Special Report

What It Costs to Retire in Every State

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36. Oklahoma
> Est. total retirement spending: $901,455 (6th least)
> Avg. cost of living: 12.8% less than avg. (5th lowest)
> Median monthly homeownership cost, pop. 65 & older: $407 (13th lowest)
> Pop. 65 & older: 16.1% (12th lowest)

With a cost of living nearly 13% below the national average, Oklahoma is one of the least expensive states to retire in. For the average 65 year old in the state, a comfortable retirement is projected to cost an estimated $901,455, about $219,000 less than it would cost the typical 65 year old American.

Housing is particularly inexpensive in the state. The typical home in Oklahoma is worth just $147,000, while the typical American home is worth $240,500. For the typical 65 year old without a mortgage, monthly housing costs come to $407, nearly $100 less than the comparable national median.

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37. Oregon
> Est. total retirement spending: $1,150,960 (14th most)
> Avg. cost of living: 2.2% more than avg. (12th highest)
> Median monthly homeownership cost, pop. 65 & older: $554 (12th highest)
> Pop. 65 & older: 18.2% (10th highest)

The average 65 year old living in Oregon can expect to spend a total of $1,150,960 to retire comfortably — about $30,550 more than the typical American. Life expectancy at age 65 in Oregon is in line with the national average, and the higher retirement costs are attributable primarily to a higher than average cost of living in the state.

Goods and services are 2.2% more expensive in Oregon than they are on average nationwide. As a result, the average annual expenditure of a retirement age state resident is about $1,100 more than it is across the U.S.

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38. Pennsylvania
> Est. total retirement spending: $1,064,388 (24th most)
> Avg. cost of living: 3.0% less than avg. (22nd highest)
> Median monthly homeownership cost, pop. 65 & older: $530 (18th highest)
> Pop. 65 & older: 18.7% (8th highest)

In Pennsylvania, retirement is slightly more affordable than it is across the country as a whole. A comfortable retirement is projected to cost the average 65 year old in the Keystone State an estimated $1,064,388, about $56,000 less than it would cost the typical 65 year old American.

Though costs associated with homeownership are slightly higher than average in Pennsylvania, other expenses are lower, and overall, goods and services are 3% less expensive than average in the state.

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39. Rhode Island
> Est. total retirement spending: $1,146,674 (16th most)
> Avg. cost of living: 1.3% more than avg. (14th highest)
> Median monthly homeownership cost, pop. 65 & older: $717 (6th highest)
> Pop. 65 & older: 17.7% (15th highest)

The average 65 year old living in Rhode Island can expect to spend a total of $1,146,674 to retire comfortably — about $26,300 more than the typical American. Though it is a more expensive state to retire in than most, compared to most other states in the Northeast, it is relatively affordable. In neighboring Massachusetts, for example, a comfortable retirement costs nearly $90,000 more on average.

Rhode Island’s retirement-age residents make up a larger than typical share of the population. Of the 1.1 million people living in the state, 17.7% are 65 or older, compared to 16.5% of the U.S. population.

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40. South Carolina
> Est. total retirement spending: $967,045 (12th least)
> Avg. cost of living: 8.5% less than avg. (18th lowest)
> Median monthly homeownership cost, pop. 65 & older: $374 (8th lowest)
> Pop. 65 & older: 18.2% (11th highest)

Thanks in part to a low cost of living — 8.5% less than average — retirement is relatively affordable in South Carolina. A comfortable retirement in the state will cost an estimated $967,045 starting at age 65, making South Carolina one of $16 of states where retirement costs are below the $1 million threshold.

Another reason retirement is relatively affordable in South Carolina is the state’s low life expectancy. A 65 year old South Carolinian is expected to live another 18.3 years on average, a full year below the life expectancy of a typical 65 year old American.