10 States Where the Cost To Retire Increased the Most During Biden’s Presidency

Across the United States, the cost of retirement keeps increasing, especially when you consider factors like medical care, insurance, inflation and the living conditions of retirees.

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Changes to these costs do not occur at specific rates and intervals, with some states experiencing more notable increases to costs than others. After analyzing both dollar and percentage changes in income and expenditures, GOBankingRates found the top 10 states where cost to retire increased the most since President Joe Biden took office.

Also, check out the 10 states where cost of living improved the most during Biden’s presidency.

West Virginia

• Monthly change: $155

• Annual change: $1,857

• Percent change: 9.3%

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Montana

• Monthly change: $154

• Annual change: $1,846

• Percent change: 8.8%

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Idaho

• Monthly change: $102

• Annual change: $1,224

• Percent change: 5.8%

Kentucky

• Monthly change: $94

• Annual change: $1,125

• Percent change: 5.4%

Wyoming

• Monthly change: $85

• Annual change: $1,026

• Percent change: 4.9%

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Virginia

• Monthly change: $63

• Annual change: $755

• Percent change: 3.5%

Mississippi

• Monthly change: $56

• Annual change: $674

• Percent change: 3.3%

Maryland

• Monthly change: $52

• Annual change: $627

• Percent change: 2.8%

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Illinois

• Monthly change: $44

• Annual change: $531

• Percent change: 2.4%

Indiana

• Monthly change: $31

• Annual change: $371

• Percent change: 1.8%

Methodology: For this study, GOBankingRates analyzed cost-of-living indexes for each state to find the average cost of living for retired workers. Using the cost-of-living indexes from Missouri’s Economic and Research Information Center, the cost-of-living indexes can be sourced from quarter four of 2020 to quarter two of 2024, as the most recent data released. Using average expenditure costs as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs can be calculated for each state for each year. The dollar and percent changes can be calculated for the full time for each state. The states were sorted to show the largest increase of expenditure costs first. All data was collected on and is up to date as of Sept. 10, 2024.

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This article originally appeared on GOBankingRates.com: 10 States Where the Cost To Retire Increased the Most During Biden’s Presidency