Study: Wisconsin No. 19 most expensive state to retire

A new study finds Wisconsin is the No. 19 most expensive state to retire amid concerns about inflation cutting into fixed incomes, rising interest rates, banks closures, and Social Security solvency.

Americans — worried if they have enough money to live out their golden years — are retiring four years later than they were in 1991, according to a Gallup poll. Where seniors choose to retire will have a major impact on their finances as income, taxes, and expenses vary widely by state.

Earlier this week, Seniorly, a senior living resources website, released a study on the most affordable states for retirees using the most recent data from the Census Bureau, Centers for Medicare and Medicaid Services, and Missouri Economic Research and Information Center.

Overall, eight financial metrics were analyzed in all 50 states and the District of Columbia including retirement income, tax rates, cost of living, health care costs, and senior poverty rates.

Among the key findings: In Wisconsin, the average retirement income is $26,742, the average annual Medicare spend is $10,886, and 75.2% of seniors spend less than 30% of their income on housing.