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Inflation and high interest rates have strained wallets for many and left little to set aside.
Yet, where you live also affects how much savings you will need.
Heres why the amounts differ significantly and how much it takes to retire in Tennessee.
Also see the best and worst place to retire in every state.
The GOBankingRates study found that in Tennessee, for instance, you will need $744,310 to retire.
This places the state in the ninth spot in terms of theleast expensive statesto live in retirement.
Alternatively, you will need the least in West Virginia, with $650,356.
Tennessee offers a retirement thats kinder to the wallet compared to states like Hawaii, he said.
Annual Cost of Living
The annual cost of living in Tennessee is $52,210.
In contrast, the annual cost of living is $107,657 in Hawaii and $48,451 in West Virginia.
Annual Cost of Groceries
In Tennessee, youll spend about $4,658 per year in groceries.
Annual Cost of Healthcare
Healthcare costs will run you about $6,801 per year in Tennessee.
In Hawaii, the cost is $9,199 per year, and in West Virginia, its $7,638.
Annual Cost of Housing
Youll spend $9,681 on housing in Tennessee per year.
Annual Cost of Utilities
The cost of utilities for one year will run you about $3,753.
This stands at $7,472 in Hawaii and $4,003 in West Virginia.
Annual Cost of Transportation
The annual transportation cost in Tennessee is $4,404.
In Hawaii, its $6,861, and in West Virginia, its $4,587.
All data was collected and is up to date as of July 17, 2024.
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