West Virginia Tops Affordable Retirement Costs With Social Security Benefits

West Virginia has been identified as the most affordable state to retire comfortably, with a couple needing just over $2,000 annually when factoring in Social Security benefits, according to GOBankingRates. Fourteen states, including Mississippi, Arkansas, and Louisiana, allow couples to retire comfortably for less than $10,000 per year with Social Security. Conversely, Hawaii is the most expensive state to retire in, requiring over $74,000 annually even with Social Security benefits. Retirement spending generally decreases with age due to paid-off mortgages and lifestyle changes, with average spending for those over 65 around $5,000 monthly; however, upper-class retirees tend to spend significantly more. States vary in how they tax retirement income, with nine states having no income tax at all and others like Illinois and Mississippi exempting retirement income from taxation, benefiting retirees living on fixed incomes. Social Security benefits typically start at age 67 for full benefits, but many retirees claim earlier, which combined with modest savings, often results in tighter budgets despite expenses usually declining during retirement.