"MoneyLion's" retirement necessities cost by state

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gfh77665

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Here is a look at the "necessity" cost of retirement, state to state. I like this, it does not factor in travel, entertainment, etc. Just the real cost of living there comfortably in retirement.

Necessities Cost of Living by State or Territory​

  • Alabama $32,898
  • Alaska $51,363
  • Arizona $46,768
  • Arkansas $31,352
  • California $73,387
  • Colorado $54,908
  • Connecticut $51,261
  • Delaware $45,339
  • District of Columbia $68,709
  • Florida $44,170
  • Georgia $40,122
  • Hawaii $90,752
  • Idaho $48,727
  • Illinois $37,350
  • Indiana $34,510
  • Iowa $32,977
  • Kansas $34,426
  • Kentucky $32,559
  • Louisiana $31,232
  • Maine $47,028
  • Maryland $49,007
  • Massachusetts $68,020
  • Michigan $34,160
  • Minnesota $41,513
  • Mississippi $30,012
  • Missouri $34,659
  • Montana $48,500
  • Nebraska $35,802
  • Nevada $47,750
  • New Hampshire $53,835
  • New Jersey $57,702
  • New Mexico $38,999
  • New York $51,337
  • North Carolina $40,995
  • North Dakota $37,327
  • Ohio $34,404
  • Oklahoma $32,090
  • Oregon $53,486
  • Pennsylvania $36,964
  • Rhode Island $53,169
  • South Carolina $37,995
  • South Dakota $39,301
  • Tennessee $38,314
  • Texas $38,124
  • Utah $52,736
  • Vermont $46,067
  • Virginia $46,086
  • Washington $59,997
  • West Virginia $29,059
  • Wisconsin $39,851
  • Wyoming $41,527
It also speaks of the geographic arbitrage that exists. "There's a reason beyond the weather for why retirees are moving from high-tax states," Thomas Aiello, National Taxpayers Union vice president of federal affairs, told FOX Business. "Places like Florida, Texas, and Tennessee offer no state income tax, no estate ("death") tax, relatively low property taxes, and a policy environment generally more favorable to taxpayers. That can result in thousands of dollars in annual tax savings compared to New York, California or Illinois."

https://www.foxbusiness.com/personal-finance/how-much-do-you-need-retire-state-by-state-breakdown
 
gfh77665 said:
Here is a look at the "necessity" cost of retirement, state to state. I like this, it does not factor in travel, entertainment, etc. Just the real cost of living there comfortably in retirement.

Necessities Cost of Living by State or Territory​

  • Alabama $32,898
  • Alaska $51,363
  • Arizona $46,768
  • Arkansas $31,352
  • California $73,387
  • Colorado $54,908
  • Connecticut $51,261
  • Delaware $45,339
  • District of Columbia $68,709
  • Florida $44,170
  • Georgia $40,122
  • Hawaii $90,752
  • Idaho $48,727
  • Illinois $37,350
  • Indiana $34,510
  • Iowa $32,977
  • Kansas $34,426
  • Kentucky $32,559
  • Louisiana $31,232
  • Maine $47,028
  • Maryland $49,007
  • Massachusetts $68,020
  • Michigan $34,160
  • Minnesota $41,513
  • Mississippi $30,012
  • Missouri $34,659
  • Montana $48,500
  • Nebraska $35,802
  • Nevada $47,750
  • New Hampshire $53,835
  • New Jersey $57,702
  • New Mexico $38,999
  • New York $51,337
  • North Carolina $40,995
  • North Dakota $37,327
  • Ohio $34,404
  • Oklahoma $32,090
  • Oregon $53,486
  • Pennsylvania $36,964
  • Rhode Island $53,169
  • South Carolina $37,995
  • South Dakota $39,301
  • Tennessee $38,314
  • Texas $38,124
  • Utah $52,736
  • Vermont $46,067
  • Virginia $46,086
  • Washington $59,997
  • West Virginia $29,059
  • Wisconsin $39,851
  • Wyoming $41,527
It also speaks of the geographic arbitrage that exists. "There's a reason beyond the weather for why retirees are moving from high-tax states," Thomas Aiello, National Taxpayers Union vice president of federal affairs, told FOX Business. "Places like Florida, Texas, and Tennessee offer no state income tax, no estate ("death") tax, relatively low property taxes, and a policy environment generally more favorable to taxpayers. That can result in thousands of dollars in annual tax savings compared to New York, California or Illinois."

https://www.foxbusiness.com/personal-finance/how-much-do-you-need-retire-state-by-state-breakdown
Click to expand...
I have said this before. If state income tax is a deal breaker you haven't planned your retirement correctly. And home insurance can be very expensive in parts of Florida which pretty much zeros out any other savings.
 
