These States Will Wreck Your Retirement Budget

Worries over the stock market and talks of a possible recession on the horizon have retirees and those planning for retirement concerned. Less than a month ago, the S&P 500 fell over 10%, but it has had a recent 3% rise, as of March 18, 2025. According to Yahoo Finance, the stock market’s ups and downs are due to uncertainty around President Trump’s financial policies. While tariffs are central to Trump’s economic plan, economists warn tariffs can lead to trade wars and economic downturns. In this current climate, Americans near retirement age are uncertain of their future.

One way to make your retirement money last longer is to retire in a state with a low cost of living. Where you retire can make a significant difference in how much money you will need for living expenses. For example, retirees in Hawaii are paying more in living expenses than anywhere else in the country.

24/7 Wall St. calculated the estimated average expenditures throughout retirement in every state by reviewing data from the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the National Center for Health Statistics. According to the BLS Consumer Expenditure Survey, the average American in the 65 and older age group spent $60,087 in 2023. Adjusting for the cost of living, as reported by the BEA, this figure varies from about $52,000 to $67,600, depending on the state. With the Federal Reserve’s predicted 2% target rate for inflation, this amount will go up annually. In some states, the average 65-year-old will live another 16 years, and in others, nearly 20 years, according to the Centers for Disease Control and Prevention. Estimated retirement spending in the U.S. ranges by as much as $731,900 across the 50 states. These calculations are based on averages.

(This article was updated on March 18, 2025, to reflect recent economic and political news, such as the current stock market and President Trump’s tariff policies.)

Why It Matters Now

The current economic uncertainty has retirees concerned for their financial future. Based on spending patterns and estimated life expectancy, a typical American can expect to spend over $1 million after age 65. While retirees do not need to have that amount in savings — as Social Security payments can ease the financial burden of retirement — government benefits alone are not enough for a comfortable and financially secure retirement. Notably, retirement costs are not equal across the country, and older Americans on tighter budgets can significantly reduce expenses in retirement by residing in states with a low cost of living.

This is how much it costs to retire in every state:

50. Mississippi

• Total estimated retirement spending: $1,049,656 ($1,207,104 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $52,451 (cost of living adjusted)
• Est. life expectancy at age 65: 81.1 years old (2nd lowest of 50 states)
• Avg. cost of living: 12.7% lower than avg. (2nd lowest of 50 states)
• Median income for 65 & older households: $41,013 (the lowest of 50 states)

49. Oklahoma

• Total estimated retirement spending: $1,061,609 ($1,220,850 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,048 (cost of living adjusted)
• Est. life expectancy at age 65: 81.4 years old (5th lowest of 50 states)
• Avg. cost of living: 11.7% lower than avg. (4th lowest of 50 states)
• Median income for 65 & older households: $47,259 (7th lowest of 50 states)

48. West Virginia

• Total estimated retirement spending: $1,079,477 ($1,241,399 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,941 (cost of living adjusted)
• Est. life expectancy at age 65: 81.1 years old (2nd lowest of 50 states)
• Avg. cost of living: 10.2% lower than avg. (8th lowest of 50 states)
• Median income for 65 & older households: $41,438 (2nd lowest of 50 states)

47. Alabama

• Total estimated retirement spending: $1,081,858 ($1,244,137 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,060 (cost of living adjusted)
• Est. life expectancy at age 65: 81.4 years old (5th lowest of 50 states)
• Avg. cost of living: 10.0% lower than avg. (10th lowest of 50 states)
• Median income for 65 & older households: $47,114 (6th lowest of 50 states)

46. Kentucky

• Total estimated retirement spending: $1,087,846 ($1,251,023 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,360 (cost of living adjusted)
• Est. life expectancy at age 65: 81.4 years old (5th lowest of 50 states)
• Avg. cost of living: 9.5% lower than avg. (14th lowest of 50 states)
• Median income for 65 & older households: $43,927 (5th lowest of 50 states)

