This is how much it costs to retire in every state
![Slide 1 of 54: Where you live in retirement can have a big impact on your annual expenses. While the average annual cost of living in the U.S. is $51,624, that figure can fluctuate significantly — from nearly double that amount in the most expensive state to just under 90 percent in the least expensive. Consider the average retirement age in each state and your life expectancy, and you’re looking at a sizable amount of money needed to cover your retirement years.Of course, Social Security can help cover those expenses, but knowing when you’re eligible to take those benefits and how to maximize them when you do can help to ensure your financial comfort. Likewise, knowing how states tax Social Security benefits can help you decide which states are the most financially attractive. As you think about moving or potentially downsizing in retirement, you need to weight how much it costs to retire by location.]({"default":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19s1Qs.img?h=416&w=799&m=6&q=60&u=t&o=f&l=f&x=442&y=239","size3column":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19s1Qs.img?h=416&w=624&m=6&q=60&u=t&o=f&l=f&x=442&y=239","size2column":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19s1Qs.img?h=416&w=624&m=6&q=60&u=t&o=f&l=f&x=442&y=239"} "Location, location, location - DGLimages")
Where you live in retirement can have a big impact on your annual expenses. While the average annual cost of living in the U.S. is $51,624, that figure can fluctuate significantly — from nearly double that amount in the most expensive state to just under 90 percent in the least expensive. Consider the average retirement age in each state and your life expectancy, and you’re looking at a sizable amount of money needed to cover your retirement years.
Of course, Social Security can help cover those expenses, but knowing when you’re eligible to take those benefits and how to maximize them when you do can help to ensure your financial comfort. Likewise, knowing how states tax Social Security benefits can help you decide which states are the most financially attractive. As you think about moving or potentially downsizing in retirement, you need to weight how much it costs to retire by location.