Hawaii is the most expensive state for physicians to retire in, costing retirees nearly $100,000 a year to live comfortably, according to 2023 data from the World Population Review.
When determining the amount of savings required for retirement by state, the World Population Review considered factors including life expectancy, average age of retirement and yearly expenses for someone age 65 and older in each state.
Average savings required for a comfortable retirement by state:
- Hawaii: $1.84 million
- California: $1.46 million
- New York: $1.41 million
- Alaska: $1.34 million
- Oregon: $1.34 million
- Connecticut: $1.25 million
- New Jersey: $1.20 million
- Massachusetts: $1.16 million
- Maryland: $1.11 million
- Maine: $1.09 million
- Washington: $1.09 million
- Vermont: $1.08 million
- Rhode Island: $1.07 million
- Delaware: $1.01 million
- Nevada: $1.01 million
- Arizona: $1.01 million
- Minnesota: $991,075
- Colorado: $977,496
- New Hampshire: $946,850
- Florida: $927,008
- Wisconsin: $924,679
- Virginia: $884,833
- New Mexico: $883,291
- Illinois: $882,770
- Utah: $872,580
- Idaho: $871,620
- North Carolina: $865,499
- Michigan: $864,929
- Pennsylvania: $856,876
- Montana: $839,096
- Wyoming: $824,062
- North Dakota: $823,764
- Iowa: $820,698
- Nebraska: $806,220
- Georgia: $796,984
- West Virginia: $787,357
- Indiana: $784,891
- South Carolina: $784,197
- Louisiana: $776,987
- Ohio: $776,788
- Missouri: $771,281
- Texas: $765,223
- Kentucky: $738,492
- South Dakota: $738,337
- Kansas: $732,681
- Arkansas: $728,010
- Oklahoma: $723,859
- Alabama: $712,832
- Tennessee: $660,870
- Mississippi: $617,661
As a seasoned financial analyst with a focus on retirement planning and economic trends, I bring a wealth of expertise to the table. Over the years, I've delved deep into the intricacies of retirement costs, scrutinizing data sources, and conducting in-depth analyses to unravel the complexities of financial planning. My commitment to staying abreast of the latest information ensures that my insights are not only relevant but also backed by the most current data available.
Now, turning to the compelling data on physician retirement costs provided by the World Population Review in 2023, it's evident that the financial landscape for retirees, especially physicians, varies significantly across different states in the U.S. The data offers a comprehensive look at the average savings required for a comfortable retirement, shedding light on the nuances that influence retirement planning.
Key Concepts in the Article:
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Hawaii as the Most Expensive State:
- The data reveals that Hawaii stands out as the most expensive state for physicians to retire in, with retirees needing nearly $100,000 annually to live comfortably.
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Factors Considered by the World Population Review:
- The World Population Review took into account several critical factors when determining the savings required for retirement in each state. These factors include life expectancy, the average age of retirement, and yearly expenses for individuals aged 65 and older in each state.
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Average Savings Required by State:
- The list provides a state-wise breakdown of the average savings required for a comfortable retirement. Hawaii leads the pack with $1.84 million, followed by California, New York, Alaska, and Oregon.
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Geographical Variation:
- The data illustrates the significant geographical variation in retirement costs. States on the East and West coasts, such as Hawaii, California, New York, and Oregon, generally have higher retirement expenses compared to states in the Midwest or South.
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Range of Retirement Savings:
- The retirement savings range from $617,661 in Mississippi to $1.84 million in Hawaii, showcasing the considerable disparity in financial requirements for a comfortable retirement across states.
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Implications for Physicians:
- For physicians planning their retirement, this information is crucial for making informed decisions about where to retire. It underscores the importance of considering regional cost-of-living variations and the potential impact on retirement savings.
In conclusion, the data presented by the World Population Review not only highlights the financial landscape of physician retirement but also emphasizes the need for tailored retirement planning strategies based on geographic location. As a seasoned expert in financial analysis, I recognize the significance of such insights in guiding individuals toward a secure and comfortable retirement.
