Most retirees live on Social Security and money from investments, so making sure retirement account balances don't run out is essential. That's why it's so important to assess the cost of living when deciding where to retire or whether your savings will last in a current location. The price of the basics can vary dramatically from one state to another, so whether you're currently retired or are thinking about leaving the workforce soon, it's a good idea to know how much necessities will cost in your preferred location. The chart below, based on research from University of Massachusetts Boston, will help you figure that out. Image source: Getty Images. Here's what seniors need to cover the basics throughout the U.S. University of Massachusetts researchers estimated the cost for senior renters to cover the basics in every state. Essential expenses included in the calculation include housing; food; transportation; healthcare; and some miscellaneous spending. Here's how much they found a single senior would need in every state in the U.S. State Cost for a Single Senior Renter to Cover the Necessities State Cost for a Single Senior Renter to Cover the Necessities Alabama $21,504 Nebraska $23,124 Alaska $26,556 Nevada $22,260 Arizona $23,196 New Hampshire $28,308 Arkansas $21,720 New Jersey $29,616 California $30,276 New Mexico $22,992 Colorado $26,292 New York $30,480 Connecticut $28,536 North Carolina $22,764 Delaware $25,644 North Dakota $23,784 Florida $24,276 Ohio $21,996 Georgia $23,544 Oklahoma $22,392 Hawaii $32,688 Oregon $25,716 Idaho $22,440 Pennsylvania $23,820 Illinois $25,140 Rhode Island $25,560 Indiana $22,164 South Carolina $23,040 Iowa $22,620 South Dakota $22,884 Kansas $23,052 Tennessee $22,188 Kentucky $21,684 Texas $23,916 Louisiana $22,548 Utah $23,472 Maine $24,912 Vermont $29,340 Maryland $30,480 Virginia $26,376 Massachusetts $33,048 Washington $27,744 Michigan $23,016 Washington, D.C. $33,060 Minnesota $24,576 West Virginia $21,792 Mississippi $22,344 Wisconsin $23,184 Missouri $22,092 Wyoming $23,412 Montana $23,040 Table Source: ScholarWorks at UMass Boston Will you have enough to live where you'd like? First and foremost, it's important to realize the average Social Security benefit won't give you enough to cover the basics in any U.S. state. The average benefit in 2020 is just $1,503 per month or $18,036 per year; even in the cheapest state, a single senior renter would need $21,504. So there would be a shortfall. That means no matter where you'll spend your senior years, you need some savings to provide income outside of what your retirement benefits provide. You can figure out how much by finding out your projected Social Security income (which can be found on your online account) and subtracting it from the elder index in your area. So if you lived in Montana and expected to receive Social Security benefits of $1,300 a month or $15,600 annually, you'd subtract that amount from $23,040. Your savings would need to produce $7,440 in income. If you plan to follow the 4% rule, multiply that number by 25 to see you'd need a nest egg of at least $186,000. And that's just to cover the barest of necessities. If you want to travel or enjoy life, you'd likely need much more. Investing for your future ensures you can cover your costs When your retirement nest egg is small, you may need to relocate to a lower cost-of-living area in retirement. But if you make sure to save and invest throughout your career, hopefully you'll have enough to cover the basics -- and then some -- in whatever area you want to call home. The $16,728 Social Security bonus most retirees completely overlook If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $16,728 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.The Motley Fool has a disclosure policy.Source