info@ceoworld.biz
Thursday, February 22, 2024
CEOWORLD magazine - Latest - CEO Briefing - This Is What a Comfortable Retirement Will Cost in every U.S. state

CEO Briefing

This Is What a Comfortable Retirement Will Cost in every U.S. state

retirees

When it comes to relocating, retirees in the US consider several factors before making a decision. These factors include proximity to family, climate, and living costs. According to a research study conducted by CEOWORLD magazine, the cost of a comfortable retirement varies significantly across different states in the US. This means that retirees need to carefully evaluate their options and take into account these variations in order to make an informed decision about their future living arrangements.

When it comes to retirement expenses, Hawaii is the most expensive state by a considerable margin. Retirees in Hawaii need an estimated annual income of $121,228 to live comfortably, making it the only state where a six-figure income is required for retirement. On the other hand, Mississippi has the lowest retirement expenses in the country, with an annual total of $55,074.

Mississippi boasts affordable living due to low home prices and property taxes. In contrast, Hawaii has the most expensive cost of living, primarily due to higher transportation costs caused by shipping goods by sea. Moreover, limited and desirable land in Hawaii contributes to some of the highest housing costs in the nation.

For the study, the Bureau of Labor Statistics’ estimates were used to determine the annual retirement expenses of individuals aged 65 and older in each state. These estimates included utility costs, food, shelter, transportation, and healthcare. To ensure retirees’ comfort, a 20% cash buffer was added to the total expenses.

The states with lower retirement costs tend to be generally rural, including Iowa, Alabama, Oklahoma, West Virginia where home prices are more economical compared to states with bustling urban centers where housing is in greater demand. Here is a comprehensive list of annual retirement expenses for all states, in alphabetical order:

Alabama
Total expenditures: $45,415
20% comfort buffer: $11,354
Cost of a comfortable retirement annually: $56,769

Alaska
Total expenditures: $65,437
20% comfort buffer: $16,359
Cost of a comfortable retirement annually: $81,796

Arizona
Total expenditures: $56,312
20% comfort buffer: $14,078
Cost of a comfortable retirement annually: $70,390

Arkansas
Total expenditures: $47,083
20% comfort buffer: $11,771
Cost of a comfortable retirement annually: $58,854

California
Total expenditures: $72,320
20% comfort buffer: $18,080
Cost of a comfortable retirement annually: $90,399

Colorado
Total expenditures: $54,852
20% comfort buffer: $13,713
Cost of a comfortable retirement annually: $68,565

Connecticut
Total expenditures: $60,171
20% comfort buffer: $15,043
Cost of a comfortable retirement annually: $75,213

Delaware
Total expenditures: $54,957
20% comfort buffer: $13,739
Cost of a comfortable retirement annually: $68,696

District of Columbia
Total expenditures: $79,984
20% comfort buffer: $19,996
Cost of a comfortable retirement annually: $99,980

Florida
Total expenditures: $54,487
20% comfort buffer: $13,622
Cost of a comfortable retirement annually: $68,109

Georgia
Total expenditures: $46,353
20% comfort buffer: $11,588
Cost of a comfortable retirement annually: $57,942

Hawaii
Total expenditures: $96,982
20% comfort buffer: $24,246
Cost of a comfortable retirement annually: $121,228

Idaho
Total expenditures: $51,567
20% comfort buffer: $12,892
Cost of a comfortable retirement annually: $64,459

Illinois
Total expenditures: $47,918
20% comfort buffer: $11,979
Cost of a comfortable retirement annually: $59,897

Indiana
Total expenditures: $47,031
20% comfort buffer: $11,758
Cost of a comfortable retirement annually: $58,789

Iowa
Total expenditures: $45,988
20% comfort buffer: $11,497
Cost of a comfortable retirement annually: $57,485

Kansas
Total expenditures: $45,519
20% comfort buffer: $11,380
Cost of a comfortable retirement annually: $56,899

Kentucky
Total expenditures: $48,387
20% comfort buffer: $12,097
Cost of a comfortable retirement annually: $60,484

Louisiana
Total expenditures: $48,752
20% comfort buffer: $12,188
Cost of a comfortable retirement annually: $60,940

Maine
Total expenditures: $59,701
20% comfort buffer: $14,925
Cost of a comfortable retirement annually: $74,627

Maryland
Total expenditures: $64,707
20% comfort buffer: $16,177
Cost of a comfortable retirement annually: $80,884

Massachusetts
Total expenditures: $78,159
20% comfort buffer: $19,540
Cost of a comfortable retirement annually: $97,699

