Here’s How Far the Average 60-Year-Old’s Salary Will Take You in These Popular Retirement States

If you’re approaching your retirement years, you may be considering a move to a different part of the country. Perhaps you want to settle somewhere warmer. Or maybe you’re looking to move closer to the kids and grandkids.

Besides those personal reasons, you should also consider the cost of living in a new place. Will you have enough money to live without finding ways to supplement your Social Security?

The average salary of a 60-year-old in the United States is $64,000, according to the Bureau of Labor Statistics. Will that be enough to cover your cost of living in a new location? Here’s a look at how far it’ll take you in some popular retirement states.

• Median income for ages 45 to 64: $115,864
• Cost of living: 139.9

Long considered one of the more expensive states, Massachusetts continues to have a higher cost of living than many other areas.

The cost-of-living score of 139.9 puts it quite high, given that anything above 100 is more expensive than other states. The state has a strong reputation for technology jobs, so you may be able to supplement your income with a remote job based in tech if you need it.

• Median income for ages 45 to 64: $90,744
• Cost of living: 91.3

A lower cost of living isn’t the only reason to consider North Dakota for retirement. It’s also a tax-friendly state that’s seeing plenty of growth.

In addition, North Dakota has generally low crime rates and good employment opportunities, including for seniors. The state offers numerous programs aimed at supporting seniors.

• Median income for ages 45 to 64: $86,861
• Cost of living: 93.3

If you don’t mind the colder winters, Wisconsin may be a solid choice for retirement. The cost of living is low, and the state provides a wide range of support programs for seniors.

The population of Wisconsin is older, which may mean more opportunities for social events and employment for seniors.

• Median income for ages 45 to 64: $88,331
• Cost of living: 89.1

The cost of living in Iowa is among the lowest on our list of popular states for retirement. You can enjoy the four seasons and educational opportunities for seniors.

Additionally, Iowa is known for providing good access to jobs and senior support services. Overall, many retirees find Iowa an affordable option.

• Median income for ages 45 to 64: $93,854
• Cost of living: 123.5

Perhaps you’ve been looking at retirement options in New York to be closer to family or enjoy the social and cultural opportunities. You may already know that it can be an expensive place to live.

However, it’s a very senior-friendly place as well. You’ll find the quality of life is good overall in most parts of the state, along with access to a wide range of senior programs.

• Median income for ages 45 to 64: $84,326
• Cost of living: 91.2

If you want a place for retirement that’s tax-friendly and full of outdoor opportunities, South Dakota may be a good choice.

Even better, the state has a lower cost of living than many other places. In fact, the cost of living in South Dakota is around 7% lower than the national average, with housing 12% lower.

• Median income for ages 45 to 64: $88,391
• Cost of living: 93.6

Nebraska is another state known for being tax-friendly for seniors. In addition, the state offers a low cost of living with plenty of support programs available for seniors.

Further, you should find affordable health care in Nebraska, along with lower grocery costs.

You’ll also find job opportunities to supplement your income and then parks and wildlife to enjoy after work.

• Median income for ages 45 to 64: $82,775
• Cost of living: 111

While you may find Maine a bit more expensive than you first thought, the state still proves quite affordable for many retirees.

The state’s Department of Labor offers job resources for seniors, including training programs for those over 55. When you’re not working, educational and social programs can help you meet others and stay active.

• Median income for ages 45 to 64: $102,552
• Cost of living: 95.3

Don’t let the cold winter weather stop you from considering Minnesota. After all, it's a state with lots of outdoor activities for retirees to enjoy.

The cost of living is pretty low in Minnesota, and you should find access to affordable and quality health care. When it comes to housing, it’s about 15% lower than the national average.

• Median income for ages 45 to 64: $91,631
• Cost of living: 113.8

While Vermont may not be the cheapest option for retirement, the state does offer plenty of advantages for retirees. For starters, it has a growing senior population.

You can find a community and enjoy social and educational programs. Additionally, a part-time job can keep you active and supplement your income.

As you prepare for a stress-free retirement, keep in mind affordability is just one aspect to consider. Many of the more popular states for retirement offer plenty of programs to support seniors, along with opportunities for part-time work.

If your annual retirement income won’t cover the cost of living in your chosen state, you may have to find a way to supplement your Social Security. You should figure those aspects into budget planning for your retirement years.