Retirement spending in Texas averages $1,087,053, study finds

Average residents of Texas will spend $1,087,053 during their retirement years, in a state where the cost of living is 3.2 percent less than the national average, according to a new study from the website 24/7 Wall St.

The analysis used data from the Bureau of Economic Analysis, Bureau of Labor Statistics, and the independent Institute for Health Metrics and Evaluation to examine what it costs to retire comfortably in each state. Whether someone saves enough to live comfortably during his golden years depends on several factors, such as whether he will receive pension payments in addition to Social Security, according to 24/7 Wall St.

In Texas, the average monthly housing cost for those 65 and older who own their homes was estimated at $480. And the share of seniors in the state population is 12.5 percent, according to the report.

Nationwide, Americans will spend on average $987,000 during their retirement years, with the average life expectancy at age 65 estimated at 19.4 years, according to 24/7 Wall St.

Average Retirement Spending in Each State

State Estimated Total Retirement Spending Cost of Living Compared to National Average Average Monthly Housing Cost for Senior Homeowners % of Population 65 and Older
Alabama $894,461 13.6% less $357 17.0%
Alaska $1,170,763 4.8% more $504 11.9%
Arizona $1,134,482 3.5% less $410 17.6%
Arkansas $893,051 14.7% less $355 16.8%
California $1,397,174 15.4% more $567 14.3%
Colorado $1,192,006 1.9% more $459 14.2%
Connecticut $1,265,959 6.1% more $870 17.2%
Delaware $1,121,070 1.2% less $451 18.7%
Florida $1,194,451 0.6% more $494 20.5%
Georgia $1,006,303 7% less $400 13.8%
Hawaii $1,485,123 18.1% more $518 18.4%
Idaho $1,049,585 7.5% less $364 15.9%
Illinois $1,118,865 1.9% less $609 15.6%
Indiana $961,044 10.7% less $399 15.7%
Iowa $1,017,358 10.8% less $473 17.0%
Kansas $1,000,162 10% less $510 15.9%
Kentucky $898,683 12.2% less $372 16.4%
Louisiana $943,258 10.9% less $340 15.5%
Maine $1,093,744 equal to $501 20.6%
Maryland $1,242,681 8.4% more $615 15.4%
Massachusetts $1,276,832 9.7% more $794 16.5%
Michigan $1,021,429 7.6% less $477 17.2%
Minnesota $1,157,644 2.5% less $524 15.8%
Mississippi $885,290 14% less $342 15.9%
Missouri $966,051 11.2% less $452 16.9%
Montana $1,009,549 6.7% less $441 18.8%
Nebraska $1,015,545 10.5% less $509 15.8%
Nevada $1,077,806 2.5% less $412 15.7%
New Hampshire $1,190,368 6% more $784 18.1%
New Jersey $1,367,800 15.2% more $986 16.1%
New Mexico $1,049,685 8.9% less $357 17.6%
New York $1,402,473 16.4% more $768 16.4%
North Carolina $1,014,796 8.2% less $405 16.3%
North Dakota $1,033,325 9.4% less $456 15.3%
Ohio $941,018 11.6% less $464 17.1%
Oklahoma $925,507 11.6% less $401 15.7%
Oregon $1,153,081 1.1% more $531 17.6%
Pennsylvania $1,083,509 2.5% less $528 18.2%
Rhode Island $1,138,360 0.7% less $699 17.3%
South Carolina $975,088 8.9% less $376 17.7%
South Dakota $997,390 12.1% less $464 16.6%
Tennessee $951,727 10.1% less $384 16.3%
Texas $1,087,053 3.2% less $480 12.5%
Utah $1,101,757 3.4% less $413 11.1%
Vermont $1,192,825 3% more $650 19.9%
Virginia $1,163,346 2% more $476 15.4%
Washington $1,254,718 7.8% more $594 15.4%
West Virginia $898,683 12.2% less $317 20.0%
Wisconsin $1,058,902 8.1% less $529 17.0%
Wyoming $1,041,011 7.3% less $413 16.7%

Source: 24/7 Wall St. 



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