How Much Retirees Spend Monthly in the Most Affordable States

Retirement costs can add up quickly, and where you choose to spend your golden years can have a big impact on your bottom line. Some states offer a significantly more affordable cost of living than others.

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Of course, you might not select your retirement destination based entirely on affordability. But, for many, costs play a role in this major decision.

Explore how much retirees spend monthly in the most affordable states below.

What Retirees Spend Monthly in the Most Affordable States

According to this study by Visual Capitalist, West Virginia takes the crown as the most affordable retirement destination in America. It’s one of just two states where retirees spend an average of less than $50,000 per year.

You’ll find a breakdown of average spending for retirees in the most affordable states below. StateAverage Annual Expenditures Average Monthly SpendingWest Virginia$48,492$4,040Oklahoma$49,996$4,166Kansas$50,517$4,293Alabama$51,980$4,331Mississippi$51,096$4,258Arkansas$51,211$4,267Missouri$52,211$4,267Iowa$52,137$4,344Indiana$52,253$4,354Tennessee$52,253$4,354Georgia$52,832$4,402Michigan$53,121$4,426Louisiana$53,295$4,441Kentucky$53,584$4,465North Dakota$53,700$4,475Illinois$53,989$4,499

The good news is that average spending for retirees in over a dozen states sits at less than $4,500 per month. So, if you are willing to make a move in retirement, carefully choosing a place that suits your budget could pave the way for a comfortable retirement.

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Should You Move to a New State in Retirement?

Deciding whether or not you decide to make a move in retirement goes beyond a look at your numbers. Mathematically, it might make sense to move to a more affordable state, especially if your retirement nest egg is undersized. But there’s obviously more to this decision than simple dollars and cents.

Unfortunately, many retirees jump into a move to a new state, thinking they are riding off to paradise. But when the dust settles, many regret their decision to move so far from home.

If you aren’t interested in making a big move but want to stretch out your retirement savings, then opting to downsize nearby might be a more practical solution than pulling up the stakes to start a new life somewhere else.

Of course, you can start by downsizing your housing, like trading your big house for a smaller condo. But there are other areas of your budget that you could downsize, like cutting back on streaming services and swapping out your high-end car for a more basic model. Getting creative with your money-saving strategies could help you make enough room in the budget to stay in the area you know and love.

Final Take To GO

Retirees living in some states enjoy relatively low retirement costs, when compared to other states around the country. In some states, like Florida and Hawaii, retirees face much higher costs, which can eat into their retirement nest egg quickly.

As you map out your retirement plans, consider the cost of living before jumping into a move. A quick look at the numbers can help you determine whether or not a potential retirement destination works for your budget.

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