45. Arkansas

• Total estimated retirement spending: $1,113,013 ($1,279,965 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $51,980 (cost of living adjusted)
• Est. life expectancy at age 65: 81.6 years old (7th lowest of 50 states)
• Avg. cost of living: 13.5% lower than avg. (the lowest of 50 states)
• Median income for 65 & older households: $42,943 (4th lowest of 50 states)

44. Louisiana

• Total estimated retirement spending: $1,136,648 ($1,307,145 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,084 (cost of living adjusted)
• Est. life expectancy at age 65: 81.8 years old (8th lowest of 50 states)
• Avg. cost of living: 11.7% lower than avg. (5th lowest of 50 states)
• Median income for 65 & older households: $42,215 (3rd lowest of 50 states)

43. Ohio

• Total estimated retirement spending: $1,181,255 ($1,358,443 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,167 (cost of living adjusted)
• Est. life expectancy at age 65: 82.3 years old (11th lowest of 50 states)
• Avg. cost of living: 8.2% lower than avg. (18th lowest of 50 states)
• Median income for 65 & older households: $49,081 (12th lowest of 50 states)

42. Indiana

• Total estimated retirement spending: $1,186,041 ($1,363,947 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,391 (cost of living adjusted)
• Est. life expectancy at age 65: 82.3 years old (11th lowest of 50 states)
• Avg. cost of living: 7.8% lower than avg. (19th lowest of 50 states)
• Median income for 65 & older households: $48,309 (10th lowest of 50 states)

41. Tennessee

• Total estimated retirement spending: $1,190,299 ($1,368,844 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,589 (cost of living adjusted)
• Est. life expectancy at age 65: 81.6 years old (7th lowest of 50 states)
• Avg. cost of living: 7.5% lower than avg. (20th lowest of 50 states)
• Median income for 65 & older households: $48,478 (11th lowest of 50 states)

40. South Carolina

• Total estimated retirement spending: $1,198,817 ($1,378,639 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,987 (cost of living adjusted)
• Est. life expectancy at age 65: 82.4 years old (12th lowest of 50 states)
• Avg. cost of living: 6.8% lower than avg. (22nd lowest of 50 states)
• Median income for 65 & older households: $50,287 (16th lowest of 50 states)

39. Kansas

• Total estimated retirement spending: $1,234,698 ($1,419,903 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,057 (cost of living adjusted)
• Est. life expectancy at age 65: 83.0 years old (20th lowest of 50 states)
• Avg. cost of living: 10.0% lower than avg. (9th lowest of 50 states)
• Median income for 65 & older households: $52,203 (25th lowest of 50 states)

38. Montana

• Total estimated retirement spending: $1,238,527 ($1,424,306 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,225 (cost of living adjusted)
• Est. life expectancy at age 65: 83.4 years old (25th highest of 50 states)
• Avg. cost of living: 9.8% lower than avg. (11th lowest of 50 states)
• Median income for 65 & older households: $48,165 (8th lowest of 50 states)

37. New Mexico

• Total estimated retirement spending: $1,240,476 ($1,426,548 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,310 (cost of living adjusted)
• Est. life expectancy at age 65: 83.3 years old (24th lowest of 50 states)
• Avg. cost of living: 9.6% lower than avg. (13th lowest of 50 states)
• Median income for 65 & older households: $50,240 (15th lowest of 50 states)

36. Georgia

• Total estimated retirement spending: $1,244,131 ($1,430,751 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,104 (cost of living adjusted)
• Est. life expectancy at age 65: 82.1 years old (9th lowest of 50 states)
• Avg. cost of living: 3.3% lower than avg. (24th highest of 50 states)
• Median income for 65 & older households: $51,664 (20th lowest of 50 states)

35. Wyoming

• Total estimated retirement spending: $1,246,817 ($1,433,839 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,588 (cost of living adjusted)
• Est. life expectancy at age 65: 82.8 years old (17th lowest of 50 states)
• Avg. cost of living: 9.2% lower than avg. (15th lowest of 50 states)
• Median income for 65 & older households: $53,229 (23rd highest of 50 states)

