What state is best financially to retire to? (2024)

What state is best financially to retire to?

Florida. Once again, Florida leads our list of best states to retire, as it's one of the most affordable places for retirees. Why? Florida is a “very tax-friendly state” with no state income tax and no tax on pension income — which is great for people who want to enjoy their retirement fund to its fullest potential.

What is the number one state to retire in?

Florida has regained its status as the best state for retirees in 2024. That's according to WalletHub's latest “Best and Worst States to Retire” study. In 2023, Virginia took the top spot and knocked Florida down to No. 2.

What is the cheapest and safest state to retire in?

What state has the lowest tax burden for retirees?

Some states do not tax Social Security or income, which could appeal to retirees. Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming stand out for their tax-friendly policies and other amenities that retirees may enjoy.

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

Where are most seniors moving to?

About a quarter of retiree relocations crossed state lines, with Florida ranking as the top destination for the second straight year. About 11 percent of such moves were to the Sunshine State. South Carolina, which did not make the top 10 in 2022, was a close second, drawing 10 percent of retirement moves.

What is the best and worst state to retire in?

Florida was ranked the best place to retire while Kentucky was the worst, according to a Jan. 22 report from personal finance website WalletHub. WalletHub used three dimensions — affordability, quality of life and healthcare — to determine which states were the best for retirement.

Why are retirees leaving Florida?

Why are boomers moving from Florida to Appalachia? Most of the boomers moving to Appalachia are "drawn by lower housing costs and living expenses, lower taxes, lower insurance costs, low crime, warm weather (but with seasons) and less chance of hurricanes," the Journal said.

Where is the best place for poor seniors to live?

Can I retire in Florida on $3,000 a month?

Q: Can I retire in Florida on $3,000 a month? A: According to a GOBakingRates study, there are several cities in Florida where you can live on $3,000 — or even less — each month, including Pensacola and Panama City.

What state has the best benefits for seniors?

Once again, Florida leads our list of best states to retire, as it's one of the most affordable places for retirees. Why? Florida is a “very tax-friendly state” with no state income tax and no tax on pension income — which is great for people who want to enjoy their retirement fund to its fullest potential.

What state has no tax on retirement income?

If your retirement income stems from a 401(k), Social Security, or military retirement, three states do not tax that income: Illinois, Mississippi, and Pennsylvania.

What is the new retirement state?

New Hampshire earns the top spot on our Best States to Retire list thanks to its near-perfect healthcare score, second-best crime score, and being in the upper half of states when it comes to quality of life and taxes. That was more than enough to offset expensive housing, cost of living, and cold temperatures.

What is the cheapest way for seniors to live?

One option for seniors is to downsize to a smaller home, apartment, or condo. This can help reduce housing expenses such as rent, mortgage payments, property taxes, insurance, and maintenance costs. Seniors can also consider sharing a living space with family members, friends, or roommates to further reduce costs.

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.

Where is the cheapest place 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.

Where do the happiest seniors live?

Barnstable, MA is the happiest city to retire to, ranking #1 of all 200 cities we analyzed. It has the highest ranking overall for community well-being, and one of the highest percentages of residents who are 65-plus. The other cities at the top of the list: Naples, FL at #2, and Ann Arbor, MI at #3.

Where do most 70 year olds live?

More than 55 million Americans are age 65 or older, according to the Census Bureau's 2020 population estimates. One-fourth of these older Americans live in one of three states: California, Florida, and Texas.

What age is considered elderly?

Traditionally, the “elderly” are considered to be those persons age 65 and older.

What are the three worst states to retire in?

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. The study compared the 50 states across 46 key indicators, from tax rates and the cost of living to access to quality medical care and fun activities.

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.

What is the best state to live in on Social Security?

Where not to retire in Florida?

Where are people retiring instead of Florida?

What Should You Do? If you're nearing retirement, you may want to choose a less traditional region to reside in post-work. Towns like Sequim, Washington; Linden, Michigan and Thermopolis, Wyoming offer perks like more affordable housing, favorable tax treatment and proximity to major metros.

Should I retire in Florida or Tennessee?

Q: Is Tennessee or Florida better for retirees? A: The answer to this question depends on your specific interests and why you're moving in the first place. Tennessee's cost of living is below the national average, while Florida's is above. However, Florida provides easy beach access and has warm weather year round.