What state is the best to retire for money? (2024)

What state is the best to retire for money?

The top five best states to retire to in 2024 are New Hampshire (1), Utah (2), Minnesota (3), Connecticut (4), and Colorado (5). The bottom five worst states to retire to in 2024 are Louisiana (50), Kansas (49), West Virginia (48), Arkansas (47), and Mississippi (46).

What state is the best financially to retire in?

You should also consider factors like the quality of the state's healthcare system and the abundance of activities that you enjoy.” Unsurprisingly, Florida topped the list as the number one state to retire, thanks in large part to its low taxes.

What's the best state to retire in money wise?

1. South Carolina. With its warm climate, low cost of living, and influx of retirees, South Carolina is the best state to retire in. Based on core retiree expenses of groceries and transportation, we calculate that South Carolina is 4.7% cheaper than the national average.

Where can I retire on $2000 a month in the United States?

The Midwest is an excellent choice for retiring on a budget. Ask five Midwesterners which states count as “the Midwest” and you'll get seven different answers. Pretty much everyone agrees that the list includes Wisconsin, Illinois, Indiana, Michigan and Ohio, but what about Missouri?

What is the best state to live on Social Security?

1. Iowa. Iowa tops the list for best states to live on just a Social Security check thanks to a number of factors. Overall, the monthly cost of living-rent, groceries, healthcare, utilities, transportation, and any miscellaneous expenses-comes to just under $3,000.

What is the cheapest and safest state to retire in?

What state is the best financially to retire in? A 2022 Kiplinger analysis ranked the most tax-friendly places in the country for retirement: Alaska, Florida, Iowa, Mississippi, Nevada, Pennsylvania, South Dakota, Tennessee, Texas, and Wyoming.

What is the cheapest state to live in when you retire?

Five of the 10 most affordable states — Wyoming, Idaho, Colorado, Delaware and Tennessee — rank among the nation's most tax-friendly, according to a Kiplinger analysis. The least affordable states for retirees are clustered on the coasts: Massachusetts, New York, Connecticut, New Jersey and California.

What is the number 1 state to retire in?

Florida. Florida isn't known as a retirement paradise for nothing – it ranks as the best state to retire due to its relatively low taxes for retired people, including no estate, inheritance or income taxes.

What is the number 1 place to retire in the US?

Harrisburg, Pennsylvania is the No. 1 place to retire in America, recent study shows. U.S. News and World Report ranked the best places to retire in the U.S. in 2024.

Why are retirees leaving Florida?

But expensive housing isn't the only thing repelling retirees from the state. Inflation and stock market dips have also negatively impacted their financial situation. In response, seniors are seeking more affordable places to call home.

Where can I retire on $500 a month?

Querétaro, a historic city in Central Mexico, and Isla Mujeres and Cozumel, islands off the coast of Cancun and Riviera Maya, all offer housing for as low as $500 a month, access to excellent healthcare, and an abundance of recreational activities. However, five of the destinations on the list are in Southeast Asia.

Where can I retire on $800 a month?

Ecuador's retirement visa, requiring proof of stable income, makes settling in Cuenca an attractive option. With monthly living expenses ranging from $800 to $1,200, Cuenca stands out for its affordability without sacrificing quality of life.

Where is the cheapest warm place to retire?

One of the cheapest warm places to retire in the world is Mexico. San Miguel de Allende, in particular, is a favorite amongst retirees owing to its established expat community, rich cultural scene, and affordable healthcare.

Where not to retire?

Kentucky, New Jersey, and Mississippi top the list of the worst places to retire in the U.S. in 2024, according to a new survey from WalletHub.

Where is the best place for poor seniors to live?

What is the best state for poor seniors?

The best state will depend on the individual's specific needs and preferences. However, states like Alabama, Tennessee, West Virginia, South Carolina, and Wyoming are generally good options due to their affordability and quality of life for seniors.

What are the five most expensive states to retire in?

Retirement Location FAQs

According to the Composite Cost of Living Index, the 10 most expensive states to live in (and retire to) are: Hawaii, Massachusetts, California, New York, Alaska, Washington, New Hampshire, Vermont, Maryland, and Oregon.

What is the cheapest way for a senior to live?

What is the 1 cheapest state to live in?

Mississippi is the cheapest state in the US, boasting a cost of living index of 85, rendering it the most affordable option.

Where is the best place to live on Social Security?

Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming don't tax any income at all. And on top of not taxing Social Security benefits, Oregon and Delaware have no sales tax.

What is the most affordable state to retire in 2024?

Mississippi is the most affordable state to retire to, with its low cost of living and great tax benefits for seniors.

Which state doesn't tax pensions?

For example, 401(k), IRA and pension income is exempt from state tax in Illinois, Mississippi and Pennsylvania. In Alabama and Hawaii, pension income is exempt from state tax but income from 401(k)s and IRAs isn't.

Is it better to retire in Texas or Florida?

A: Some retirees are leaving Texas because of the high property taxes and sales tax. Q: Is it better to retire in Texas or Florida? A: That's a personal decision, of course, but Texas does offer a lower cost of living and more access to affordable housing, compared to Florida.

What is the best state to live in 2024?

Where do the happiest seniors live?