67

Kruck20 / Getty Images/iStockphoto

Rent average cost: $1,479

Expenditure average cost: $3,342.66

Monthly total cost (rent + expenditure): $4,821.66

Leftover monthly costs after Social Security benefits: $2,961.43

DenisTangneyJr / Getty Images

Rent average cost: $1,503

Expenditure average cost: $4,311.47

Monthly total cost (rent + expenditure): $5,814.47

Leftover monthly costs after Social Security benefits: $3,954.24

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Sean Pavone / Getty Images/iStockphoto

Rent average cost: $882

Expenditure average cost: $2,560.77

Monthly total cost (rent + expenditure): $3,442.77

Leftover monthly costs after Social Security benefits: $1,582.54

jimkruger / Getty Images

Rent average cost: $1,126

Expenditure average cost: $2,686.90

Monthly total cost (rent + expenditure): $3,812.90

Leftover monthly costs after Social Security benefits: $1,952.67

SeanPavonePhoto / Getty Images/iStockphoto

Rent average cost: $813

Expenditure average cost: $2,435.16

Monthly total cost (rent + expenditure): $3,248.16

Leftover monthly costs after Social Security benefits: $1,387.93

TriggerPhoto / Getty Images/iStockphoto

Rent average cost: $903

Expenditure average cost: $2,490.46

Monthly total cost (rent + expenditure): $3,393.46

Leftover monthly costs after Social Security benefits: $1,533.23

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Lightguard / Getty Images/iStockphoto

Rent average cost: $833

Expenditure average cost: $2,893.13

Monthly total cost (rent + expenditure): $3,726.13

Leftover monthly costs after Social Security benefits: $1,865.90

benkrut / Getty Images/iStockphoto

Rent average cost: $944

Expenditure average cost: $2,554.12

Monthly total cost (rent + expenditure): $3,498.12

Leftover monthly costs after Social Security benefits: $1,637.89

4kodiak / Getty Images

Rent average cost: $1,154

Expenditure average cost: $2,936.06

Monthly total cost (rent + expenditure): $4,090.06

Leftover monthly costs after Social Security benefits: $2,229.83

DenisTangneyJr / Getty Images

Rent average cost: $1,143

Expenditure average cost: $3,195.50

Monthly total cost (rent + expenditure): $4,338.50

Leftover monthly costs after Social Security benefits: $2,478.27

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Ultima_Gaina / Getty Images/iStockphoto

Rent average cost: $1,596

Expenditure average cost: $3,254.96

Monthly total cost (rent + expenditure): $4,850.96

Leftover monthly costs after Social Security benefits: $2,990.73

Sean Pavone / Getty Images/iStockphoto

Rent average cost: $866

Expenditure average cost: $2,655.55

Monthly total cost (rent + expenditure): $3,521.55

Leftover monthly costs after Social Security benefits: $1,661.32

OlegAlbinsky / iStock.com

Rent average cost: $1,722

Expenditure average cost: $3,681.99

Monthly total cost (rent + expenditure): $5,403.99

Leftover monthly costs after Social Security benefits: $3,543.76

Kruck20 / iStock.com

Rent average cost: $1,124

Expenditure average cost: $2,738.89

Monthly total cost (rent + expenditure): $3,862.89

Leftover monthly costs after Social Security benefits: $2,002.66

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YinYang / Getty Images

Rent average cost: $883

Expenditure average cost: $2,725.03

Monthly total cost (rent + expenditure): $3,608.03

Leftover monthly costs after Social Security benefits: $1,747.80

Sean Pavone / Getty Images/iStockphoto

Rent average cost: $839

Expenditure average cost: $2,653.57

Monthly total cost (rent + expenditure): $3,492.57

Leftover monthly costs after Social Security benefits: $1,632.34

Sean Pavone / Shutterstock.com

Rent average cost: $794

Expenditure average cost: $2,426.45

Monthly total cost (rent + expenditure): $3,220.45

Leftover monthly costs after Social Security benefits: $1,360.22

Sean Pavone / Getty Images/iStockphoto

Rent average cost: $1,216

Expenditure average cost: $3,325.84

Monthly total cost (rent + expenditure): $4,541.84

Leftover monthly costs after Social Security benefits: $2,681.61

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Sean Pavone / Getty Images/iStockphoto

