News & Trending Money News

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

If you’re considering relocating in retirement, you should know how much it will cost to live in these popular states.

Businessman Opening Envelope With Paycheck
Updated Sept. 24, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

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.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today”
  • Create your account (important!) by answering a few simple questions
  • Start enjoying your discounts and perks!

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now

Massachusetts

SeanPavonePhoto/Adobe Boston Massachusetts Downtown Skyline
  • 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.

North Dakota

Zak Zeinert/Adobe Looking out over the badlands
  • 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.

Wisconsin

James/Adobe aerial view of Madison
  • 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.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.

Try it

Iowa

f11photo/Adobe des moines skyline in iowa
  • 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.

New York

f11photo/Adobe Statue of Liberty and New York city skyline at sunset
  • 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.

South Dakota

Aaron/Adobe Mount Rushmore Under Blue Sky
  • 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.

Nebraska

Don Lewis/Adobe chimney rock nebraska during day
  • 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.

Maine

Allen.G/Adobe portland head lighthouse at fort williams
  • 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.

Minnesota

Scruggelgreen/Adobe Minneapolis Minnesota skyline
  • 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.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.

Apply for a Discover Cashback Checking account today

Vermont

SeanPavonePhoto/Adobe Montpelier Vermont USA town skyline
  • 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.

Bottom line

Rawpixel.com/Adobe senior couple lifestyle living

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.

Lucrative, Flat-Rate Cash Rewards

5.0
info

Wells Fargo Active Cash® Card

Current Offer

$200 cash rewards bonus after spending $500 in purchases in the first 3 months

Annual Fee

$0

Rewards Rate

Earn unlimited 2% cash rewards on purchases

Benefits and Drawbacks
Card Details


Author Details

Chris Adam

Chris Adam is a seasoned personal finance, technology, and general assignment journalist. As a broadcast and digital journalist, he's served as a leader in network and local newsrooms. Some of his favorite topics to write about include investing, shopping, retail, and stocks.