In America, there are currently 11 states in which at least 20% of the population (approximately one in five residents) is retired. Some of these states are bastions of retirement thanks to their natural beauty; others are, quite simply, just more affordable. Whatever the reasons, these are the most retirement-heavy states in the union, and that begs the question: Just how much does it cost to retire there?
That’s a question GOBankingRates sought to answer in a recent study. For each state in which at least 20% of the population is age 65 and older, GOBankingRates analyzed the household median income, overall cost of living, the average Social Security income for individuals and couples, and more. From that data, GOBankingRates was then able to determine what retirement costs in the states with the highest retirement populations in the country.
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Additionally, GOBankingRates sourced each state’s overall cost of living from the Missouri Economic Research and Information Center (MERIC). An index value above 100 represents a state that is more expensive than the national average, and a value below 100 represents a cost-of-living index below that national average.
Ranked from the highest 65-and-older population to the lowest, these 11 states are the go-to destinations for America’s retirees — and this is how much they’ll cost you in your golden years.
1. Maine
- % of population 65+: 23.5%
- Monthly cost of living for single person (after Social Security): $3,460
- Monthly cost of living for couple (after Social Security): $2,505
With a cost-of-living index of 113.4, Maine has the 10th-highest cost of living in the nation. While grocery prices are close to the national average, its housing costs can be dizzyingly high. However, the Pine Tree State more than makes up for those high costs with a lush natural beauty that mixes wooded areas with rocky coastlines.
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2. Vermont
- % of population 65+: 22.9%
- Monthly cost of living for single person (after Social Security): $3,474
- Monthly cost of living for couple (after Social Security): $2,520
Vermont is another rather pricey state, coming in eighth in terms of highest cost of living in America with an index score of 113.7. Housing, utility and healthcare costs are all fairly high here.
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3. West Virginia
- % of population 65+: 21.9%
- Monthly cost of living for single person (after Social Security): $2,264
- Monthly cost of living for couple (after Social Security): $1,309
Retirees wanting to save should consider West Virginia as a place to settle down. With a COL index of 88.6, it’s one of the five most affordable states in the union.
4. Florida
- % of population 65+: 21.8%
- Monthly cost of living for single person (after Social Security): $2,910
- Monthly cost of living for couple (after Social Security): $1,955
Thanks to its balmy subtropical climate and beautiful beaches, Florida is known as a retirement haven. It’s also a relatively affordable one in terms of overall cost of living: The Sunshine State has an index score of only 102.
5. Delaware
- % of population 65+: 21.7%
- Monthly cost of living for single person (after Social Security): $2,983
- Monthly cost of living for couple (after Social Security): $2,028
The First State’s cost of living is 3.5% higher than average, giving it the 17th-highest cost of living in America. Not a bad price to pay for lovely Atlantic beaches, rolling hillsides and abundant nature preserves.
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6. Hawaii
- % of population 65+: 21.5%
- Monthly cost of living for single person (after Social Security): $6,782
- Monthly cost of living for couple (after Social Security): $5,828
There’s no doubt about it, retiring on a beautiful Pacific island state comes at a high cost — the highest cost, in fact, in terms of the cost-of-living index. Hawaii has an index value of 182.3, the highest cost of living in America by far (for context, the next-highest state on the index is Massachusetts, with a value of 145.1).
7. New Hampshire
- % of population 65+: 21.5%
- Monthly cost of living for single person (after Social Security): $3,301
- Monthly cost of living for couple (after Social Security): $2,346
While New Hampshire’s cost of living index is 110.1, specific costs in the state vary wildly. Groceries there are cheaper than the national average, while utilities are much more expensive.
8. Montana
- % of population 65+: 21.2%
- Monthly cost of living for single person (after Social Security): $2,640
- Monthly cost of living for couple (after Social Security): $1,685
Montana is one of the cheaper go-to retirement states, with a cost of living about 4% cheaper than average. While grocery and health care costs there are significantly higher than the rest of country, Montana’s housing and utility costs are extremely low when compared to the national averages.
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9. Pennsylvania
- % of population 65+: 20.4%
- Monthly cost of living for single person (after Social Security): $2,693
- Monthly cost of living for couple (after Social Security): $1,738
The Keystone State ranks 25th overall in cost of living, with a value of 97.5. Groceries, healthcare and housing are all cheaper than the rest of the nation. Conversely, its utility and transportation costs are quite high.
10. New Mexico
- % of population 65+: 20.1%
- Monthly cost of living for single person (after Social Security): $2,534
- Monthly cost of living for couple (after Social Security): $1,579
New Mexico’s MERIC index of 94.2 indicates a quite low cost of living when compared to the rest of the United States. It’s a place where everything but healthcare is cheaper than the national average.
11. Wyoming
- % of population 65+: 20%
- Monthly cost of living for single person (after Social Security): $2,669
- Monthly cost of living for couple (after Social Security): $1,714
Wyoming rounds out the 11 states with a 65-and-older population of 20% or more, and it does so with a COL index of 97. It’s an affordable state to spend your golden years, with only grocery costs rising just slightly above the national average.
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This article originally appeared on GOBankingRates.com: 1 in 5 People Are Retired in These States — Here Is What Retirement Costs Them in 2025
