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.
Iowa ranks as the number one state to retire to.
Iowa also holds lower crime rates for senior citizens.
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.
Florida. No taxes on income or Social Security benefits make Florida one of the most tax-friendly states for retirees. Its property tax falls at about the middle of the states, and sales tax rates rank in the lower end of the 50 states.
1 place to retire in the U.S.: Harrisburg, Penn. Harrisburg ranked as the best place to retire in the U.S. in 2024, according to U.S. News and World Report.
Whether it reflects the warmer weather, quality healthcare or a low tax burden, Florida ranks number one as a retirement paradise on WalletHub's 2024 survey. Florida, Colorado and Virginia top the list of the best places to retire in the U.S. in 2024, according to a new survey from WalletHub.
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.
In addition to the nine states above that don't have an income tax at all, four states do not tax retirement income: Illinois, Iowa, Mississippi and Pennsylvania. Here's what you should know about each one.
All states and the District of Columbia impose these taxes except Alaska, Delaware, Montana, New Hampshire and Oregon. The highest state sales taxes are in California (7.25%), Indiana, Mississippi, Rhode Island and Tennessee (7.0% in each).
A recent analysis from retirement experts for GOBankingRates found some people are rethinking the Sunshine State as the go-to retirement destination. The cost of housing in Florida has skyrocketed, with a median home value of nearly $393,000, according to Zillow.
Missouri tops the list of the most affordable senior living state. The average monthly cost of assisted living in the state is $3,000, which is $1,300 less than the national average. This cost comes to $36,000 annually.
Massachusetts topped 2023's list, scoring 61 out of 100. New Jersey came in second. New Hampshire, New York, and Wyoming fill out the rest of the top five states to live in, in that order. Several Southern states – Mississippi, Louisiana and Arkansas, among others – rounded out the bottom of WalletHub's rankings.
While you may have heard at some point that Social Security is no longer taxable after 70 or some other age, this isn't the case. In reality, Social Security is taxed at any age if your income exceeds a certain level.
The best state to retire in 2023 isn't Florida. In fact, it isn't even in the Southeast. Iowa ranks as this year's No. 1 state to retire, according to a recent Bankrate study.
Hawaii. Hawaii has the lowest property tax rate in the U.S. at 0.29%. The Aloha state has a home median value of $662,100.
1. Charleston, Illinois. The safest and most affordable place to retire is Charleston, Illinois. Enjoy Lake Charleston, and take in all it has to offer on one of its many trails.
Personal health: A large contributor to happiness is your health. Retirees who take care of themselves and maintain a healthy lifestyle are generally happier than those who do not. There are many low-cost forms of exercise such as walking, swimming, biking, and hiking.
The US News & World Report has crafted its unique list in this regard. According to their list, some of the best places to retire near water bodies include Bismarck, North Dakota; Cape Coral, Florida; Dover, Delaware; Dubuque, Iowa; and Fairhope, Alabama.
Hawaii — Hawaii is first on the list because, while it is not exactly the cheapest place to live, it offers other advantages for retired, single females. Hawaii has an elderly population of 16.1%.