Iowa Ranked as One of the Cheapest States in Which to Retire

Retirement planning is important. That's not news to anyone. Some states are more expensive to retire in than others. That's also not news. But if you live in the Tri-States, you might be surprised to see how much more affordable it is to retire in one particular state than it is others.

According to a recent study conducted by NetCredit, titled "The Cost of Retirement," Iowa is one of the cheapest states in the U.S. in which to retire. This global study looked at each and every country, and even broke down the average dollar figure it would take to retire comfortably in each of the 50 states.

Iowa's retirement figure came in at $511,143. That's substantially less than, say, California, one of the most expensive states that has retirement costs projected at slightly over $800,000. It's a little more expensive than Mississippi, the cheapest state in which to retire, at $469,517, but one must consider quality of life and access to resources in Iowa to justify that figure.

Mississippi and New Mexico were the only two states where retirement is more affordable than in Iowa.

Some additional key findings in NetCredit's study include:

• The most expensive state in which to retire is Hawaii ($893,400).
• Singapore is the most expensive country to retire, costing $1,118,375.43 over a 15-year period.
• Pakistan is the cheapest place to retire, at $158,410.13.

When it comes to Illinois and Wisconsin, but are notably more expensive than Iowa. Wisconsin's retirement sweet-spot is $602,244; Illinois' retirement figure is $622,172. Those figures still pale in comparison to the likes of Florida, California, Washington, and even Alaska, all of which are over $700,000.

In terms of Hawaii being the most expensive state in which to retire, NetCredit offered this commentary:

Hawaii may seem an obvious choice for retirement, and indeed, it’s the fifth most popular destination according to one survey. But it is also the most expensive for a retiree’s lifestyle, at nearly $200k over the U.S. average, while island fever is a real risk — especially if you leave behind your friends and family to move here. Offering a vastly different vibe but plenty of sun and sand, Texas is an affordable alternative to Hawaii, California or Florida, with a projected cost of $579,179.

View NetCredit's "Cost of Retirement" study here.