Retirement planning can vary significantly depending on where you choose to retire. Here’s a breakdown of how much you may need to save for retirement in some of the most popular retirement states in the U.S.
Florida
In Florida, where the sun-soaked beaches and favorable tax climate attract retirees, estimated annual retirement expenses range from $50,000 to $60,000.
The median home price is around $300,000, and healthcare costs typically amount to $6,000 to $8,000 per year.
Arizona
Heading west to Arizona, retirees can expect slightly lower annual expenses ranging from $45,000 to $55,000.
The median home price is approximately $280,000, with healthcare costs averaging between $6,000 and $7,000 per year.
North Carolina
In North Carolina, known for its scenic beauty and lower cost of living, retirement expenses are similar to those in Arizona, ranging from $45,000 to $55,000 annually.
The median home price is around $280,000, with healthcare costs also averaging between $6,000 and $7,000 per year.
Texas
Heading to the Lone Star State, Texas offers a diverse range of retirement options. Estimated annual retirement expenses are similar to those in North Carolina and Arizona, ranging from $45,000 to $55,000.
The median home price is lower at $250,000, with healthcare costs averaging between $6,000 and $7,000 per year.
Georgia
In Georgia, retirees can enjoy a mild climate and southern charm. Estimated annual retirement expenses are in line with those in Texas, ranging from $45,000 to $55,000.
The median home price is also around $250,000, with healthcare costs averaging between $6,000 and $7,000 per year.
South Carolina
Similarly, in South Carolina, retirees can expect comparable expenses to those in neighboring Georgia and Texas.
Annual retirement expenses range from $45,000 to $55,000, with a median home price of $250,000 and healthcare costs averaging between $6,000 and $7,000 per year.
Tennessee
Moving north to Tennessee, another popular retirement destination, estimated annual retirement expenses range from $45,000 to $55,000.
The median home price is around $250,000, with healthcare costs averaging between $6,000 and $7,000 per year.
Nevada
In Nevada, home to bustling Las Vegas and picturesque Lake Tahoe, retirees can expect slightly higher annual expenses ranging from $55,000 to $65,000.
The median home price is around $350,000, with healthcare costs averaging between $7,000 and $9,000 per year.
Oregon
Heading to the Pacific Northwest, Oregon offers stunning natural landscapes and a vibrant cultural scene. Estimated annual retirement expenses range from $50,000 to $60,000.
The median home price is higher at around $400,000, with healthcare costs averaging between $7,000 and $9,000 per year.
Washington
Similarly, in neighboring Washington, known for its tech industry and outdoor recreation opportunities, retirees can expect similar expenses to those in Oregon.
Annual retirement expenses range from $50,000 to $60,000, with a median home price of $450,000 and healthcare costs averaging between $7,000 and $9,000 per year.
Ohio
In the heart of the Midwest, Ohio offers retirees a lower cost of living and access to major cities like Columbus and Cincinnati.
Estimated annual retirement expenses range from $40,000 to $50,000. The median home price is around $200,000, with healthcare costs averaging between $5,000 and $6,000 per year.
Colorado
In Colorado, where stunning mountain vistas and outdoor recreation opportunities abound, retirees can expect higher annual expenses ranging from $60,000 to $70,000.
The median home price is around $450,000, with healthcare costs averaging between $7,000 and $9,000 per year.
North Carolina
Heading to the East Coast, North Carolina offers retirees a lower cost of living and access to beautiful beaches and vibrant cities like Wilmington and Asheville.
Estimated annual retirement expenses range from $45,000 to $55,000. The median home price is around $280,000, with healthcare costs averaging between $6,000 and $7,000 per year.
Montana
Finally, in the scenic state of Montana, known for its breathtaking landscapes and outdoor recreational opportunities, retirees can expect slightly higher annual expenses ranging from $55,000 to $65,000.
The median home price is around $350,000, with healthcare costs averaging between $7,000 and $9,000 per year.
Plan Carefully
Regardless of where you choose to retire, it’s essential to carefully consider your financial situation and lifestyle preferences to ensure a comfortable and fulfilling retirement.
The post What it Costs to Retire in America’s Favourite Destinations first appeared on Career Step Up.
Featured Image Credit: Shutterstock / Bob-Pool.
For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.
