Special Report

What It Costs to Retire Comfortably in Every State

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36. Oklahoma
> Est. total retirement spending: $931,788 (6th least)
> Avg. cost of living: 11.0% less than avg.
> Avg. monthly homeownership cost for senior citizens: $401 (13th lowest)
> Pop. 65 and older: 15.7% (15th lowest)

Oklahoma is both one of the least expensive states to live and one with the shortest life expectancies at 65, at 17.9 years (to nearly 83), or 1.5 years less than the national life expectancy at 65. Homeownership for seniors in the state is relatively inexpensive, and the typical home owned by state residents 65 or older is worth $133,800, which is about $83,000 less than the national median home value for properties owned by residents 65 or older.

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37. Oregon
> Est. total retirement spending: $1,134,833 (17th most)
> Avg. cost of living: 0.5% less than avg.
> Avg. monthly homeownership cost for senior citizens: $531 (12th highest)
> Pop. 65 and older: 17.6% (11th highest)

Living out retirement in relative comfort will cost an estimated $1,134,833 in Oregon, almost exactly in line with the average cost nationwide. Oregon’s estimated cost of living is in line with the national average, and the average life expectancy in the state at age 65 is over 19 years to 84.5, only slightly higher than the 84.4 year national average.

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38. Pennsylvania
> Est. total retirement spending: $1,087,954 (23rd most)
> Avg. cost of living: 2.1% less than avg.
> Avg. monthly homeownership cost for senior citizens: $528 (14th highest)
> Pop. 65 and older: 18.2% (8th highest)

In Pennsylvania, 18.2% of residents are 65 or older, the eighth largest share of any state in the country. A comfortable retirement in the state will cost the average retiree a total of $1,087,954, about $48,000 less than the average cost nationwide.

Retirement-age adults in Pennsylvania are less likely to struggle financially than older Americans nationwide. Just 8.3% of Pennsylvania residents 65 and older live below the poverty line, a smaller share than the 9.4% of older adults nationwide.

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39. Rhode Island
> Est. total retirement spending: $1,130,335 (19th most)
> Avg. cost of living: 1.4% less than avg.
> Avg. monthly homeownership cost for senior citizens: $699 (6th highest)
> Pop. 65 and older: 17.3% (14th highest)

Adjusting for the state’s cost of living, seniors living in Rhode Island can expect to spend just over $50,000 per year. Including a 15% financial cushion, a comfortable retirement will cost an estimated total of $1.1 million in Rhode Island. It appears that the state’s 65 and older residents are among the least likely to be able to afford those expenses, as the state has the fifth highest poverty rate among senior citizens, at 11.2%, compared to the national 65 and over poverty rate of 9.4%.

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40. South Carolina
> Est. total retirement spending: $967,595 (11th least)
> Avg. cost of living: 9.6% less than avg.
> Avg. monthly homeownership cost for senior citizens: $376 (9th lowest)
> Pop. 65 and older: 17.7% (10th highest)

South Carolina has a relatively large elderly population, at 17.7% of its total population, the 10th largest share among states. It also has a relatively affordable housing market, with below average monthly ownership costs for seniors, with and without a mortgage. Likely partially as a result, about 85% of the state’s 65 and over population owns the homes in which they live. With relatively low living costs for other goods and services as well, the total expected expenditure for retirees in the state is one of the lowest.

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