Do you plan to retire soon? The state you choose to call home may be something to consider as you prepare. The cost of living can vary considerably, with some states significantly less expensive than even their immediate neighbors.
GOBankingRates recently released it’s annual report looking at retirement costs in all 50 states and the District of Columbia. The report looks at things like average per capita spending on groceries, healthcare, gas and fuel, housing and utilities, and personal consumption. The report then tacks on an additional 20% in monthly finances to account for the “comfortable” aspect.
Related: 11 retirement worries that are top of mind for Americans
As a side note, Social Security payouts, potential pension income, or interest earned on savings are not included in the total amounts provided.
Here are the average costs to retire comfortably in every state:
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1. Mississippi
- Total expenditures: $42,953
- 20% comfort buffer: $10,738
- Cost of a comfortable retirement annually: $53,691
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2. Kansas
- Total expenditures: $43,866
- 20% comfort buffer: $10,966
- Cost of a comfortable retirement annually: $54,832
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3. Oklahoma
- Total expenditures: $43,967
- 20% comfort buffer: $10,992
- Cost of a comfortable retirement annually: $54,959
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4. New Mexico
- Total expenditures: $44,221
- 20% comfort buffer: $11,055
- Cost of a comfortable retirement annually: $55,276
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5. Arkansas
- Total expenditures: $44,728
- 20% comfort buffer: $11,182
- Cost of a comfortable retirement annually: $55,910
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6. Missouri
- Total expenditures: $44,779
- 20% comfort buffer: $11,195
- Cost of a comfortable retirement annually: $55,973
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7. Indiana
- Total expenditures: $45,387
- 20% comfort buffer: $11,347
- Cost of a comfortable retirement annually: $56,734
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8. Alabama
- Total expenditures: $45,438
- 20% comfort buffer: $11,359
- Cost of a comfortable retirement annually: $56,797
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9. Illinois
- Total expenditures: $45,489
- 20% comfort buffer: $11,372
- Cost of a comfortable retirement annually: $56,861
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10. Tennessee
- Total expenditures: $45,641
- 20% comfort buffer: $11,410
- Cost of a comfortable retirement annually: $57,051
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11. Georgia
- Total expenditures: $45,641
- 20% comfort buffer: $11,410
- Cost of a comfortable retirement annually: $57,051
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12. Michigan
- Total expenditures: $45,692
- 20% comfort buffer: $11,423
- Cost of a comfortable retirement annually: $57,114
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13. Iowa
- Total expenditures: $46,351
- 20% comfort buffer: $11,588
- Cost of a comfortable retirement annually: $57,938
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14. Texas
- Total expenditures: $46,503
- 20% comfort buffer: $11,626
- Cost of a comfortable retirement annually: $58,129
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15. Ohio
- Total expenditures: $46,706
- 20% comfort buffer: $11,676
- Cost of a comfortable retirement annually: $58,382
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16. West Virginia
- Total expenditures: $46,858
- 20% comfort buffer: $11,714
- Cost of a comfortable retirement annually: $58,572
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17. Nebraska
- Total expenditures: $47,061
- 20% comfort buffer: $11,765
- Cost of a comfortable retirement annually: $58,826
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18. Louisiana
- Total expenditures: $47,416
- 20% comfort buffer: $11,854
- Cost of a comfortable retirement annually: $59,270
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19. Kentucky
- Total expenditures: $47,771
- 20% comfort buffer: $11,943
- Cost of a comfortable retirement annually: $59,713
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20. Idaho
- Total expenditures: $47,821
- 20% comfort buffer: $11,955
- Cost of a comfortable retirement annually: $59,777
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21. Wyoming
- Total expenditures: $47,923
- 20% comfort buffer: $11,981
- Cost of a comfortable retirement annually: $59,904
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22. North Carolina
- Total expenditures: $48,430
- 20% comfort buffer: $12,107
- Cost of a comfortable retirement annually: $60,537
Image Credit: DepositPhotos.com.
