Special Report

What It Costs to Retire in Every State

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6. Colorado
> Est. total retirement spending: $1,177,006 (12th most)
> Avg. cost of living: 1.9% more than avg. (13th highest)
> Median monthly homeownership cost, pop. 65 & older: $485 (25th highest)
> Pop. 65 & older: 14.7% (5th lowest)

In Colorado, goods and services are about 2% more expensive than average, and life expectancy among retirement age residents is about half a year longer than the national average. As a result, a comfortable retirement will cost an average of $1,177,006 in the state, about $57,000 more than the U.S. average.

Colorado has a relatively small retirement population. Just 14.7% of state residents are 65 or older, compared to 16.5% of all Americans.

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7. Connecticut
> Est. total retirement spending: $1,237,069 (7th most)
> Avg. cost of living: 5.0% more than avg. (10th highest)
> Median monthly homeownership cost, pop. 65 & older: $898 (2nd highest)
> Pop. 65 & older: 17.6% (16th highest)

The average 65 year old living in Connecticut can expect to spend a total of about $1,237,000 to retire comfortably — nearly $117,000 more than the typical American. The higher retirement costs in the state are due to both a higher than average cost of living and longer than average life expectancy.

Goods and services in Connecticut cost about 5% more than they do on average nationwide. Additionally, 65 year olds in the state live an average of about a year longer than the typical 65 year old American.

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8. Delaware
> Est. total retirement spending: $1,113,686 (19th most)
> Avg. cost of living: 0.6% less than avg. (17th highest)
> Median monthly homeownership cost, pop. 65 & older: $448 (20th lowest)
> Pop. 65 & older: 19.5% (5th highest)

A comfortable retirement in Delaware costs about as much as it does on average nationwide. The average 65 year old in the state will spend an estimated $1,113,686 through retirement, only about $6,700 less than the average American retiree.

Delaware has one of the older populations among states. Nearly one in every five state residents are retirement age, compared to 16.5% of Americans who are 65 or older.

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9. Florida
> Est. total retirement spending: $1,184,110 (9th most)
> Avg. cost of living: 1.0% more than avg. (16th highest)
> Median monthly homeownership cost, pop. 65 & older: $516 (20th highest)
> Pop. 65 & older: 20.9% (2nd highest)

With a warm climate, Florida is a popular state for retired Americans to relocate to. For 65 year olds in Florida, a comfortable retirement will cost an estimated $1,184,110, nearly $64,000 more than average nationwide. Rather than a higher cost of living, the high retirement costs in Florida are driven primarily by the high average life expectancy in the state. A 65 year old in the state is expected to live another 20.3 years on average — nearly a year longer than the national life expectancy at 65.

Of the 21.5 million people living in the Sunshine State, 20.9% are 65 and older. Meanwhile, just 16.5% of the U.S. population are in the same age group.

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10. Georgia
> Est. total retirement spending: $995,777 (15th least)
> Avg. cost of living: 6.8% less than avg. (24th lowest)
> Median monthly homeownership cost, pop. 65 & older: $409 (14th lowest)
> Pop. 65 & older: 14.3% (4th lowest)

In Georgia, goods and services are about 7% less expensive than average, and life expectancy among retirement-age residents is about a year below the national average. As a result, a comfortable retirement will cost an average of $995,777 in the state, about $124,600 less than the U.S. average.

Georgia has a relatively small retirement-aged population. Just 14.3% of state residents are 65 or older, compared to 16.5% of all Americans.