Oklahoma ranks among least expensive states for retirement

Oklahoma ranks as the second most affordable state for retirement, according to a report published by Visual Capitalist. 

The analysis estimates retirees need $59,995 per year to live comfortably in Oklahoma. That figure includes spending on food, housing, healthcare, transportation and utilities, plus a 20% buffer to account for additional expenses. 

Only West Virginia ranked lower, with an estimated annual retirement cost of $58,000. 

The estimates are based on data from GOBankingRates and the Bureau of Labor Statistics' Consumer Expenditure Survey for 2023. Researchers adjusted average spending levels by state using cost of living index scores from the Missouri Economic Research and Information Center. 

Oklahoma ranks ahead of states such as Kansas, Alabama and Mississippi, offering retirees a lower-cost option in the Midwest and South. 

In contrast, Hawaii is the most expensive state to retire in, with estimated annual costs reaching nearly $130,000—more than double that of Oklahoma or West Virginia. 

For more details, see the full article from Visual Capitalist.