How Much It Costs To Retire in America’s 4 Favorite Midwestern States
Written by
Andrew Lisa
Edited by
Levi Leidy
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From housing to living expenses, the Midwest continually ranks among the most affordable regions in the country.
For retirees, few things are more important than affordability — but some Midwestern states are far more attractive to the masses than others.
GOBankingRates conducted a survey of 1,395 adults to identify the four most popular Midwestern states for retirement and used data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center to determine how much income you’ll need to live in them comfortably. The study factored in the cost of groceries, healthcare, housing, transportation and utilities. To make sure those who choose these states can roll with the punches and not find themselves struggling through economic fluctuations, the study added 20% to the cost of living as a financial comfort buffer.
Here’s what it costs to retire in the four most popular states in the Midwest.
Ohio
- Percent who consider it the best Midwestern state to retire: 17%
- Total expenditures: $52,846
- 20% comfort buffer: $13,211
- Cost of a comfortable retirement annually: $66,057
Michigan
- Percent who consider it the best Midwestern state to retire: 12%
- Total expenditures: $53,250
- 20% comfort buffer: $13,313
- Cost of a comfortable retirement annually: $66,563
Illinois
- Percent who consider it the best Midwestern state to retire: 10%
- Total expenditures: $53,250
- 20% comfort buffer: $13,313
- Cost of a comfortable retirement annually: $66,563
Missouri
- Percent who consider it the best Midwestern state to retire: 10%
- Total expenditures: $51,978
- 20% comfort buffer: $12,995
- Cost of a comfortable retirement annually: $64,973
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