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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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