Even though retirees in the United States may relocate to a location with better weather or to be nearer to family, living expenses can also play a significant role.
According to a new GOBankingRates review of retirement expenses in all 50 states and the District of Columbia, the annual cost to retire comfortably varies by as much as $66,000 between states, with Hawaii costing the highest by far.
Hawaii has the highest estimated yearly retirement costs in the nation, coming in at $121,228 for retirees. Additionally, it’s the only district or state where retirees must spend six figures.
Since most items are imported by sea, the cost of living in the Aloha state is expensive for all citizens. This is primarily because of greater transportation expenses. Higher-priced items are the result of passing on those additional expenses to customers. Hawaii has scarce and attractive land, which contributes to some of the highest home costs in the nation.
The annual retirement costs for each state are listed below in alphabetical order.
Alabama
$56,769
Alaska
$81,796
Arizona
$70,390
Arkansas
$58,854
California
$90,399
Colorado
$68,565
Connecticut
$75,213
Delaware
$68,696
District of Columbia
$99,980
Florida
$68,109
Georgia
$57,942
Hawaii
$121,228
Idaho
$64,459
Illinois
$59,897
Indiana
$58,789
Iowa
$57,485
Kansas
$56,899
Kentucky
$60,484
Louisiana
$60,940
Maine
$74,627
Maryland
$80,884
Massachusetts
$97,699
Michigan
$59,767
Minnesota
$61,983
Mississippi
$55,074
Missouri
$58,724
Montana
$68,631
Nebraska
$59,376
Nevada
$66,415
New Hampshire
$74,757
New Jersey
$74,301
New Mexico
$61,135
New York
$88,444
North Carolina
$63,156
North Dakota
$63,482
Ohio
$58,268
Oklahoma
$56,508
Oregon
$79,645
Pennsylvania
$64,003
Rhode Island
$72,476
South Carolina
$62,765
South Dakota
$62,634
Tennessee
$58,854
Texas
$60,353
Utah
$66,480
Vermont
$75,865
Virginia
$66,545
Washington
$74,301
West Virginia
$58,528
Wisconsin
$61,200
Wyoming
$59,741