Hawaii Tops U.S. Retirement Costs at $156,610 a Year as 13 States Exceed $100,000
Updated
Updated · Newsweek · May 23
Hawaii Tops U.S. Retirement Costs at $156,610 a Year as 13 States Exceed $100,000
9 articles · Updated · Newsweek · May 23
Hawaii retirees need an estimated $156,610 a year for a comfortable retirement, far above California at $121,879 and Massachusetts at $111,145, according to a new Money Lion analysis.
Thirteen states now require more than $100,000 annually, concentrated in the West and Northeast, while West Virginia is the cheapest at $33,223, followed by Mississippi at $35,130.
$61,432 was the average annual spending by Americans 65 and older in 2024, Federal Reserve Bank of St. Louis data show, with housing the biggest cost at $22,193, ahead of transport, food and healthcare.
Retirement anxiety remains high: 49% of retirees say costs are higher than expected, 58% do not know how long savings will last, and 90% cite inflation as a concern.
Is relocating for a cheaper retirement a financial paradise or a trap with hidden costs?
Is the American dream of a comfortable retirement now reserved only for the wealthy?
With Social Security's trust fund facing insolvency by 2033, what will your retirement check actually look like?