What It Costs to Retire in Every State

In Alabama, goods and services are about 14.2% cheaper than they are on average nationwide. Accounting for the state’s low cost of living, retirement-age residents spend an average of $43,089 annually. Applying this amount to average life expectancy at 65 in Alabama, and accounting for additional unforeseeable expenses that can occur during retirement, it costs $877,072 to retire comfortably in Alabama, about $243,300 less than the average cost nationwide.

In Alaska, a comfortable retirement for the average resident will cost $1,159,339 — about $39,000 more than the national average. The state’s higher than average projected retirement costs are partially due to the state’s high cost of living. Goods and services are about 5% more expensive in Alaska than they are nationwide, on average.

in Alaska, for example, the typical monthly housing expenses $536 among the 65 and older population without a mortgage, more than in most other states. Over the course of a year, this amounts to about $450 more in housing costs than the typical American retiree without a mortgage spends on housing.

With a warm climate in much of the state, Arizona is an attractive place for many Americans to spend their golden years. Additionally, the cost of a comfortable retirement in Arizona is closely in line with the national average. Accounting for both cost of living and average life expectancy, the average American retiring in Arizona is projected to spend $1,117,884 — only about $2,500 more than the typical U.S. retiree.

Arizona’s population is older than that of the country on average. An estimated 18.0% of state residents are of retirement age, compared to 16.5% of all Americans.

Goods and services in Arkansas are about 15.3% less expensive than average. With a low cost of living, retirement is relatively affordable in the state. Accounting for average annual spending and cost of living, it would cost $875,611 to retire comfortably at age 65 in Arkansas, nearly a quarter of a million dollars less than the national average.

The low retirement costs in Arkansas are also a product of the state’s low life expectancy. On average, 65 year old Arkansas residents are expected to live another 17.9 years, while life expectancy for the typical 65 year old American is 19.4 years.

In California, goods and services are about 16.4% more expensive than average. With the second highest cost of living of any state, California is not a cheap place to retire. On average, a 65 year old will need about $1.4 million for a comfortable retirement, about $271,100 more than what the typical retiree nationwide will need and the second highest retirement cost of all states.

The high retirement costs in California are also attributable to the long average life expectancy in the state. At age 65, the typical Californian is expected to live another 20.7 years — over a year longer than the typical 65 year old American.

In Colorado, goods and services are about 2% more expensive than average, and life expectancy among retirement age residents is about half a year longer than the national average. As a result, a comfortable retirement will cost an average of $1,177,006 in the state, about $57,000 more than the U.S. average.

Colorado has a relatively small retirement population. Just 14.7% of state residents are 65 or older, compared to 16.5% of all Americans.

The average 65 year old living in Connecticut can expect to spend a total of about $1,237,000 to retire comfortably — nearly $117,000 more than the typical American. The higher retirement costs in the state are due to both a higher than average cost of living and longer than average life expectancy.

Goods and services in Connecticut cost about 5% more than they do on average nationwide. Additionally, 65 year olds in the state live an average of about a year longer than the typical 65 year old American.

A comfortable retirement in Delaware costs about as much as it does on average nationwide. The average 65 year old in the state will spend an estimated $1,113,686 through retirement, only about $6,700 less than the average American retiree.

Delaware has one of the older populations among states. Nearly one in every five state residents are retirement age, compared to 16.5% of Americans who are 65 or older.

With a warm climate, Florida is a popular state for retired Americans to relocate to. For 65 year olds in Florida, a comfortable retirement will cost an estimated $1,184,110, nearly $64,000 more than average nationwide. Rather than a higher cost of living, the high retirement costs in Florida are driven primarily by the high average life expectancy in the state. A 65 year old in the state is expected to live another 20.3 years on average — nearly a year longer than the national life expectancy at 65.

Of the 21.5 million people living in the Sunshine State, 20.9% are 65 and older. Meanwhile, just 16.5% of the U.S. population are in the same age group.

In Georgia, goods and services are about 7% less expensive than average, and life expectancy among retirement-age residents is about a year below the national average. As a result, a comfortable retirement will cost an average of $995,777 in the state, about $124,600 less than the U.S. average.

Georgia has a relatively small retirement-aged population. Just 14.3% of state residents are 65 or older, compared to 16.5% of all Americans.

