Study: Minnesota Is One of the Most Expensive Places for Retirement

A common goal in everyone's lives is to retire at some point. Depending on what you do, how much you make, and how early you want to retire all contributes to when you'll be able to actually meet that goal.

Certain states are a bit harder to afford to retire in, though.

I've written about retirement in the past, once about Minneapolis being named one of the best places to retire in the country and once about how much you need to retire comfortably in Minnesota.

READ MORE: How Much Monday You Actually Need to Retire 'Comfortably' in Minnesota

Despite the good news that Minneapolis is one of the best places to retire (because of things like our health care options and activities available), there's other data that says Minnesota is one of the most expensive states to retire in.

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Why Minnesota is One of the Most Expensive Places to Retire

This study, done by Seniorly, evaluated the following to get their final rankings:

Cost of Living Index Score

Average Retirement Income

Homeowners 65+ Who Spend Under 30% of Income on Housing

Average Electricity Bill

Senior Poverty Rate

Average Annual Medicare Spending per Beneficiary

Average Annual Cost for Home Health Aide

Tax-Friendliness for Reitrees

Minnesota may be a fun place to retire, and a safe place if anything were to happen medically, but the cost isn't awesome.

Minnesota is an Expensive Place to Retire

Here's what they found. The average retirement income in Minnesota, according to this study, is $28,019, which is below the national average of $31,631.

Then they looked at where that little money gets spent. The average electricity bill is $105, and the average annual cost for a home health aide in Minnesota is the highest in the US at $82,940. On top of that, the study says Minnesota is not tax-friendly to retirees.

They also found that the average senior poverty rate is 8.5%, which is good compared to the national average of 11%.

All in all, they ranked Minnesota as the 15th most expensive state to retire in.

The top 5 most expensive places in the US to retire aren't surprising. They are:

5. California

4. New Jersey

3. Connecticut

2. New York

1. Massachusetts