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10 Cheapest States In America For Retirement

According to the study, the average American retiree can expect to live 19.4 years and needs $1,120,408 to live comfortably in retirement. Check out the 10 cheapest states in the US to retire and see if you need to rethink your ideal retirement location.

1. Mississippi

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With a total retirement spending of $857,886 and the cost of living 15.6% below the national average, Mississippi is the least expensive state to retire. Notably, lower retirement costs are associated with lower life expectancy in Mississippi. The average 65-year-old in Mississippi tends to live 17.6 years, 2 years less than the average American.

2. Arkansas

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Since Arkansas retirees live 1.5 years shorter than average, the state's retirement spending is relatively low. With a total retirement cost of just $875,611 and a cost of living 15.3% below the national average, Arkansas is a great place to be for retirees on a tight budget.

3. Alabama

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In Alabama, goods and services are 14.2% lower than the national average, and the total retirement spending is only around $877,072. Alabama is an affordable retirement state for retirees due to its low cost of living and low retirement expenses.

4. West Virginia

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The total cost of a comfortable retirement in West Virginia is $880,300, about $240,100 less than the average cost across the U.S. For the average cost of living, goods and services are 12.9% cheaper in West Virginia than they are on the national average.

5. Kentucky

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The main reason Kentucky is retirement-friendly is the low cost of living, 12.6% below the national average. In California, a 65-year-old can expect to spend $883,332 on a comfortable retirement, which is about $237,071 less than the average.

6. Oklahoma

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A retiree will typically spend $1,120,408 to have a comfortable retired life, but one needs only $901,455 in Oklahoma. Goods and services in the state are 12.8% below average, making it the fifth cheapest state to live in.

7. Louisiana

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The average 65-year-old retirees in Louisiana expect to spend only $918,844 throughout their retired life. The affordability of a comfortable retirement in Louisiana is partly because of its low cost of living, which is 12.1% less than average nationwide.

8. Ohio

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The average 65-year-old living in Ohio spends an estimated total of $929,176 to retire comfortably. Goods and services are 11.6% less expensive than they are on average nationwide. In this case, Ohio ranks as the state with the lowest retirement costs in the Midwest.

9. Tennessee

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With total retirement expenses of $937,660 and low cost of living, Tennessee is a state where retirees retire comfortably with less money. Admittedly, the low retirement cost is due to the low average life expectancy of Tennessee retirees.

10. Indiana

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The total cost of retirement in Indiana is $942,575, about $178,000 less than the national average. Meanwhile, Indiana's cost of living is 11.3 percent lower than the national average, making it the 10th most comfortable state for retirees.

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