With the highest cost of living of any state, Hawaii is also the most expensive state in which to retire comfortably. Goods and services in the state are 19.3% more expensive than they are on average nationwide, and the average 65 year old should plan on spending $1,481,336 throughout retirement, nearly $361,000 more than the national average.

A long life expectancy also contributes to the high retirement costs in Hawaii. The typical 65 year old in the state is expected to live an additional 21.5 years, two years longer than the typical 65 year old American.

In Idaho, a comfortable retirement will cost an estimated $1,033,016, about $87,400 less than the average nationwide. Life expectancy at age 65 in Idaho is in line with the national average, and the lower retirement costs in the state are attributable to a lower overall cost of living. Goods and services in Idaho are nearly 8% less expensive than they are on average nationwide.

The share of retirement-age Americans living in Idaho is in line with the national average. Of the state’s 1.8 million residents, 16.2% are 65 or older, compared to 16.5% of all Americans.

A comfortable retirement costs an average of $1,096,903 in Illinois, about $23,505 less than it does on average across the U.S. In Illinois, lower than average retirement costs are attributable to a lower than average cost of living.

The average American age 65 and older spends about $50,200 annually. Adjusting for the state’s relatively low cost of living, this amount is only $48,914 in Illinois.

Indiana is one of only 10 states nationwide where a 65 year old can retire and live comfortably with less than $950,000. The average retirement cost in the state of $942,575 is nearly $178,000 less than the national average.

The affordability of a comfortable retirement is due to the low cost of living in the state. Goods and services are 11.3% cheaper in Indiana than they are on average nationwide. As a result, the average annual expenditure of a retirement age state resident is about $5,700 less than it is across the U.S.

As is the case in much of the Midwest, the cost of living in Iowa is low. Goods and services are 11% less expensive in the state than they are nationwide, on average. Partially as a result, a comfortable retirement for the average 65 year old in the state is projected to cost $1,002,303 — about $118,100 less than average.

Iowa has a slightly older population than the country on average. Of the 3.2 million people living in the state, 17.5% are 65 or older, compared to 16.5% of the U.S. population.

For a 65 year old in Kansas whose life expectancy aligns with the statewide average, a comfortable retirement will cost an estimated $978,798, $141,600 less than it does nationwide.

The more affordable retirement in the state is due both to the relatively low cost of living and lower than average life expectancy. Goods and services are nearly 11% less expensive in Kansas than they are nationwide. Additionally, the average 65 year old in Kansas is expected to live another 19 years, about a half a year less than the national average life expectancy.

Kentucky is one of only five states nationwide where a 65 year old can retire and live comfortably with less than $900,000. The average retirement cost in the state of $883,332 is over a quarter of a million dollars less than the national average.

The affordable and comfortable retirement is due largely to the state’s low cost of living. Housing is particularly inexpensive. The typical retirement-age homeowner without a mortgage spends just $373 a month on housing, well below the comparable $499 monthly median nationwide.

Few states are as affordable for retirees as Louisiana. A 65 year old state resident whose life expectancy aligns with the state average is projected to need $918,844 to live out retirement in relative comfort. Nationwide, a retiree will spend about $201,600 more.

The relative affordability of a comfortable retirement is due in part to the state’s low cost of living. Housing is particularly inexpensive. The typical retirement-age homeowner without a mortgage spends just $346 a month on housing, well below the comparable $499 monthly median nationwide.

Of all six states in New England, Maine is the most affordable for retirees. The average 65 year old can expect to spend $1,072,421 in retirement, about $48,000 less than the national average. In every other state in the region, a comfortable retirement costs anywhere from $26,300 to $148,402 more than the national average.

Maine is a popular state for retirees. Of the 1.3 million people living in the state, 21.3% are 65 or older, the largest share of any state in the country.

With a relatively high cost of living, Maryland is also a relatively expensive state in which to retire comfortably. Goods and services in the state are 7.7% more expensive than they are on average nationwide, and the average 65 year old should plan on spending $1,219,120 throughout retirement, nearly $99,000 more than the national average.

Housing costs are especially high in Maryland. The typical retirement-age homeowner without a mortgage spends $602 a month on housing, far more than the comparable $499 monthly median nationwide.

Massachusetts is the most expensive state in New England to retire in, and the fifth most expensive state nationwide. The average 65 year old in Massachusetts will spend an estimated $1,268,810 to live comfortably throughout retirement, about $148,400 more than the typical 65 year old American.

