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A lot of senior citizens in America may be eagerly trying to figure out where they can comfortably retire with limited finances.
In 20 states, retirees can manage comfortably with an annual income of under $65,000. according to new analysis from GOBankingRates.
Included among these are regions in the Southern and Midwestern parts of the country, characterized by lower costs for housing, utilities, and food items.
At the opposite end of the scale, locations where retirement living costs are most substantial tend to be states with high housing prices.
In Hawaii - The highest cost — a comfortable retirement requires an annual budget of $129,296, as per the study.
This is a staggering $71,000 more than West Virginia , the most affordable state on the list, costing only $58,190.
In order to calculate how much it takes to retire comfortably in each state, the study considered five factors in all 50 states.
GOBankingRates looked at Bureau of Labor Statistics data on how much residents spend on groceries, healthcare, housing, utilities and transportation - and calculated the annual income needed to cover these living expenses.
The researchers subsequently included a 20 percent cash cushion to ensure retirees could maintain a comfortable lifestyle.
A significant number of senior citizens in America rely on Social Security benefits or a consistent fixed income. Therefore, it is essential for them to maintain additional savings as a safety net should unexpected situations arise.
Oklahoma follows West Virginia as the cheapest place for Americans to retire comfortably - with a necessary yearly income of $59,995.
In Kansas In the study, it was determined that retirees would require $60,620 to meet their essential living costs with additional funds remaining, compared to $61,176 mentioned earlier. Alabama .
Rounding off the top 11 - all with yearly budgets of less than $63,000 - are Mississippi , Arkansas , Missouri , Iowa , Indiana and Tennessee .
The 20 states where Americans can have a comfortable retirement for under $65,000 a year also includes some of the most populous - such as Georgia, Texas and Illinois .
In Georgia, retirees require an income of $63,398, whereas in Texas, the needed amount rises slightly to $64,162. In Illinois, however, individuals aiming for a comfortable retirement should aim for an average income of $64,787.
New Mexico barely qualifies – where inhabitants require an annual income of $64,995 on average to meet their living costs and still have funds remaining.
The median yearly expense for a comfortable retirement throughout the U.S. is $66,870, according to the data provided. CNBC calculations of the data.
In states where retirees require the most substantial yearly income to enjoy a comfortable retirement, housing costs tend to be notably steep.
In Hawaii, California, and Massachusetts, there is a shortage of housing, leading to increased property prices.
As a result, the yearly expense for a comfortable retirement surpasses six figures in each of these three states.
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