North Dakota Ranks As One of The Most Expensive States To Retire In
If you have plans to retire in the Peace Garden State, you better have a nice nest egg. In a recent publication, North Dakota ranks in the top 10 most expensive states to retire in.
According to GoBankingRates.com, North Dakota is an expensive state to retire in. GBR looked at several indicators to come up with the least and most expensive states to live out your golden years. If ND is the state you plan to retire in, your golden years better have a green tint to it.
Some of the indicators GBR searched were taxes, living expense, cost of food and housing.
North Dakota did not score well in the major categories.
GBR scored each state with an annual amount of money it would take for you to live. The cheapest states are (according to GoBanking Rates, this is an annual amount of money to retire comfortable, which is subjective)
- Arkansas $38,896 a year
- Alabama $39,170 a year
- Oklahoma $41,223 a year
- South Carolina $41,583 a year
- Kentucky $41,610 a year
North Dakota ranked # 7 at $60,281 annually. ND has the highest annual cost for fuel at $2,346, which is the highest in the country per capita, not to mention the high costs of food and housing. Over 20 years in retirement, you would need $1.2 million.
Enjoy your golden years!