Arkansas Provides More Value and Affordability for Retirement

Planning for retirement is about more than just how much money you put away. It’s also about where you choose to live. A recent study, “The States Where Single Retirees Need the Most – and Least – Saved,” examined how much a single person would need to retire comfortably in each state, including the impact of earning income from a part-time job.

The study found that retirement savings needs can vary significantly across the country. States with higher costs of living require retirees to have much more saved, while more affordable states allow retirement savings to stretch further.

Arkansas ranked no. 2 among the states where single retirees need the least amount saved, making it one of the most affordable places in the country to retire. A single retiree in Arkansas would need approximately $648,000 in savings while earning additional income through a part-time job during retirement. By comparison, the study shows that the nationwide average is $698,000 for a single retiree.

The $648,000 figure is the estimated nest egg needed with no additional work income. Factoring in part-time income, the amount of savings required for a comfortable retirement in Arkansas decreases significantly. With a $10,000 per year part-time income, the nest egg required in Arkansas drops to $548,000, and with a $20,000 per year part-time income, it decreases even further to $448,000.

The findings show that location can play a major role in retirement planning. Factors like housing costs, and overall cost of living can influence how much retirees need to feel financially comfortable. The study also considered how working part-time job during retirement can help reduce the amount of savings needed by providing additional income.

Arkansas continues to stand out as a place where affordability and quality of life come together. From the state’s natural beauty and outdoor opportunities to its welcoming communities and lower cost of living, Arkansas offers retirees the chance to enjoy more while making their savings go further.  

Affordability is top of mind for many now, and Arkansas delivers affordability in spades. U.S. News and World Report named Arkansas as the no. 1 state for affordability, noting that the state was no. 1 for cost of living and no. 2 for housing affordability. Visual Capitalist also ranked Arkansas as having the highest purchasing power of any state in the nation – with $100 going further in Arkansas than any other state.

For those thinking about where to spend their retirement years, the numbers show Arkansas is a state that provides long-term value.