Massachusetts is the most expensive state to retire
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Massachusetts is the most expensive state to retire in due to inflation concerns, rising interest rates and current market conditions, according to Seniorly’s Most Affordable States for Retirees study.
Today’s retirees are retiring four years later than they were in 1991, according to the report, and where they choose to retire will majorly impact their finances, as income, taxes and expenses vary widely by state.
To determine the most affordable states for retirees, Seniorly compared all 50 states across eight metrics, including cost of living index score, average Medicare spending on personal health care per beneficiary, annual median costs for a home health aide, the share of homeowners 65-plus who spend under 30% of their income on housing, average monthly home electricity bill, average retirement income among adults 65-plus, tax-friendliness for retirees and the poverty rate among adults age 65-plus.
In Massachusetts, those impacts are huge.
According to the report, the Bay State has the second-highest cost of living index score, just behind Washington, D.C. The average retirement income in Massachusetts is $35,982, the average annual Medicare spend is $12,917, and 65.6% of seniors spend less than 30% of their income on housing.
With its lower cost of living, Wyoming is the most affordable state for retirees, followed by Utah, Montana, Idaho and Virginia to round out the top 5.
The least affordable states were found in the Northeast and on the West Coast. New York, Connecticut, New Jersey and California joined Massachusetts in the bottom five.
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