Our previous study highlighted some of the best states to live on Social Security, with the top five being Mississippi, Wyoming, West Virginia, Iowa, and Georgia. Retirees can start by choosing places within these states to stretch their retirement incomes a bit further.
West Virginia's affordability is largely driven by its low housing costs and more modest expenses for healthcare, transportation, and utilities compared to other states. These savings make it possible for retirees to live comfortably without requiring massive savings.
There are currently seven states in which individual income is not subject to tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. In two other states — New Hampshire and Tennessee — only dividends and interest are subject to state taxes.
Iowa ranks as the most affordable overall state for those living on a Social Security check, with low rent as one of the prime contributors. More than 17% of residents are 65 or older. Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
To qualify to get $144 added back to your Social Security check, you can enroll in a Medicare Advantage plan that offers a Part B premium reduction or giveback benefit.
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming are the top tax-friendly states for retirees. All of them have no personal income taxes. 1 Other taxes, cost of living, and overall quality of life are also important considerations.
Thailand. Is it possible to retire in Thailand and keep the costs in check? Certainly! It's another top choice for digital nomads with an achievable $500 monthly budget, focusing on affordable accommodation.
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.
Delaware—one of the smallest states in the U.S.—was named the best state to retire in 2024. This is up one spot from 2023, when it ranked number two.
As a senior citizen, you probably will end up paying property taxes for as long as you are a homeowner. However, depending on the state you live in and often once you hit your 60s (usually around the ages of 61 to 65), you may be eligible for a property tax exemption.
A: The best state to retire in 2024 is sunny Florida, thanks to its relative affordability and high quality of life for seniors. That's followed by Colorado, Virginia, and Delaware. Q: What state has the lowest cost of living for retirees? A: Alabama ranks as the most affordable state to retire in.
Missouri and Nebraska have decided to stop taxing Social Security benefits in 2024. Kansas also joined in with a bill signed midway through 2024, so the state will not tax Social Security going forward.
Has your income declined or have you experienced a loss of financial resources? You may be able to get additional income through the Supplemental Security Income program, which helps seniors and the disabled who have limited income and financial resources.
Medicare Part A and Part B know they can get up to $800 back
All the member has to do is provide proof that they pay Medicare Part B premiums. Each eligible active or retired member on a contract with Medicare Part A and Part B, including covered spouses, can get their own $800 reimbursement.
Generally, the maximum Federal SSI benefit amount changes yearly. SSI benefits increased in 2024 because there was an increase in the Consumer Price Index from the third quarter of 2022 to the third quarter of 2023. Effective January 1, 2024 the Federal benefit rate is $943 for an individual and $1,415 for a couple.