34. Idaho

• Total estimated retirement spending: $1,254,736 ($1,442,946 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,935 (cost of living adjusted)
• Est. life expectancy at age 65: 83.4 years old (25th highest of 50 states)
• Avg. cost of living: 8.6% lower than avg. (16th lowest of 50 states)
• Median income for 65 & older households: $52,132 (24th lowest of 50 states)

33. Missouri

• Total estimated retirement spending: $1,259,361 ($1,448,265 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,137 (cost of living adjusted)
• Est. life expectancy at age 65: 82.6 years old (15th lowest of 50 states)
• Avg. cost of living: 8.2% lower than avg. (17th lowest of 50 states)
• Median income for 65 & older households: $48,298 (9th lowest of 50 states)

32. South Dakota

• Total estimated retirement spending: $1,286,148 ($1,479,071 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $52,934 (cost of living adjusted)
• Est. life expectancy at age 65: 84.2 years old (9th highest of 50 states)
• Avg. cost of living: 11.9% lower than avg. (3rd lowest of 50 states)
• Median income for 65 & older households: $50,665 (18th lowest of 50 states)

31. North Carolina

• Total estimated retirement spending: $1,291,983 ($1,485,781 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $56,565 (cost of living adjusted)
• Est. life expectancy at age 65: 82.7 years old (16th lowest of 50 states)
• Avg. cost of living: 5.9% lower than avg. (23rd lowest of 50 states)
• Median income for 65 & older households: $49,781 (13th lowest of 50 states)

30. Michigan

• Total estimated retirement spending: $1,292,601 ($1,486,491 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $56,592 (cost of living adjusted)
• Est. life expectancy at age 65: 82.9 years old (19th lowest of 50 states)
• Avg. cost of living: 5.8% lower than avg. (24th lowest of 50 states)
• Median income for 65 & older households: $51,010 (19th lowest of 50 states)

29. North Dakota

• Total estimated retirement spending: $1,293,112 ($1,487,079 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,220 (cost of living adjusted)
• Est. life expectancy at age 65: 84.1 years old (10th highest of 50 states)
• Avg. cost of living: 11.4% lower than avg. (6th lowest of 50 states)
• Median income for 65 & older households: $56,319 (16th highest of 50 states)

28. Iowa

• Total estimated retirement spending: $1,295,959 ($1,490,353 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $53,337 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 11.2% lower than avg. (7th lowest of 50 states)
• Median income for 65 & older households: $52,006 (23rd lowest of 50 states)

27. Nebraska

• Total estimated retirement spending: $1,319,450 ($1,517,367 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $54,304 (cost of living adjusted)
• Est. life expectancy at age 65: 83.8 years old (16th highest of 50 states)
• Avg. cost of living: 9.6% lower than avg. (12th lowest of 50 states)
• Median income for 65 & older households: $51,974 (22nd lowest of 50 states)

26. Nevada

• Total estimated retirement spending: $1,330,974 ($1,530,620 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,272 (cost of living adjusted)
• Est. life expectancy at age 65: 82.5 years old (14th lowest of 50 states)
• Avg. cost of living: 3.0% lower than avg. (23rd highest of 50 states)
• Median income for 65 & older households: $54,959 (21st highest of 50 states)

25. Texas

• Total estimated retirement spending: $1,333,650 ($1,533,697 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,390 (cost of living adjusted)
• Est. life expectancy at age 65: 82.5 years old (14th lowest of 50 states)
• Avg. cost of living: 2.8% lower than avg. (21st highest of 50 states)
• Median income for 65 & older households: $52,331 (25th highest of 50 states)

24. Pennsylvania

• Total estimated retirement spending: $1,338,110 ($1,538,827 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,585 (cost of living adjusted)
• Est. life expectancy at age 65: 83.2 years old (23rd lowest of 50 states)
• Avg. cost of living: 2.5% lower than avg. (20th highest of 50 states)
• Median income for 65 & older households: $50,330 (17th lowest of 50 states)

