Yahoo Finance Here Are the 15 Best States To Retire for Women
The gender pay gap in the working world has been well documented, but the gap doesn’t end there. On average, women also have smaller retirement savings than men as well as smaller Social Security checks.
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A 2023 GOBankingRates survey found that women are 10% more likely than men to have no retirement savings or investments. More than half (56%) of women surveyed had less than $10,000 in retirement savings vs. 48% of men.
Because of these and other inequalities, finding the right retirement destination is especially important for women. A recent analysis from Insider Monkey ranked the best states for women to retire based on criteria such as average Social Security checks, income gaps, cost of living, life expectancy and tax friendliness.
Insider Monkey calculated cost-of-living scores based on an average of 100, with scores above 100 being higher than average and scores below 100 being lower than average.
Here are the 15 best states to retire for women, according to that survey.
15. New Hampshire
Estimated Average SS Monthly Benefits: $1,609.50
Women’s Earnings as a Percentage of Men’s: 75.4
Cost of Living: 114.1
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14. New Jersey
Estimated Average SS Monthly Benefits: $1,662.60
Women’s Earnings as a Percentage of Men’s: 83.5
Cost of Living: 113.9
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13. Oregon
Estimated Average SS Monthly Benefits: $1,476.30
Women’s Earnings as a Percentage of Men’s: 89.2
Cost of Living: 114.7
12. Illinois
Estimated Average SS Monthly Benefits: $1,503.10
Women’s Earnings as a Percentage of Men’s: 80.3
Cost of Living: 92.1
11. Massachusetts
Estimated Average SS Monthly Benefits: $1,546.50
Women’s Earnings as a Percentage of Men’s: 85.8
Cost of Living: 146.5
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10. Pennsylvania
Estimated Average SS Monthly Benefits: $1,535.70
Women’s Earnings as a Percentage of Men’s: 82.1
Cost of Living: 95.6
9. Rhode Island
Estimated Average SS Monthly Benefits: $1,510.90
Women’s Earnings as a Percentage of Men’s: 99.6
Cost of Living: 110.7
8. Nebraska
Estimated Average SS Monthly Benefits: $1,482.20
Women’s Earnings as a Percentage of Men’s: 87.7
Cost of Living: 90.9
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7. Kansas
Estimated Average SS Monthly Benefits: $1,533.10
Women’s Earnings as a Percentage of Men’s: 85.3
Cost of Living: 87.1
6. Michigan
Estimated Average SS Monthly Benefits: $1,563.50
Women’s Earnings as a Percentage of Men’s: 82.5
Cost of Living: 90.6
5. Florida
Estimated Average SS Monthly Benefits: $1,449.00
Women’s Earnings as a Percentage of Men’s: 84.2
Cost of Living: 100.7
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4. Colorado
Estimated Average SS Monthly Benefits: $1,505.90
Women’s Earnings as a Percentage of Men’s: 87
Cost of Living: 105.1
3. Minnesota
Estimated Average SS Monthly Benefits: $1,548.70
Women’s Earnings as a Percentage of Men’s: 91
Cost of Living: 94.1
2. Washington
Estimated Average SS Monthly Benefits: $1,574.60
Women’s Earnings as a Percentage of Men’s: 85.8
Cost of Living: 116
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1. Delaware
Estimated Average SS Monthly Benefits: $1,608.40
Women’s Earnings as a Percentage of Men’s: 95.5
Cost of Living: 101.1
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This article originally appeared on GOBankingRates.com: Here Are the 15 Best States To Retire for Women