Michigan
Total expenditures: $47,813
20% comfort buffer: $11,953
Cost of a comfortable retirement annually: $59,767

Minnesota
Total expenditures: $49,586
20% comfort buffer: $12,397
Cost of a comfortable retirement annually: $61,983

Mississippi
Total expenditures: $44,059
20% comfort buffer: $11,015
Cost of a comfortable retirement annually: $55,074

Missouri
Total expenditures: $46,979
20% comfort buffer: $11,745
Cost of a comfortable retirement annually: $58,724

Montana
Total expenditures: $54,904
20% comfort buffer: $13,726
Cost of a comfortable retirement annually: $68,631

Nebraska
Total expenditures: $47,500
20% comfort buffer: $11,875
Cost of a comfortable retirement annually: $59,376

Nevada
Total expenditures: $53,132
20% comfort buffer: $13,283
Cost of a comfortable retirement annually: $66,415

New Hampshire
Total expenditures: $59,806
20% comfort buffer: $14,951
Cost of a comfortable retirement annually: $74,757

New Jersey
Total expenditures: $59,441
20% comfort buffer: $14,860
Cost of a comfortable retirement annually: $74,301

New Mexico
Total expenditures: $48,908
20% comfort buffer: $12,227
Cost of a comfortable retirement annually: $61,135

New York

Total expenditures: $70,755
20% comfort buffer: $17,689
Cost of a comfortable retirement annually: $88,444

North Carolina
Total expenditures: $50,525
20% comfort buffer: $12,631
Cost of a comfortable retirement annually: $63,156

North Dakota
Total expenditures: $50,785
20% comfort buffer: $12,696
Cost of a comfortable retirement annually: $63,482

Ohio
Total expenditures: $46,614
20% comfort buffer: $11,654
Cost of a comfortable retirement annually: $58,268

Oklahoma
Total expenditures: $45,206
20% comfort buffer: $11,302
Cost of a comfortable retirement annually: $56,508

Oregon
Total expenditures: $63,716
20% comfort buffer: $15,929
Cost of a comfortable retirement annually: $79,645

Pennsylvania
Total expenditures: $51,202
20% comfort buffer: $12,801
Cost of a comfortable retirement annually: $64,003

Rhode Island
Total expenditures: $57,981
20% comfort buffer: $14,495
Cost of a comfortable retirement annually: $72,476

South Carolina
Total expenditures: $50,212
20% comfort buffer: $12,553
Cost of a comfortable retirement annually: $62,765

South Dakota
Total expenditures: $50,108
20% comfort buffer: $12,527
Cost of a comfortable retirement annually: $62,634

Tennessee
Total expenditures: $47,083
20% comfort buffer: $11,771
Cost of a comfortable retirement annually: $58,854

Texas
Total expenditures: $48,283
20% comfort buffer: $12,071
Cost of a comfortable retirement annually: $60,353

Utah
Total expenditures: $53,184
20% comfort buffer: $13,296
Cost of a comfortable retirement annually: $66,480

Vermont
Total expenditures: $60,692
20% comfort buffer: $15,173
Cost of a comfortable retirement annually: $75,865

Virginia
Total expenditures: $53,236
20% comfort buffer: $13,309
Cost of a comfortable retirement annually: $66,545

Washington
Total expenditures: $59,441
20% comfort buffer: $14,860
Cost of a comfortable retirement annually: $74,301

West Virginia
Total expenditures: $46,823
20% comfort buffer: $11,706
Cost of a comfortable retirement annually: $58,528

Wisconsin
Total expenditures: $48,960
20% comfort buffer: $12,240
Cost of a comfortable retirement annually: $61,200

Wyoming
Total expenditures: $47,792
20% comfort buffer: $11,948
Cost of a comfortable retirement annually: $59,741


Have you read?
Largest Hotel Chains in the World.
Best Residence by Investment Programs.
International Financial Centres Ranking.
Best Citizenship by Investment (CBI).
Most Valuable Unicorns in The World.


Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact: info@ceoworld.biz
CEOWORLD magazine - Latest - CEO Briefing - This Is What a Comfortable Retirement Will Cost in every U.S. state
Deepankar Shyam
Global Breaking News Editor at the CEOWORLD magazine, helping lead the direction of the bureau. I'm a veteran digital storyteller with a record of creating best-in-class content and commerce experiences. I work with our reporters and columnists to develop story ideas, edit their work and coordinate with various other bureaus on coverage. I also have broad industry experience managing and leading change while consistently exceeding readership goals and company expectations.