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How the Cost of Retirement Has Changed Over the Past Decade in Every State

November 20, 2024

8 min Read

Written by Gabrielle Olya

Edited by Levi Leidy

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Many retirees live on fixed incomes; so, when the cost of retirement increases, it can really rock their finances.

To find how the cost of retirement has changed over the past decade in every state, GOBankingRates utilized the cost-of-living indexes for each state for 2023 and 2013, as sourced from the Missouri Economic and Research Information Center, and the average expenditure costs for retired people from 2023 and 2013, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. Next, 2013 costs were calculated in 2023 dollars to accurately compare the expenditure costs.

Surprisingly, once dollars were adjusted, GOBankingRates found that the cost of retirement has stayed relatively steady in many states — and even decreased in some places. Here’s a look at how the cost of retirement has changed in every state over the past decade.

Alabama

Total monthly costs in 2013 (in 2013 dollars): $1,255
Total monthly costs in 2013 (in 2023 dollars): $1,630
Total monthly costs in 2023: $1,732
Change in monthly costs: $101

Alaska

Total monthly costs in 2013 (in 2013 dollars): $1,937
Total monthly costs in 2013 (in 2023 dollars): $2,517
Total monthly costs in 2023: $2,537
Change in monthly costs: $20

Arizona

Total monthly costs in 2013 (in 2013 dollars): $1,355
Total monthly costs in 2013 (in 2023 dollars): $1,760
Total monthly costs in 2023: $1,841
Change in monthly costs: $81

Arkansas

Total monthly costs in 2013 (in 2013 dollars): $1,222
Total monthly costs in 2013 (in 2023 dollars): $1,588
Total monthly costs in 2023: $1,690
Change in monthly costs: $103

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California

Total monthly costs in 2013 (in 2013 dollars): $1,676
Total monthly costs in 2013 (in 2023 dollars): $2,177
Total monthly costs in 2023: $2,167
Change in monthly costs: -$10

Colorado

Total monthly costs in 2013 (in 2013 dollars): $1,348
Total monthly costs in 2013 (in 2023 dollars): $1,752
Total monthly costs in 2023: $1,861
Change in monthly costs: $110

Connecticut

Total monthly costs in 2013 (in 2013 dollars): $1,764
Total monthly costs in 2013 (in 2023 dollars): $2,291
Total monthly costs in 2023: $2,037
Change in monthly costs: -$254

Delaware

Total monthly costs in 2013 (in 2013 dollars): $1,469
Total monthly costs in 2013 (in 2023 dollars): $1,908
Total monthly costs in 2023: $1,893
Change in monthly costs: -$15

District of Columbia

Total monthly costs in 2013 (in 2013 dollars): $1,775
Total monthly costs in 2013 (in 2023 dollars): $2,306
Total monthly costs in 2023: $2,016
Change in monthly costs: -$290

Florida

Total monthly costs in 2013 (in 2013 dollars): $1,323
Total monthly costs in 2013 (in 2023 dollars): $1,718
Total monthly costs in 2023: $1,823
Change in monthly costs: $105

Georgia

Total monthly costs in 2013 (in 2013 dollars): $1,281
Total monthly costs in 2013 (in 2023 dollars): $1,664
Total monthly costs in 2023: $1,775
Change in monthly costs: $111

Hawaii

Total monthly costs in 2013 (in 2013 dollars): $2,167
Total monthly costs in 2013 (in 2023 dollars): $2,816
Total monthly costs in 2023: $2,413
Change in monthly costs: -$403

Idaho

Total monthly costs in 2013 (in 2013 dollars): $1,239
Total monthly costs in 2013 (in 2023 dollars): $1,609
Total monthly costs in 2023: $1,829
Change in monthly costs: $219

Illinois

Total monthly costs in 2013 (in 2013 dollars): $1,300
Total monthly costs in 2013 (in 2023 dollars): $1,689
Total monthly costs in 2023: $1,790
Change in monthly costs: $101

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Indiana

Total monthly costs in 2013 (in 2013 dollars): $1,253
Total monthly costs in 2013 (in 2023 dollars): $1,628
Total monthly costs in 2023: $1,833
Change in monthly costs: $205

