Retirement can look a lot different depending on the state you live in. The same amount of money can last over 50 years in some states and less than 20 in others. Yet, data shows that retirees don’t appear to put much weight into a state’s cost of living when deciding where to spend their retirement years.
New research from GOBankingRates analyzed how long a retiree could live on Social Security benefits as well as $1.5 million in retirement savings in each U.S. state. The findings highlight a stark gap in expenses for retirees — one that older Americans often ignore when deciding where to live in retirement.
