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

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

Sean Pavone / Getty Images/iStockphoto

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 retirement 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 supplement your Social Security income, 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 each U.S. state to supplement your Social Security monthly.

Michael Warren / Getty Images
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
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
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
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
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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