Across the United States, an intriguing trend has emerged regarding retirement affordability, particularly highlighting the Southern states as the most cost-effective options for retirees. According to a recent analysis conducted by GOBankingRates, a middle-class couple wishing to enjoy a comfortable retirement in Mississippi would need approximately $270,000, when factoring in Social Security benefits. This substantial figure reflects the realities of retirement planning and the financial considerations that couples must weigh as they transition into this new phase of life.

For those considering retirement, the report provides insights into how far savings can stretch across various states, especially in the South. Impressively, eight of the ten states identified as the most affordable for retirement are located in this region. Below is a closer look at the costs associated with a 20-year retirement in several Southern states, along with the middle-class income ranges in each area:

Alabama

Middle-class income range: $41,351 to $124,054
Amount needed for a 20-year retirement with Social Security: $364,868
Amount needed for a 20-year retirement without Social Security: $827,027

Arkansas

Middle-class income range: $39,182 to $117,546
Amount needed for a 20-year retirement with Social Security: $321,482
Amount needed for a 20-year retirement without Social Security: $783,640

Florida

Middle-class income range: $47,807 to $143,422
Amount needed for a 20-year retirement with Social Security: $493,988
Amount needed for a 20-year retirement without Social Security: $956,147

Georgia

Middle-class income range: $49,776 to $149,328
Amount needed for a 20-year retirement with Social Security: $533,362
Amount needed for a 20-year retirement without Social Security: $995,520

Kentucky

Middle-class income range: $41,611 to $124,834
Amount needed for a 20-year retirement with Social Security: $370,068
Amount needed for a 20-year retirement without Social Security: $832,227

Louisiana

Middle-class income range: $40,015 to $120,046
Amount needed for a 20-year retirement with Social Security: $338,148
Amount needed for a 20-year retirement without Social Security: $800,307

Mississippi

Middle-class income range: $36,610 to $109,830
Amount needed for a 20-year retirement with Social Security: $270,042
Amount needed for a 20-year retirement without Social Security: $732,200

North Carolina

Middle-class income range: $46,603 to $139,808
Amount needed for a 20-year retirement with Social Security: $469,895
Amount needed for a 20-year retirement without Social Security: $932,053

In conclusion, as individuals and couples approach their retirement years, understanding the financial landscape in various states is paramount. The affordability of living in the South makes it an attractive option, but careful planning, including consideration of Social Security benefits, is crucial for ensuring a comfortable lifestyle. For those contemplating retirement in these states, thorough research and financial preparation can lead to a fulfilling and enjoyable retirement experience.