California ranks as 3rd most expensive state to retire in

(FOX40.COM) — The Retirement Living Journal of Retirement Research has released a study that shows the State of California to be one of the most expensive states to retire in, with Oklahoma as the cheapest.

In a recent study, the journal found that the state where someone needs the least amount of savings to retire in is Oklahoma, with an annual cost of living of $51,374 and a required retirement savings of at least $729,145.

Video Above: California law blamed for high pork prices

Michigan ranks second with an annual cost of living of $53,958 and a retirement savings of at least $752,483. Kansas ranked in the third spot with an annual living cost of $53,898 and a required retirement savings amount of at least $754,906.

Meanwhile, the annual cost of living in Hawaii is about $109,539, and requires around $2,169,896 of retirement savings to live comfortably. Massachusetts came in second, as the cost of living is about $87,186 and requires at least $1,585,705 in retirement savings.

The sunny state of California was found to be the third most expensive state to retire in, with an annual cost of living of $85,083 and a required retirement savings of $1,576,678.

Placer County’s Roseville was found to be the number one California city to retire in earlier this year, said the journal.

Retirement Living provided a list of tips on what to do to have a successful retirement:

• Start early and stay consistent
• Maximize retirement accounts
• Consider a Gold IRA
• Keep an emergency fund
• Prepare for health insurance costs
• Open a Health Savings Account
• Pay off high-interest debt
• Downsize or relocate wisely
• Speak to a financial advisor
• Delay social security benefits

The full lists can be found on the journal’s website.

Those looking for a personalized estimate can use the retirement calculator.