Special Report

What It Costs to Retire Comfortably in Every State

Source: Davel5957 / Getty Images

16. Kansas
> Est. total retirement spending: $1,000,162 (14th least)
> Avg. cost of living: 10.0% less than avg. (15th lowest)
> Avg. monthly homeownership cost for senior citizens: $510 (17th highest)
> Pop. 65 and older: 15.9% (20th lowest)

Those who retire in Kansas can reasonably expect to spend just over a million dollars to live a relatively comfortable lifestyle after age 65. Retirement cost in Kansas is lower than in most states as a result of the state’s relatively low cost of living. Goods and services are 10% less expensive than they are, on average, nationwide.

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17. Kentucky
> Est. total retirement spending: $898,683 (5th least)
> Avg. cost of living: 12.2% less than avg. (5th lowest)
> Avg. monthly homeownership cost for senior citizens: $372 (8th lowest)
> Pop. 65 and older: 16.4% (25th lowest)

Kentucky is one of only five states where a comfortable retirement costs an average of less than $900,000. In addition to the state’s relatively low cost of living, another reason retirement costs are low is due to a lower than average life expectancy. Kentucky residents are expected to live an average of about 17 and a half years past 65, about two years less than the national average.

18. Louisiana
> Est. total retirement spending: $943,258 (8th least)
> Avg. cost of living: 10.9% less than avg. (10th lowest)
> Avg. monthly homeownership cost for senior citizens: $340 (2nd lowest)
> Pop. 65 and older: 15.5% (11th lowest)

Adjusted for the state’s relatively low cost of living, Louisiana residents spend an average of about $45,316 a year after age 65. And the average life expectancy for those who are 65 in the state is just over 18 years to 83.1 years. On average, retirees in the state can expect to spend about $943,000 — including an additional 15% to live comfortably — throughout their golden years, less than in most other states.

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19. Maine
> Est. total retirement spending: $1,093,744 (22nd most)
> Avg. cost of living: +0.0% more than avg. (16th highest)
> Avg. monthly homeownership cost for senior citizens: $501 (20th highest)
> Pop. 65 and older: 20.6% (the highest)

Retirement-age residents account for 20.6% of Maine’s total population, the largest share of any state in the country. Accounting for the state’s slightly lower than average life expectancy at 65, a comfortable retirement in Maine will cost an estimated $1,093,744, compared to the national estimate average of $1,134,687.

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20. Maryland
> Est. total retirement spending: $1,242,681 (8th most)
> Avg. cost of living: +8.4% more than avg. (6th highest)
> Avg. monthly homeownership cost for senior citizens: $615 (8th highest)
> Pop. 65 and older: 15.4% (9th lowest)

Maryland is one of the most expensive states in the country — and partially as a result, it is not an inexpensive place to retire. Life expectancy in Maryland after age 65 is nearly 20 years on average, and living comfortably over those years — based on average annual spending of 65 and older households — will cost an estimated total of $1,242,681. Nationwide, retirement costs an estimated $1,134,687 on average.