23. Wisconsin

• Total estimated retirement spending: $1,359,175 ($1,563,052 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $55,939 (cost of living adjusted)
• Est. life expectancy at age 65: 83.9 years old (15th highest of 50 states)
• Avg. cost of living: 6.9% lower than avg. (21st lowest of 50 states)
• Median income for 65 & older households: $50,167 (14th lowest of 50 states)

22. Virginia

• Total estimated retirement spending: $1,382,700 ($1,590,105 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,537 (cost of living adjusted)
• Est. life expectancy at age 65: 83.2 years old (23rd lowest of 50 states)
• Avg. cost of living: 0.7% higher than avg. (16th highest of 50 states)
• Median income for 65 & older households: $61,447 (11th highest of 50 states)

21. Utah

• Total estimated retirement spending: $1,386,987 ($1,595,036 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $57,084 (cost of living adjusted)
• Est. life expectancy at age 65: 83.8 years old (16th highest of 50 states)
• Avg. cost of living: 5.0% lower than avg. (25th lowest of 50 states)
• Median income for 65 & older households: $63,225 (8th highest of 50 states)

20. Arizona

• Total estimated retirement spending: $1,387,586 ($1,595,724 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,751 (cost of living adjusted)
• Est. life expectancy at age 65: 83.1 years old (21st lowest of 50 states)
• Avg. cost of living: 1.1% higher than avg. (15th highest of 50 states)
• Median income for 65 & older households: $57,507 (14th highest of 50 states)

19. Alaska

• Total estimated retirement spending: $1,395,958 ($1,605,351 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $61,117 (cost of living adjusted)
• Est. life expectancy at age 65: 82.9 years old (19th lowest of 50 states)
• Avg. cost of living: 1.7% higher than avg. (12th highest of 50 states)
• Median income for 65 & older households: $66,292 (3rd highest of 50 states)

18. Vermont

• Total estimated retirement spending: $1,410,829 ($1,622,453 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,065 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 3.4% lower than avg. (25th highest of 50 states)
• Median income for 65 & older households: $53,245 (22nd highest of 50 states)

17. Maine

• Total estimated retirement spending: $1,417,574 ($1,630,210 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $58,343 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 2.9% lower than avg. (22nd highest of 50 states)
• Median income for 65 & older households: $51,870 (21st lowest of 50 states)

16. Minnesota

• Total estimated retirement spending: $1,436,845 ($1,652,372 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $59,136 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 1.6% lower than avg. (19th highest of 50 states)
• Median income for 65 & older households: $56,839 (15th highest of 50 states)

15. Illinois

• Total estimated retirement spending: $1,443,240 ($1,659,725 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $59,399 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 1.1% lower than avg. (18th highest of 50 states)
• Median income for 65 & older households: $55,071 (20th highest of 50 states)

14. Delaware

• Total estimated retirement spending: $1,449,050 ($1,666,408 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $59,638 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 0.7% lower than avg. (17th highest of 50 states)
• Median income for 65 & older households: $62,733 (9th highest of 50 states)

13. Colorado

• Total estimated retirement spending: $1,480,133 ($1,702,153 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,917 (cost of living adjusted)
• Est. life expectancy at age 65: 84.1 years old (10th highest of 50 states)
• Avg. cost of living: 1.4% higher than avg. (14th highest of 50 states)
• Median income for 65 & older households: $63,445 (7th highest of 50 states)

12. Rhode Island

• Total estimated retirement spending: $1,480,571 ($1,702,656 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $60,935 (cost of living adjusted)
• Est. life expectancy at age 65: 84.0 years old (13th highest of 50 states)
• Avg. cost of living: 1.4% higher than avg. (13th highest of 50 states)
• Median income for 65 & older households: $55,691 (19th highest of 50 states)