A long life expectancy partially explains the higher costs in the state, as the typical 65 year old Massachusetts resident is expected to live half a year longer, on average, than the typical 65 year old American. The most consequential factor, however, is the state’s high cost of living. Goods and services are 10.4% more expensive than average in Massachusetts.

The average 65 year old retiring in Michigan can expect to spend $1,007,484, nearly $113,000 less than the average cost nationwide.

The affordability of a comfortable retirement in Michigan is due in part to the low cost of living in the state. Goods and services are 7.7% cheaper in Michigan than they are on average nationwide. As a result, the average annual expenditure of a retirement-age resident is about $3,900 less than it is across the U.S.

Minnesota is the only state in the Midwest where retirement is estimated to cost more than it will across the U.S. on average. A comfortable retirement will cost the average 65 year old Minnesota resident an estimated $1,148,938 — $28,500 more than the comparable national average.

High retirement costs in the state are driven largely by life expectancy. In Minnesota, 65 year olds are expected to live another 20.3 years on average, about a year longer than the typical American 65 year old. Housing costs are also relatively high in the state. The typical retirement age homeowner without a mortgage in the state spends just $545 a month on housing, above the comparable $499 monthly median nationwide.

A comfortable retirement will cost the average 65 year old in Mississippi just $857,886, less than in every other state in the country and about $262,500 less than the national average. The lower than average cost is attributable in part to the state’s low cost of living. Goods and services in the state are 15.6% less expensive than average, the lowest cost of living of any state in the country.

The low retirement spending in Mississippi is also a product of low life expectancy. The average 65 year old in the state is expected to live another 17.6 years — nearly two years fewer than the average American adult.

Missouri is one of 16 states where a comfortable retirement costs less than $1 million at age 65. The typical 65 year old in the state will spend an estimated $952,821 on a comfortable retirement, $167,600 less than the typical 65 year old American likely will.

The relative affordability of a comfortable retirement is due in part to the low cost of living in the state. Goods and services are 11.3% cheaper in Missouri than they are on average nationwide. As a result, the average annual expenditure of retirement-age state residents is about $5,700 less than it is across the U.S.

Due in large part to a relatively low cost of living, retirement is relatively affordable in Montana. The average 65 year old in the state will spend an estimated $998,983 to retire comfortably, about $121,400 less than the typical 65 year old American.

A relatively large share of Montana’s population are 65 or older. Of the 1.1 million people living in the state, 19.5% are retirement age, compared to 16.5% of the U.S. population.

The average 65 year old living in Nebraska can expect to spend a total of $1,002,765 to retire comfortably — about $117,600 less than the typical American. Life expectancy at age 65 in Nebraska is in line with the national average, and the lower retirement costs in the state are attributable entirely to a lower than average cost of living.

Goods and services are 10.5% cheaper in Nebraska than they are on average nationwide. As a result, the average annual expenditure of retirement-age state residents is about $5,300 less than it is across the U.S.

A comfortable retirement costs an average of $1,063,152 in Nevada, about $57,300 less than it does on average across the U.S. In Nevada, lower than average retirement costs are attributable to a lower than average cost of living.

The average American age 65 and older spends about $50,200 annually. Adjusting for the state’s relatively low cost of living, this amount is only $48,914 in Nevada.

The Northeast is a relatively expensive part of the country. In New Hampshire, a comfortable retirement will cost the average 65 year old an estimated $1,180,933, about $60,500 more than it would cost the typical 65 year old American.

Goods and services are 6.5% more expensive in New Hampshire than they are on average nationwide. As a result, the average annual expenditure of retirement-age state residents is about $3,300 more than it is across the U.S.

New Jersey is the second most expensive state in the Northeast to retire and the fourth most expensive nationwide. The average 65 year old in the Garden State will spend an estimated $1,359,968 to live comfortably throughout retirement, about $240,000 more than the typical 65 year old American.

A long life expectancy partially explains the higher costs, as the typical 65 year old New Jersey resident lives a year longer, on average, than the typical 65 year old American. The most consequential factor, however, is the state’s high cost of living. Goods and services in New Jersey are 16% more expensive than the average nationwide.

