This Is the Most Affordable State for 'Comfortable Retirement,' According to a New Ranking

"That honor goes to West Virginia, which was rated the most affordable state to retire in comfortably, according to a study from GOBankingRates. In the Mountain State, the study found a couple with Social Security benefits only need to spend $2,032 each year to fund their retirement (that balloons to $37,562 without Social Security). Overall, the average monthly cost of a mortgage in West Virginia was $882."

"GOBankingRates said there was a "stark difference" between retiring with and without Social Security benefits "regardless of whether you live in a high cost-of-living state or not." To come up with its list, the company looked at populations 65 years old and older in each state, examined the cost of living, and analyzed the national average costs for retirees. All of the data was up to date as of Sept. 4."

West Virginia ranks as the most affordable state for comfortable retirement. A couple receiving Social Security needs $2,032 annually to fund retirement in West Virginia, rising to $37,562 without Social Security. Mississippi and Arkansas follow with annual costs of $2,917 and $4,264 respectively for couples with Social Security. Fourteen states allow couples to retire for under $10,000 annually with Social Security. Hawaii is the most expensive, costing $74,333 with Social Security and $109,863 without. California and Massachusetts are also among the costliest. Analysis considered populations aged 65 and older, state cost-of-living, and national retiree cost averages; data current as of Sept. 4.

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