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States where your retirement will cost less than $45,000 a year

GOBankingRates Logo By Grace Lin of GOBankingRates | Slide 1 of 28: If you’re thinking about relocating to somewhere cheaper in retirement, you’re not alone — many Americans lack sufficient retirement savings to afford the cost of living in their home states after their working years are over. Moving to a more cost-effective area can help stretch your funds further in retirement, alleviating some uncertainty about your financial future.To help you choose the perfect place to retire, GOBankingRates evaluated all 50 states and determined where you can live out your golden years for less than $45,000 annually. We analyzed factors like groceries, housing, utilities, transportation, healthcare and the overall cost-of-living index in each state, all of which contribute heavily to your yearly expenses in retirement. These indices were then multiplied by the average annual expenditures of Americans aged 65 and older, which provided the final ranking of the top 26 states.Click through to see the places that will cost you less than $45,000 in retirement.

You might want to consider retiring to these states

If you’re thinking about relocating to somewhere cheaper in retirement, you’re not alone — many Americans lack sufficient retirement savings to afford the cost of living in their home states after their working years are over. Moving to a more cost-effective area can help stretch your funds further in retirement, alleviating some uncertainty about your financial future.

To help you choose the perfect place to retire, GOBankingRates evaluated all 50 states and determined where you can live out your golden years for less than $45,000 annually. We analyzed factors like groceries, housing, utilities, transportation, healthcare and the overall cost-of-living index in each state, all of which contribute heavily to your yearly expenses in retirement. These indices were then multiplied by the average annual expenditures of Americans aged 65 and older, which provided the final ranking of the top 26 states.

Click through to see the places that will cost you less than $45,000 in retirement.

© FredFroese / Getty Images/iStockphoto

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