11. Florida

• Total estimated retirement spending: $1,510,354 ($1,736,907 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,161 (cost of living adjusted)
• Est. life expectancy at age 65: 83.7 years old (18th highest of 50 states)
• Avg. cost of living: 3.5% higher than avg. (11th highest of 50 states)
• Median income for 65 & older households: $52,625 (24th highest of 50 states)

10. Maryland

• Total estimated retirement spending: $1,517,843 ($1,745,520 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,469 (cost of living adjusted)
• Est. life expectancy at age 65: 83.7 years old (18th highest of 50 states)
• Avg. cost of living: 4.0% higher than avg. (9th highest of 50 states)
• Median income for 65 & older households: $69,070 (2nd highest of 50 states)

9. Oregon

• Total estimated retirement spending: $1,528,881 ($1,758,213 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,924 (cost of living adjusted)
• Est. life expectancy at age 65: 83.6 years old (20th highest of 50 states)
• Avg. cost of living: 4.7% higher than avg. (8th highest of 50 states)
• Median income for 65 & older households: $55,973 (17th highest of 50 states)

8. New Hampshire

• Total estimated retirement spending: $1,537,991 ($1,768,689 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $63,299 (cost of living adjusted)
• Est. life expectancy at age 65: 84.0 years old (13th highest of 50 states)
• Avg. cost of living: 5.3% higher than avg. (7th highest of 50 states)
• Median income for 65 & older households: $59,946 (13th highest of 50 states)

7. New York

• Total estimated retirement spending: $1,571,292 ($1,806,986 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $64,669 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 7.6% higher than avg. (6th highest of 50 states)
• Median income for 65 & older households: $55,878 (18th highest of 50 states)

6. Washington

• Total estimated retirement spending: $1,584,957 ($1,822,701 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,232 (cost of living adjusted)
• Est. life expectancy at age 65: 84.1 years old (10th highest of 50 states)
• Avg. cost of living: 8.6% higher than avg. (4th highest of 50 states)
• Median income for 65 & older households: $62,597 (10th highest of 50 states)

5. New Jersey

• Total estimated retirement spending: $1,589,644 ($1,828,091 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,425 (cost of living adjusted)
• Est. life expectancy at age 65: 84.4 years old (4th highest of 50 states)
• Avg. cost of living: 8.9% higher than avg. (2nd highest of 50 states)
• Median income for 65 & older households: $65,988 (4th highest of 50 states)

4. Connecticut

• Total estimated retirement spending: $1,606,394 ($1,847,353 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $62,304 (cost of living adjusted)
• Est. life expectancy at age 65: 84.9 years old (2nd highest of 50 states)
• Avg. cost of living: 3.7% higher than avg. (10th highest of 50 states)
• Median income for 65 & older households: $65,053 (6th highest of 50 states)

3. California

• Total estimated retirement spending: $1,643,633 ($1,890,178 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $67,647 (cost of living adjusted)
• Est. life expectancy at age 65: 84.3 years old (8th highest of 50 states)
• Avg. cost of living: 12.6% higher than avg. (the highest of 50 states)
• Median income for 65 & older households: $65,628 (5th highest of 50 states)

2. Massachusetts

• Total estimated retirement spending: $1,676,869 ($1,928,399 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,037 (cost of living adjusted)
• Est. life expectancy at age 65: 84.6 years old (3rd highest of 50 states)
• Avg. cost of living: 8.2% higher than avg. (5th highest of 50 states)
• Median income for 65 & older households: $60,810 (12th highest of 50 states)

1. Hawaii

• Total estimated retirement spending: $1,781,529 ($2,048,758 with 15% cushion)
• Avg. spending of 65 and older pop. in 2023: $65,260 (cost of living adjusted)
• Est. life expectancy at age 65: 85.6 years old (the highest of 50 states)
• Avg. cost of living: 8.6% higher than avg. (3rd highest of 50 states)
• Median income for 65 & older households: $77,957 (the highest of 50 states)

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