Map Shows Best States To Retire Comfortably in US
Newsweek • • business
Key Points:
- A new analysis reveals significant disparities in retirement costs across the U.S., with annual expenses exceeding $100,000 in 13 states, primarily in the West and Northeast, while some states in the South and Midwest offer much more affordable retirement options.
- Hawaii tops the list as the most expensive state to retire in, requiring $156,610 annually for a comfortable retirement, followed by California ($121,879) and Massachusetts ($111,145), whereas West Virginia is the least expensive at $33,223 per year.
- The average annual spending for retirees aged 65 and older is $61,432, with housing being the largest expense at $22,193, followed by transportation, food, and healthcare costs.
- Despite regional affordability differences, many American seniors express concern about their financial security, with 49% reporting higher-than-expected expenses and 58% unsure if their savings will last, citing inflation and healthcare costs as major worries.