Hawaii is the most expensive state in the country for retirement, and the gap between what people need and what they can count on from Social Security is stark. MoneyLion’s 2026 analysis says a comfortable retirement in Hawaii would require annual spending of $181,505, while the state’s cost of living after accounting for Social Security income still comes to $156,610.

That makes Hawaii the toughest place in the report for anyone trying to retire on a predictable budget. The study found that necessities alone cost $90,752 a year in the state. To cover the full amount with Social Security income in mind, a person would need to save $5,800 a month for 45 years starting at age 20, or $7,458 a month for 35 years starting at age 30. Without Social Security, the monthly target jumps to $6,722 for someone starting at age 20 and $8,643 for someone starting at age 30.

California ranked second. MoneyLion estimated $73,387 a year for necessities there and $121,879 for a comfortable cost of living after Social Security income is factored in. The monthly savings needed would be $4,514 for someone starting at age 20 and $5,804 for someone starting at age 30, while the figures rise to $5,436 and $6,989 without Social Security. West Virginia landed at the other end of the table as the least expensive state in the analysis, with necessities at $29,059 a year and a comfortable annual cost of living of $58,117. After Social Security income, MoneyLion estimated annual retiree living costs there at $33,223, with monthly savings targets of $1,230 starting at age 20 and $1,582 starting at age 30. Without Social Security, those numbers rise to $2,152 and $2,767.

The numbers land at a time when affordability is already a daily concern for Americans of all ages, especially retirees living on fixed income. Ted Jenkin said two of the biggest items in a retiree budget are state income taxes and real estate property taxes, and he pointed to that pressure as one reason people continue leaving high-cost states. “It’s also why so many people are moving out of places like California and New York, because, beyond the cost of living, it’s very expensive from a taxation perspective,” Jenkin said.

The report does not say retirement is impossible in expensive states. It says the math is unforgiving, and that where someone lives can determine whether saving for later life feels like a plan or a second full-time job.

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