New Mexico is a relatively inexpensive place to live, as goods and services across the state are about 8.9% less expensive than average. Still, average retirement costs in the state are driven up by a longer life expectancy. A 65 year old in New Mexico is expected to live another 19.7 years on average, while the typical American 65 year old is expected to live another 19.4 years. Still, a comfortable retirement costs an estimated $1,036,476 in New Mexico, about $84,000 less than average.

New Mexico appears to be a relatively popular place for retirees. Of the 2.1 million state residents, 18.0% are 65 or older, compared to just 16.5% of the U.S. population.

New York is the most expensive state in the Northeast to retire in and the third most expensive state nationwide. The average 65 year old in the Empire State will spend an estimated $1,383,635 to live comfortably throughout retirement, about $263,000 more than the typical 65 year old American.

The higher costs in the state are the product of a higher cost of living, which is disproportionately driven by New York City. Goods and services cost an average of 16.3% more in the state than they do nationwide.

For a 65 year old in North Carolina whose life expectancy aligns with the statewide average, a comfortable retirement will cost an estimated $1,000,935, $119,500 less than it does nationwide.

The more affordable retirement is due both to the state’s relatively low cost of living and lower than average life expectancy. Goods and services are about 8% less expensive in the state than they are nationwide. Additionally, the average 65 year old in North Carolina is expected to live another 19 years, about a half a year less than the national average life expectancy.

In North Dakota, goods and services are about 10.7% less expensive than average, and life expectancy at 65 is in line with the national average. As a result, a comfortable retirement will cost an average of $1,005,682 in the state, about $114,700 less than the U.S. average.

North Dakota has a relatively small retirement population. Just 15.8% of state residents are 65 or older, compared to 16.5% of all Americans.

Ohio is the least expensive state in the Midwest to retire and the eighth least expensive state nationwide. For the average 65 year old in the state, a comfortable retirement is projected to cost an estimated $929,176, about $191,200 less than it would cost the typical 65 year old American.

Retirees in the Buckeye State benefit from a low cost of living. Goods and services in the state are 11.6% less expensive on average than they are nationwide.

With a cost of living nearly 13% below the national average, Oklahoma is one of the least expensive states to retire in. For the average 65 year old in the state, a comfortable retirement is projected to cost an estimated $901,455, about $219,000 less than it would cost the typical 65 year old American.

Housing is particularly inexpensive in the state. The typical home in Oklahoma is worth just $147,000, while the typical American home is worth $240,500. For the typical 65 year old without a mortgage, monthly housing costs come to $407, nearly $100 less than the comparable national median.

The average 65 year old living in Oregon can expect to spend a total of $1,150,960 to retire comfortably — about $30,550 more than the typical American. Life expectancy at age 65 in Oregon is in line with the national average, and the higher retirement costs are attributable primarily to a higher than average cost of living in the state.

Goods and services are 2.2% more expensive in Oregon than they are on average nationwide. As a result, the average annual expenditure of a retirement age state resident is about $1,100 more than it is across the U.S.

In Pennsylvania, retirement is slightly more affordable than it is across the country as a whole. A comfortable retirement is projected to cost the average 65 year old in the Keystone State an estimated $1,064,388, about $56,000 less than it would cost the typical 65 year old American.

Though costs associated with homeownership are slightly higher than average in Pennsylvania, other expenses are lower, and overall, goods and services are 3% less expensive than average in the state.

The average 65 year old living in Rhode Island can expect to spend a total of $1,146,674 to retire comfortably — about $26,300 more than the typical American. Though it is a more expensive state to retire in than most, compared to most other states in the Northeast, it is relatively affordable. In neighboring Massachusetts, for example, a comfortable retirement costs nearly $90,000 more on average.

Rhode Island’s retirement-age residents make up a larger than typical share of the population. Of the 1.1 million people living in the state, 17.7% are 65 or older, compared to 16.5% of the U.S. population.

Thanks in part to a low cost of living — 8.5% less than average — retirement is relatively affordable in South Carolina. A comfortable retirement in the state will cost an estimated $967,045 starting at age 65, making South Carolina one of $16 of states where retirement costs are below the $1 million threshold.

Another reason retirement is relatively affordable in South Carolina is the state’s low life expectancy. A 65 year old South Carolinian is expected to live another 18.3 years on average, a full year below the life expectancy of a typical 65 year old American.

