These are the best (and most affordable) places to retire right now. Time
You might want to rethink the state where you're living if financial comfort is your first priority in retirement.
Personal finance website GoBankingRates compiled a ranking of states where your money will go farthest in retirement including all 50 states and Washington, D.C.
The website looked at the following criteria: Per-capita spending on gas and fuel, groceries, health care, housing and utilities and other expenditures. The ranking is based on the retirement income it would take to cover all of those expenses plus 20 percent for additional spending, or comfort.
This chart shows the 10 states where retirees will find their income stretches the farthest:
State | Yearly retirement income needed | Retirement savings needed |
Mississippi | $37,750 | $755,000 |
Arkansas | $38,896.25 | $777,925 |
Alabama | $39,170 | $783,400 |
Oklahoma | $41,222.50 | $824,450 |
S. Carolina | $41,582.50 | $831,650 |
Kentucky | $41,610 | $832,200 |
Idaho | $42,066.25 | $841,325 |
N. Carolina | $42,223.75 | $844,475 |
Louisiana | $42,726.25 | $854,525 |
Tennessee | $42,773.75 | $855,475 |
Source: GoBankingRates
This chart shows the 10 states where retirees' income will not go very far:
State | Yearly retirement income needed | Retirement savings needed |
District of Columbia | $71,053.75 | $1,421,075 |
Massachusetts | $64,976.25 | $1,299,525 |
Alaska | $61,933.75 | $1,238,675 |
New Jersey | $61,215 | $1,224,300 |
New Hampshire | $61,012.50 | $1,220,250 |
Connecticut | $60,621.25 | $1,212,425 |
N. Dakota | $60,281.25 | $1,205,625 |
Vermont | $59,560 | $1,191,200 |
New York | $58,632.50 | $1,172,650 |
Hawaii | $56,403.75 | $1,128,075 |
Source: GoBankingRates
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