23. South Carolina
- Total expenditures: $48,430
- 20% comfort buffer: $12,107
- Cost of a comfortable retirement annually: $60,537
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24. Wisconsin
- Total expenditures: $48,531
- 20% comfort buffer: $12,133
- Cost of a comfortable retirement annually: $60,664
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25. North Dakota
- Total expenditures: $48,937
- 20% comfort buffer: $12,234
- Cost of a comfortable retirement annually: $61,171
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26. Utah
- Total expenditures: $49,140
- 20% comfort buffer: $12,285
- Cost of a comfortable retirement annually: $61,425
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27. Florida
- Total expenditures: $50,306
- 20% comfort buffer: $12,577
- Cost of a comfortable retirement annually: $62,883
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28. South Dakota
- Total expenditures: $50,560
- 20% comfort buffer: $12,640
- Cost of a comfortable retirement annually: $63,200
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29. Arizona
- Total expenditures: $50,763
- 20% comfort buffer: $12,691
- Cost of a comfortable retirement annually: $63,453
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30. Minnesota
- Total expenditures: $51,321
- 20% comfort buffer: $12,830
- Cost of a comfortable retirement annually: $64,151
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31. Virginia
- Total expenditures: $51,422
- 20% comfort buffer: $12,855
- Cost of a comfortable retirement annually: $64,277
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32. Colorado
- Total expenditures: $52,335
- 20% comfort buffer: $13,084
- Cost of a comfortable retirement annually: $65,418
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33. Pennsylvania
- Total expenditures: $52,335
- 20% comfort buffer: $13,084
- Cost of a comfortable retirement annually: $65,418
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34. Delaware
- Total expenditures: $54,617
- 20% comfort buffer: $13,654
- Cost of a comfortable retirement annually: $68,271
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35. New Hampshire
- Total expenditures: $54,769
- 20% comfort buffer: $13,692
- Cost of a comfortable retirement annually: $68,461
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36. Montana
- Total expenditures: $54,870
- 20% comfort buffer: $13,718
- Cost of a comfortable retirement annually: $68,588
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37. Nevada
- Total expenditures: $55,175
- 20% comfort buffer: $13,794
- Cost of a comfortable retirement annually: $68,968
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38. Washington
- Total expenditures: $56,899
- 20% comfort buffer: $14,225
- Cost of a comfortable retirement annually: $71,124
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39. Maine
- Total expenditures: $58,420
- 20% comfort buffer: $14,605
- Cost of a comfortable retirement annually: $73,025
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40. Vermont
- Total expenditures: $59,181
- 20% comfort buffer: $14,795
- Cost of a comfortable retirement annually: $73,976
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41. Rhode Island
- Total expenditures: $60,144
- 20% comfort buffer: $15,036
- Cost of a comfortable retirement annually: $75,181
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42. New Jersey
- Total expenditures: $62,071
- 20% comfort buffer: $15,518
- Cost of a comfortable retirement annually: $77,589
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43. Connecticut
- Total expenditures: $62,984
- 20% comfort buffer: $15,746
- Cost of a comfortable retirement annually: $78,730
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44. Maryland
- Total expenditures: $64,911
- 20% comfort buffer: $16,228
- Cost of a comfortable retirement annually: $81,139
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45. Alaska
- Total expenditures: $65,114
- 20% comfort buffer: $16,279
- Cost of a comfortable retirement annually: $81,393
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46. Massachusetts
- Total expenditures: $65,773
- 20% comfort buffer: $16,443
- Cost of a comfortable retirement annually: $82,217
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47. Oregon
- Total expenditures: $68,106
- 20% comfort buffer: $17,027
- Cost of a comfortable retirement annually: $85,133
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48. California
- Total expenditures: $72,366
- 20% comfort buffer: $18,092
- Cost of a comfortable retirement annually: $90,458
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49. New York
- Total expenditures: $79,060
- 20% comfort buffer: $19,765
- Cost of a comfortable retirement annually: $98,825
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50. District of Columbia
- Total expenditures: $81,494
- 20% comfort buffer: $20,374
- Cost of a comfortable retirement annually: $101,868
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51. Hawaii
- Total expenditures: $100,207
- 20% comfort buffer: $25,052
- Cost of a comfortable retirement annually: $125,259
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