MASON CITY – Iowa appears to be a low-cost option for retirees looking for a good standard of living that doesn’t break the bank.
(NIT PHOTO)
Deposit Accounts, a subsidiary of LendingTree, analyzed various data sources to understand how much Americans spend in retirement and how it’s changed over the past decade. They were also able to identify the most and least expensive states to retire in 2024. Here’s a quick look at the findings:
- Iowa is the 8th-most affordable state for retirement in 2024. In Iowa, the average cost of living for retirees is $36,249, a 11.1% increase from 2021.
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West Virginia is the least expensive state in which to spend your retirement years. The average cost for retirees in West Virginia is $33,388.
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Hawaii is the most expensive state to retire in, with an annual cost of $56,757. While the Aloha State tops the list, California and New Jersey aren’t far behind, at $56,597 and $55,660, respectively.
- Overall, retirees are spending significantly more. The average expenditures for those 65 and older increased by 43.1% between 2012 and 2022. By category, there were increases of 44.4% in food, 32.3% in entertainment, and 25.0% in transportation expenses.
You can view the full study here: https://www.depositaccounts.