12 Cheapest States for a Comfortable Retirement: 2024
A new study by GoBankingRates has identified states where Americans who have left the workforce can enjoy a comfortable retirement for less than $65,000 a year.
Researchers took into account an individual’s spending on housing, groceries, transportation and health care in each of the 50 states to determine the average retirement income necessary for a comfortable retirement lifestyle. They then added a 20% comfort buffer.
The study found that the average income for Americans 65 and older was $60,350 as of 2022, the latest year of available data. The average expenditure per retiree, regardless of age, was $54,975, or about $4,581 a month, according to the Bureau of Labor Statistics.
These figures compare with average annual income and spending of $48,233 before taxes and $46,359 for those 25 and younger, and $89,514 and $67,883 for those 25 to 34.
See the gallery for the 12 cheapest states for a comfortable retirement, according to GOBankingRates.
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