Rent average cost: $1,052

Expenditure average cost: $2,680.03

Monthly total cost (rent + expenditure): $3,732.03

Leftover monthly costs after Social Security benefits: $1,871.80

Sean Pavone / Getty Images/iStockphoto

Rent average cost: $1,071

Expenditure average cost: $3,089.68

Monthly total cost (rent + expenditure): $4,160.68

Leftover monthly costs after Social Security benefits: $2,300.45

Kruck20 / Getty Images/iStockphoto

Rent average cost: $1,120

Expenditure average cost: $2,661.28

Monthly total cost (rent + expenditure): $3,781.28

Leftover monthly costs after Social Security benefits: $1,921.05

DenisTangneyJr / iStock.com

Rent average cost: $698

Expenditure average cost: $2,635.25

Monthly total cost (rent + expenditure): $3,333.25

Leftover monthly costs after Social Security benefits: $1,473.02

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MoreISO / Getty Images/iStockphoto

Rent average cost: $1,011

Expenditure average cost: $2,513.01

Monthly total cost (rent + expenditure): $3,524.01

Leftover monthly costs after Social Security benefits: $1,663.78

benedek / Getty Images

Rent average cost: $1,137

Expenditure average cost: $2,603.25

Monthly total cost (rent + expenditure): $3,740.25

Leftover monthly costs after Social Security benefits: $1,880.02

f11photo / Getty Images/iStockphoto

Rent average cost: $1,112

Expenditure average cost: $2,895.32

Monthly total cost (rent + expenditure): $4,007.32

Leftover monthly costs after Social Security benefits: $2,147.09

SeanPavonePhoto / Getty Images/iStockphoto

Rent average cost: $1,950

Expenditure average cost: $3,333.05

Monthly total cost (rent + expenditure): $5,283.05

Leftover monthly costs after Social Security benefits: $3,422.82

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Sean Pavone / Getty Images/iStockphoto

Rent average cost: $1,540

Expenditure average cost: $2,912.22

Monthly total cost (rent + expenditure): $4,452.22

Leftover monthly costs after Social Security benefits: $2,591.99

benedek / iStock.com

Rent average cost: $1,486

Expenditure average cost: $3,369.88

Monthly total cost (rent + expenditure): $4,855.88

Leftover monthly costs after Social Security benefits: $2,995.65

Sean Pavone / Getty Images/iStockphoto

Rent average cost: $672

Expenditure average cost: $2,451.83

Monthly total cost (rent + expenditure): $3,123.83

Leftover monthly costs after Social Security benefits: $1,263.60

Jon Mattrisch / Getty Images/iStockphoto

Rent average cost: $949

Expenditure average cost: $2,767.61

Monthly total cost (rent + expenditure): $3,716.61

Leftover monthly costs after Social Security benefits: $1,856.38

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stockphoto52 / Getty Images/iStockphoto

Rent average cost: $790

Expenditure average cost: $2,592.46

Monthly total cost (rent + expenditure): $3,382.46

Leftover monthly costs after Social Security benefits: $1,522.23

Methodology: For this study, GOBankingRates analyzed every state to find how much money you’ll need to supplement your Social Security Income. GOBankingRates started by finding the [1] average cost of living indexes across multiple expenditures as sourced from Missouri Economic and Research Information Center and multiplied them by the [2] national average expenditure costs for ages 65 and over for each expenditure category to find the monthly total cost of expenditures. Adding the expenditure cost to the [3] overall rent cost, as sourced from ApartmentList, gives the average total cost of living in each state. Using the [4] average Social Security Benefits amounts for retired workers as sourced from the Social Security’s Monthly Statistical Supplement for January 2024, the total monthly cost of living after Social Security Benefits can be calculated. The remaining amount is how much you will need to supplement your Social Security in every state. The [5] median household income was sourced from the U.S. Census’s American Community Survey and the leftover savings after cost of living costs was calculated for supplemental information. The states were sorted to show the lowest to highest leftover cost after Social Security Benefits pay for cost of living costs. All data was collected and is up to date as of Jun. 12, 2024.

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#Money #Youll #Supplement #Social #Security #State

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