South Dakota is one of the least expensive states to live in. Goods and services are 12.2% less expensive in the state than they are on average nationwide. As a result, South Dakota is also a relatively affordable place to retire. A comfortable retirement in the state is projected to cost an estimated $983,718 starting at age 65, $136,700 less than it would cost the typical 65 year old American.

In many states, lower retirement costs are partially the product of a lower than average life expectancy. In South Dakota, however, a 65 year old will live an average of another 19.4 years, in line with the comparable life expectancy nationwide.

In Tennessee, a 65 year old will live 18.1 additional years on average, over a year below the average life expectancy of all 65 year old Americans. Partially as a result, a comfortable retirement in the state costs $937,660, nearly $183,000 less than the average nationwide.

Average life expectancy notwithstanding, retiring in Tennessee is still relatively affordable. Goods and services are 10.3% less expensive than average in the state. Housing costs are particularly low. The typical retirement-age homeowner in the state without a mortgage spends $388 a month on housing, over $100 below the comparable $499 monthly median nationwide.

A comfortable retirement projected cost the typical 65 year old Texan an estimated $1,070,048, about $50,400 less than it would the typical 65 year old American. Residents of the Lone Star State benefit from a cost of living that is about 3.5% lower than average.

Despite its relative affordability, the share of Texans who are retirement age is relatively low. Of the 29 million people living in the state, just 12.9% are 65 or older, well below the comparable 16.5% share of all Americans.

A comfortable retirement in Utah is projected to cost the typical 65 year old $1,086,767 — about $33,600 less than the national average. Low retirement costs in the state are due in part to a lower overall cost of living. Housing is especially affordable. The typical retirement-age homeowner without a mortgage in the state spends $422 a month on housing, below the comparable $499 monthly median nationwide.

Despite its affordability, Utah has a relatively small retirement-age population. Just 11.4% of the state’s 3.2 million residents are 65 or older, compared to the 16.5% share of all Americans nationwide.

Vermont, like much of the rest of the Northeast, is a relatively expensive place to live. Goods and services are 3.1% more expensive than average in the state, and homeownership is especially expensive. The typical retirement-age homeowner without a mortgage in the state spends $668 a month on housing, well above the comparable $499 monthly median nationwide. Partially as a result, a comfortable retirement costs an estimated $1,178,958 in Vermont, more than in all but 10 other states.

Average retirement costs are also driven up by life expectancy in the Green Mountain State. The typical 65 year old in the state is expected to live another 19.8 years, nearly half a year above the comparable national average.

In most Southern states, a comfortable retirement costs less than $1 million. Virginia is one of the exceptions, however. With a slightly higher than average cost of living, a comfortable retirement costs $1,140,824 in Virginia, about $20,416 more than the national average.

Virginia has a slightly smaller than average retirement-age population. Just 15.9% of the state’s 8.5 million residents are 65 or older, compared to the 16.5% share of all Americans nationwide.

The average 65 year old living in Washington can expect to spend a total of $1,245,825 in retirement — more than in all but five other states. Life expectancy at age 65 in Washington is half a year longer than the national average and the cost of living is also higher — and both contribute to greater retirement costs.

Goods and services are 8.4% more expensive in Washington than they are on average nationwide. As a result, the average annual expenditure of a retirement age state resident is about $4,200 more than it is across the U.S.

Few states are as affordable for retirees as West Virginia. A 65 year old state resident whose life expectancy aligns with the state average is projected to need $880,300 to live out retirement in relative comfort. Nationwide, a retiree is projected to spend about $240,100 more.

The relative affordability of a comfortable retirement is due in part to the state’s low cost of living. Housing is particularly inexpensive. The typical retirement-age homeowner without a mortgage spends just $313 a month on housing, well below the comparable $499 monthly median nationwide.

Goods and services in Wisconsin are 8.1% less expensive than they are on average nationwide. However, life expectancy at age 65 in the state is nearly half a year longer than it is nationwide, which drives up average retirement costs.

For the average 65 year old in Wisconsin, a comfortable retirement is projected to cost $1,045,578, which is about $74,831 less than the national average.

In Wyoming, goods and services are about 7.2% less expensive than average, and life expectancy at 65 is in line with the national average. As a result, a comfortable retirement is projected to cost an average of $1,029,020 in the state, about $91,400 less than the U.S. average.

Wyoming has a slightly larger than average retirement population. Of the 579,000 people living in the state, 17.1% are 65 or older, compared to 16.5% of all Americans.