West Virginia is the cheapest state to retire in, study says
CLARKSBURG, W.Va. (WBOY) — How much does it take to comfortably retire in West Virginia? Less than in any other state, according to a recent study.
Based on cost-of-living estimates compiled by NetCredit, West Virginia is the cheapest state for retirement, requiring an estimated $712,921 for a single person. For comparison, the national average is $737,998, and states like California, Hawaii and New York require more than $1 million, according to the study.
The estimates are based on the average American retirement period of 14 years and 10 months and took into account the cost of living an average life with two vacations per year.
Other states with more affordable retirement estimates are Arkansas, South Dakota, North Dakota, Kentucky and Oklahoma, according to NetCredit.
Study says West Virginia among worst states to be a mom
Even though West Virginia was the cheapest in the U.S., the estimated retirement cost in the Mountain State is still drastically higher than the cost in other countries. The only countries where retirement costs more than in the U.S., according to the study, are Singapore, Iceland, Switzerland and Luxembourg.
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