While building up your retirement savings is important, how much money you’ll actually need depends on where you are. That’s because the annual cost of living can vary by over $71,000 between U.S. states, according to a recent GOBankingRates analysis. Hawaii has the highest average retirement expenses, with an estimated $129,296 a year needed to retire comfortably. That’s more than twice that of West Virginia, where retirees need $58,190 on average. To calculate the annual retirement costs for Americans aged 65 and older in each state, the study used Bureau of Labor Statistics estimates for food, shelter, transportation, health care, and utility expenses. A 20% cash buffer was added to this total to ensure retirees could live “comfortably,” according to the study. The large disparity in the cost of living is largely due to high housing costs. In states where housing is in short supply — like Hawaii, California, Massachusetts — the annual cost of retirement exceeds six figures. The median annual cost of retiring comfortably is $66,870, based on the data. That said, there are 20 states where you can still retire on or under $65,000. They tend to be more rural states in the South, where the cost of living is cheaper lower. Below is a list of states where annual retirement expenses are $65,000 or less, in alphabetical order.   Alabama Total expenditures:  $50,980 20% comfort buffer: $10,196 Cost of a comfortable retirement annually: $61,176 Arkansas Total expenditures: $51,211 20% comfort buffer: $10,242 Cost of a comfortable retirement annually: $61,454 Georgia Total expenditures: $52,832 20% comfort buffer: $10,566 Cost of a comfortable retirement annually: $63,398 Illinois Total expenditures: $53,989 20% comfort buffer: $10,798 Cost of a comfortable retirement annually: $64,787 Indiana Total expenditures: $52,253 20% comfort buffer: $10,451 Cost of a comfortable retirement annually: $62,704 Iowa Total expenditures: $52,137 20% comfort buffer: $10,427 Cost of a comfortable retirement annually: $62,565 Kansas Total expenditures: $50,517 20% comfort buffer: $10,103 Cost of a comfortable retirement annually: $60,620 Kentucky Total expenditures: $53,584 20% comfort buffer: $10,717 Cost of a comfortable retirement annually: $64,301 Louisiana Total expenditures: $53,295 20% comfort buffer: $10,659 Cost of a comfortable retirement annually: $63,954 Michigan Total expenditures: $53,121 20% comfort buffer: $10,624 Cost of a comfortable retirement annually: $63,745 Mississippi Total expenditures: $51,096 20% comfort buffer: $10,219 Cost of a comfortable retirement annually: $61,315 Missouri Total expenditures: $51,211 20% comfort buffer: $10,242 Cost of a comfortable retirement annually: $61,454 Nebraska Total expenditures: $54,047 20% comfort buffer: $10,809 Cost of a comfortable retirement annually: $64,856 New Mexico Total expenditures: $54,163 20% comfort buffer: $10,833 Cost of a comfortable retirement annually: $64,995 North Dakota Total expenditures: $53,700 20% comfort buffer: $10,740 Cost of a comfortable retirement annually: $64,440 Oklahoma Total expenditures: $49,996 20% comfort buffer: $9,999 Cost of a comfortable retirement annually: $59,995 South Dakota Total expenditures: $54,047 20% comfort buffer: $10,809 Cost of a comfortable retirement annually: $64,856 Tennessee Total expenditures: $52,253 20% comfort buffer: $10,451 Cost of a comfortable retirement annually: $62,704 Texas Total expenditures: $53,468 20% comfort buffer: $10,694 Cost of a comfortable retirement annually: $64,162 West Virginia Total expenditures: $48,492 20% comfort buffer: $9,698 Cost of a comfortable retirement annually: $58,190 Want to earn more money at work? Take CNBC’s new online course How to Negotiate a Higher Salary. Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Pre-register now and use coupon code EARLYBIRD for an introductory discount of 50% off through Nov. 26, 2024. Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.