(localmemphis.com) A new study by GoBankingRates listed Arkansas, Mississippi, and Tennessee among the top 10 states that are the Most Comfortable States to Retire To.
The personal financial website ranked the Magnolia State as #1, saying that retirement there would cost $53,071.87 a year. That means if you put away $1 million for retirement, that money could last you nearly 20 years in Mississippi without even investing a single dime.
Arkansas was ranked #3, with a comfortable retirement cost of $54,743.91 a year. The Natural State has low costs across the board, but it’s top in the nation when it comes to affordable healthcare costs, which adds up to just $5,687 per year. Housing and transportation costs are also among the lowest. You would need $1,033,000 to retire comfortably for 20 years.
Tennessee came in at #6 on the list, tying with Alabama with retirement costs of $55,425.11 a year. However, the study does say that the state’s housing expenses are about $1,300 more per year than Alabama. You would need $1,108,502.25 to last the 20 years.
The most expensive state to retire to is Hawaii. You would need $117,724.18 a year to live comfortably in the paradise. Mississippi’s retirement costs runs less than half the cost of Hawaii.