Iowa

Total monthly costs in 2013 (in 2013 dollars): $1,244
Total monthly costs in 2013 (in 2023 dollars): $1,616
Total monthly costs in 2023: $1,818
Change in monthly costs: $202

Kansas

Total monthly costs in 2013 (in 2013 dollars): $1,257
Total monthly costs in 2013 (in 2023 dollars): $1,633
Total monthly costs in 2023: $1,807
Change in monthly costs: $174

Kentucky

Total monthly costs in 2013 (in 2013 dollars): $1,246
Total monthly costs in 2013 (in 2023 dollars): $1,619
Total monthly costs in 2023: $1,748
Change in monthly costs: $129

Louisiana

Total monthly costs in 2013 (in 2013 dollars): $1,320
Total monthly costs in 2013 (in 2023 dollars): $1,714
Total monthly costs in 2023: $1,756
Change in monthly costs: $42

Maine

Total monthly costs in 2013 (in 2013 dollars): $1,462
Total monthly costs in 2013 (in 2023 dollars): $1,900
Total monthly costs in 2023: $1,952
Change in monthly costs: $52

Maryland

Total monthly costs in 2013 (in 2013 dollars): $1,594
Total monthly costs in 2013 (in 2023 dollars): $2,071
Total monthly costs in 2023: $1,906
Change in monthly costs: -$165

Massachusetts

Total monthly costs in 2013 (in 2013 dollars): $1,641
Total monthly costs in 2013 (in 2023 dollars): $2,132
Total monthly costs in 2023: $2,168
Change in monthly costs: $36

Michigan

Total monthly costs in 2013 (in 2013 dollars): $1,316
Total monthly costs in 2013 (in 2023 dollars): $1,710
Total monthly costs in 2023: $1,799
Change in monthly costs: $90

Minnesota

Total monthly costs in 2013 (in 2013 dollars): $1,355
Total monthly costs in 2013 (in 2023 dollars): $1,760
Total monthly costs in 2023: $1,876
Change in monthly costs: $116

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Mississippi

Total monthly costs in 2013 (in 2013 dollars): $1,198
Total monthly costs in 2013 (in 2023 dollars): $1,556
Total monthly costs in 2023: $1,735
Change in monthly costs: $179

Missouri

Total monthly costs in 2013 (in 2013 dollars): $1,294
Total monthly costs in 2013 (in 2023 dollars): $1,681
Total monthly costs in 2023: $1,730
Change in monthly costs: $49

Montana

Total monthly costs in 2013 (in 2013 dollars): $1,352
Total monthly costs in 2013 (in 2023 dollars): $1,756
Total monthly costs in 2023: $1,869
Change in monthly costs: $114

Nebraska

Total monthly costs in 2013 (in 2013 dollars): $1,224
Total monthly costs in 2013 (in 2023 dollars): $1,590
Total monthly costs in 2023: $1,777
Change in monthly costs: $186

Nevada

Total monthly costs in 2013 (in 2013 dollars): $1,205
Total monthly costs in 2013 (in 2023 dollars): $1,566
Total monthly costs in 2023: $1,877
Change in monthly costs: $311

New Hampshire

Total monthly costs in 2013 (in 2013 dollars): $1,671
Total monthly costs in 2013 (in 2023 dollars): $2,171
Total monthly costs in 2023: $2,114
Change in monthly costs: -$57

New Jersey

Total monthly costs in 2013 (in 2013 dollars): $1,698
Total monthly costs in 2013 (in 2023 dollars): $2,206
Total monthly costs in 2023: $1,920
Change in monthly costs: -$287

New Mexico

Total monthly costs in 2013 (in 2013 dollars): $1,252
Total monthly costs in 2013 (in 2023 dollars): $1,626
Total monthly costs in 2023: $1,794
Change in monthly costs: $168

New York

Total monthly costs in 2013 (in 2013 dollars): $1,726
Total monthly costs in 2013 (in 2023 dollars): $2,243
Total monthly costs in 2023: $1,955
Change in monthly costs: -$288

North Carolina

Total monthly costs in 2013 (in 2013 dollars): $1,326
Total monthly costs in 2013 (in 2023 dollars): $1,723
Total monthly costs in 2023: $1,850
Change in monthly costs: $126

North Dakota

Total monthly costs in 2013 (in 2013 dollars): $1,351
Total monthly costs in 2013 (in 2023 dollars): $1,755
Total monthly costs in 2023: $1,900
Change in monthly costs: $145

