The Least and Most Expensive States in Which to Retire
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Leveraging nearly 20 years of experience in the financial services sector, Chris DiGregorio serves as senior vice president of investments with New Jersey-based firm Janney Montgomery Scott. In this capacity, Chris DiGregorio primarily assists Janney clients with pre- and post-retirement planning services.
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The Least and Most Expensive States in Which to Retire
- 1. THE LEAST AND MOST EXPENSIVE STATES IN WHICH TO RETIRE Chris DiGregorio
- 2. INTRODUCTION • Leveraging nearly 20 years of experience in the financial services sector, Chris DiGregorio serves as senior vice president of investments with New Jersey-based firm Janney Montgomery Scott. In this capacity, Chris DiGregorio primarily assists Janney clients with pre- and post-retirement planning services. Nearly 10,000 US residents celebrate their 65th birthday every day, yet the number of people retiring at that age is in steady decline; in fact, the amount of seniors in the workforce has more than doubled since the turn of the century. Saving for retirement can be challenging, but there are some states in which it is easier to retire with less. The research firm 24/7 Wall Street, using data from the Bureau of Labor Statistics' 2017 Consumer Expenditure Survey and the Economic Policy Institute's Family Budget Calculator, recently ranked all 50 states by average estimated annual retirement costs.
- 3. RETIREMENT • According to the study, Arkansas is the least expensive state in which to retire as residents require only $36,378 per year. This is in part due to average home ownership costs for seniors being the second-lowest in the country at $11,112 per year. New Mexico, Kentucky, Ohio, and Michigan round out the top five least expensive states in which to retire. The most expensive state in which to retire is Alaska, where residents can expect to spend an average of $56,879 per year in retirement costs. At the same time, the state has the second-lowest percentage of residents over 65 years old (11.2) behind only Utah. Hawaii, New York, California, and Vermont round out the top five in highest estimated annual retirement costs.