All three of those states have a higher COL (each close to 20% higher) in that chart than Kansas or Missouri COL, so state taxation isn't the only reason people are moving to those states. By that logic, Kansas or Missouri should be gaining even more in population than the reality here. In particular Kansas still has higher income, sales, and property taxes than these three states, but an overall lower cost of living as displayed in this chart.
 
PandaBear said:
It is a pointless list when you group by state. I'm sure some small town in California is cheaper than some expensive cities in another state. You can't group some cities and some farmland counties together.
Click to expand...
Even in a small state like NJ, it's vastly different in different counties.
 
PandaBear said:
It is a pointless list when you group by state. I'm sure some small town in California is cheaper than some expensive cities in another state. You can't group some cities and some farmland counties together.
Click to expand...
Probably, but come on, you have to be realistic. It would be exceedingly difficult for any source to go town by town, or even further neighborhood by neighborhood all across the USA. If not flat out impossible.
 
CKN said:
I have said this before. If state income tax is a deal breaker you haven't planned your retirement correctly. And home insurance can be very expensive in parts of Florida which pretty much zeros out any other savings.
Click to expand...
They didn't claim a state income tax was a "deal breaker". It is a factor, among others.
 
No chart can do everything in fine detail for everyone. Its does show clearly how the states compare overall.

HI, DC, and CA are easily more expensive to live in than MO, IN and SC for example. Easy to see.
 
gfh77665 said:
Probably, but come on, you have to be realistic. It would be exceedingly difficult for any source to go town by town, or even further neighborhood by neighborhood all across the USA. If not flat out impossible.
Click to expand...
Maybe they should just compare large metros, or medium sized cities. For small towns people really should just not even bother comparing.
 
That explains why my in-laws easily qualify for low income benefits in MA my wife applied for on their behalf. They are well below half that number.
 
Last edited:
gfh77665 said:
Here is a look at the "necessity" cost of retirement, state to state. I like this, it does not factor in travel, entertainment, etc. Just the real cost of living there comfortably in retirement.

Necessities Cost of Living by State or Territory​

  • Alabama $32,898
  • Alaska $51,363
  • Arizona $46,768
  • Arkansas $31,352
  • California $73,387
  • Colorado $54,908
  • Connecticut $51,261
  • Delaware $45,339
  • District of Columbia $68,709
  • Florida $44,170
  • Georgia $40,122
  • Hawaii $90,752
  • Idaho $48,727
  • Illinois $37,350
  • Indiana $34,510
  • Iowa $32,977
  • Kansas $34,426
  • Kentucky $32,559
  • Louisiana $31,232
  • Maine $47,028
  • Maryland $49,007
  • Massachusetts $68,020
  • Michigan $34,160
  • Minnesota $41,513
  • Mississippi $30,012
  • Missouri $34,659
  • Montana $48,500
  • Nebraska $35,802
  • Nevada $47,750
  • New Hampshire $53,835
  • New Jersey $57,702
  • New Mexico $38,999
  • New York $51,337
  • North Carolina $40,995
  • North Dakota $37,327
  • Ohio $34,404
  • Oklahoma $32,090
  • Oregon $53,486
  • Pennsylvania $36,964
  • Rhode Island $53,169
  • South Carolina $37,995
  • South Dakota $39,301
  • Tennessee $38,314
  • Texas $38,124
  • Utah $52,736
  • Vermont $46,067
  • Virginia $46,086
  • Washington $59,997
  • West Virginia $29,059
  • Wisconsin $39,851
  • Wyoming $41,527
It also speaks of the geographic arbitrage that exists. "There's a reason beyond the weather for why retirees are moving from high-tax states," Thomas Aiello, National Taxpayers Union vice president of federal affairs, told FOX Business. "Places like Florida, Texas, and Tennessee offer no state income tax, no estate ("death") tax, relatively low property taxes, and a policy environment generally more favorable to taxpayers. That can result in thousands of dollars in annual tax savings compared to New York, California or Illinois."

https://www.foxbusiness.com/personal-finance/how-much-do-you-need-retire-state-by-state-breakdown
Click to expand...
While I agree moving to a retirement friendly state is a good idea there is also the idea of where do I really want to live? East Coast or West Coast or in-between? Near my kids? Do I like to ski or have fun in the ocean?

One daughter lives in Brooklyn. Would never want to live in NYC. Never. One daughter lives in Minneapolis. Not sure of the draw. Way to cold in the winter.

I have always lived on the East Coast. Doubt that will change. And the deep south is not for me and too hot.
 
Agreed. Retirement friendly / economical states is just one factor, personal life, family, climate sensitivity, etc. all matter too.
 
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