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

When it comes to retiring, there are benefits to living all over the country. But one state in particular takes the cake when it comes to living both comfortably and affordably.

That honor goes to West Virginiawhich 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.

The second-most affordable state to retire in was Mississippi where the annual cost for a couple with Social Security benefits was $2,917. That was followed by Arkansa with an annual cost with Social Security coming in at $4,264.

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.

Overall, there were 14 states on the list where couples could retire with the help of Social Security benefits for less than $10,000 each year: West Virginia, Mississippi, Arkansas, Louisiana, Oklahoma, Kentucky, Alabama, Iowa, Kansas, Missouri, Michigan, Indiana, Ohio, and Nebraska.

The most expensive state to retire comfortably in was Hawaiiaccording to the study, where the annual cost with Social Security benefits came to $74,333 and the annual cost without benefits was a whopping $109,863. The next two most expensive states were Californiawith an annual cost with Social Security benefits of $54,579, and Massachusettswith an annual cost with Social Security benefits of $47,876.

In general, those considering traveling after their retirement should research where they want to go, pack light, and pick the right tour for them. It’s also never a bad idea to invest in travel insurance.

Seniors can take advantage of not working and plan farther and longer trips like spotting rare wildlife in the Galápagos Islands, exploring the rain forests and beaches of Costa Rica, snorkeling or diving on the Great Barrier Reef in Australia, or taking a river cruise along the Mekong River in Southeast Asia.