Lower Living Costs Allow Retirement Benefits to Stretch Further in Kansas and Iowa

Analysis shows that lower living costs allow retirement benefits to cover a greater portion of estimated annual expenses in certain states. Kansas leads this trend, with average benefits covering 48% of a single retiree’s estimated annual expenses. Iowa, North Dakota, Indiana, and Delaware follow, covering between 46% and 47% of expenses.

The location of a retiree can meaningfully change the standard of living supported by the same benefit amount. While benefits cover nearly half of a single retiree’s estimated annual expenses in lower-cost states, they cover little more than a third in the most expensive states.