Even though retirees in the United States may relocate to a location with better weather or to be nearer to family, living expenses can also play a significant role.
According to a new GOBankingRates review of retirement expenses in all 50 states and the District of Columbia, the annual cost to retire comfortably varies by as much as $66,000 between states, with Hawaii costing the highest by far.
Hawaii has the highest estimated yearly retirement costs in the nation, coming in at $121,228 for retirees. Additionally, it's the only district or state where retirees must spend six figures.
Since most items are imported by sea, the cost of living in the Aloha state is expensive for all citizens. This is primarily because of greater transportation expenses. Higher-priced items are the result of passing on those additional expenses to customers. Hawaii has scarce and attractive land, which contributes to some of the highest home costs in the nation.
The annual retirement costs for each state are listed below in alphabetical order.
$56,769
$81,796
$70,390
$58,854
$90,399
$68,565
$75,213
$68,696
$99,980
$68,109
$57,942
$121,228
$64,459
$59,897
$58,789
$57,485
$56,899
$60,484
$60,940
$74,627
$80,884
$97,699
$59,767
$61,983
$55,074
$58,724
$68,631
$59,376
$66,415
$74,757
$74,301
$61,135
$88,444
$63,156
$63,482
$58,268
$56,508
$79,645
$64,003
$72,476
$62,765
$62,634
$58,854
$60,353
$66,480
$75,865
$66,545
$74,301
$58,528
$61,200
$59,741
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