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Ohio

Total monthly costs in 2013 (in 2013 dollars): $1,261
Total monthly costs in 2013 (in 2023 dollars): $1,638
Total monthly costs in 2023: $1,851
Change in monthly costs: $213

Oklahoma

Total monthly costs in 2013 (in 2013 dollars): $1,234
Total monthly costs in 2013 (in 2023 dollars): $1,603
Total monthly costs in 2023: $1,749
Change in monthly costs: $146

Oregon

Total monthly costs in 2013 (in 2013 dollars): $1,440
Total monthly costs in 2013 (in 2023 dollars): $1,871
Total monthly costs in 2023: $1,985
Change in monthly costs: $113

Pennsylvania

Total monthly costs in 2013 (in 2013 dollars): $1,376
Total monthly costs in 2013 (in 2023 dollars): $1,788
Total monthly costs in 2023: $1,870
Change in monthly costs: $82

Rhode Island

Total monthly costs in 2013 (in 2013 dollars): $1,745
Total monthly costs in 2013 (in 2023 dollars): $2,266
Total monthly costs in 2023: $1,941
Change in monthly costs: -$326

South Carolina

Total monthly costs in 2013 (in 2013 dollars): $1,318
Total monthly costs in 2013 (in 2023 dollars): $1,713
Total monthly costs in 2023: $1,809
Change in monthly costs: $96

South Dakota

Total monthly costs in 2013 (in 2013 dollars): $1,346
Total monthly costs in 2013 (in 2023 dollars): $1,749
Total monthly costs in 2023: $1,776
Change in monthly costs: $27

Tennessee

Total monthly costs in 2013 (in 2013 dollars): $1,212
Total monthly costs in 2013 (in 2023 dollars): $1,575
Total monthly costs in 2023: $1,701
Change in monthly costs: $126

Texas

Total monthly costs in 2013 (in 2013 dollars): $1,256
Total monthly costs in 2013 (in 2023 dollars): $1,632
Total monthly costs in 2023: $1,783
Change in monthly costs: $151

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Utah

Total monthly costs in 2013 (in 2013 dollars): $1,239
Total monthly costs in 2013 (in 2023 dollars): $1,610
Total monthly costs in 2023: $1,805
Change in monthly costs: $195

Vermont

Total monthly costs in 2013 (in 2013 dollars): $1,623
Total monthly costs in 2013 (in 2023 dollars): $2,108
Total monthly costs in 2023: $2,024
Change in monthly costs: -$84

Virginia

Total monthly costs in 2013 (in 2013 dollars): $1,326
Total monthly costs in 2013 (in 2023 dollars): $1,722
Total monthly costs in 2023: $1,872
Change in monthly costs: $150

Washington

Total monthly costs in 2013 (in 2013 dollars): $1,394
Total monthly costs in 2013 (in 2023 dollars): $1,811
Total monthly costs in 2023: $2,101
Change in monthly costs: $290

West Virginia

Total monthly costs in 2013 (in 2013 dollars): $1,316
Total monthly costs in 2013 (in 2023 dollars): $1,710
Total monthly costs in 2023: $1,790
Change in monthly costs: $80

Wisconsin

Total monthly costs in 2013 (in 2013 dollars): $1,347
Total monthly costs in 2013 (in 2023 dollars): $1,750
Total monthly costs in 2023: $1,931
Change in monthly costs: $181

Wyoming

Total monthly costs in 2013 (in 2013 dollars): $1,365
Total monthly costs in 2013 (in 2023 dollars): $1,774
Total monthly costs in 2023: $1,803
Change in monthly costs: $29

Methodology: For this study, GOBankingRates analyzed each state to find how the cost of retirement has changed over the past decade. First, GOBankingRates found the cost of living indexes for each state for 2023 and 2013, as sourced from the Missouri Economic and Research Information Center, and the average expenditure costs for retired people from 2023 and 2013, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey. These figures were used to calculate the average cost of living expenditures. Using the average expenditure costs from 2013 and using the Bureau of Labor Statistics Inflation Calculator, the 2013 costs were calculated in 2023 dollars in order to accurately compare the expenditure costs. All data was collected on and is up to date as of March 7, 2024.

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