Asked by: Ms. Minerva Bednar DDS | Last update: January 17, 2026 Score: 4.1/5
(37 votes)
The top two states to retire in according to our formula are — drumroll please — Alaska and New Hampshire! Alaska has the lowest tax burden of any state at 5.06%.
What is the most cost effective state to retire in?
What Is the Most Cost-Effective State To Retire In? Considering affordability rankings and state-local tax burdens, some of the most cost-effective states for retirement include Georgia, Tennessee, and Wyoming. 43 However, your individual circumstances will impact how the cost of living affects your budget.
What state has the lowest tax burden for retirees?
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.
What's the best state to retire in money wise?
The Five Best States to retire: 1) South Dakota 2) New Hampshire 3) Florida 4) Idaho 5) Utah South Dakota is most famously known as the state that has Mount Rushmore. It is also highly affordable with no state income tax, and very low cost of living, and low health care costs.
Where is the safest and most affordable place to retire?
Read on to explore the cities with the most affordable housing that notched highly on the U.S. News 2024 Best Places to Retire ranking.
Lexington, Kentucky.
Oklahoma City.
Omaha, Nebraska.
Montgomery, Alabama.
Davenport, Iowa.
Green Bay, Wisconsin.
Hickory, North Carolina.
Wichita, Kansas.
Top 5 States Retirees Are Moving To In 2024 (Does it Makes Sense?)
20 related questions found
What is the best state to live in financially?
Arkansas. #1 in Cost of Living. #47 in Best States Overall. ...
Mississippi. #2 in Cost of Living. #48 in Best States Overall. ...
Alabama. #3 in Cost of Living. ...
South Dakota. #4 in Cost of Living. ...
Iowa. #5 in Cost of Living. ...
North Dakota. #6 in Cost of Living. ...
Oklahoma. #7 in Cost of Living. ...
West Virginia. #8 in Cost of Living.
Where do the happiest retirees live?
Here are the top 10 cities in the U.S. to retire for the highest quality of life, according to WalletHub.
Pearl City, Hawaii.
Honolulu.
Scottsdale, Arizona.
Columbia, Maryland.
Fremont, California.
Glendale, California.
Madison, Wisconsin.
San Jose, California.
What states have no property tax for seniors?
The following states offer partial exemption on property taxes for seniors and people over 65.
Hawaii. In Hawaii, if you're 65 or older, you could knock $160,000 off your home's assessed value, reducing your property tax liability. ...
Louisiana. ...
Alaska. ...
New York. ...
Washington. ...
Mississippi. ...
Florida. ...
South Dakota.
What state pays the highest retirement benefits?
These 10 states have the highest monthly Social Security payouts
New Jersey: $1,768.61/month.
Connecticut: $1,757.00.
Delaware: $1,704.26.
New Hampshire: $1,700.75.
Maryland: $1,689.86.
Michigan: $1,682.68.
Washington: $1,672.05.
Minnesota: $1,656.27.
What state does not tax seniors?
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).
Where are retirees moving to in 2024?
It's no secret why Florida continues to be one of the best states to retire in 2024. With a warm and sunny climate, retirees enjoy Florida's beautiful beaches and outdoor activities year-round. From the Gulf Coast to the Atlantic, Florida offers endless opportunities for leisure.
What is the most tax-friendly state to live in?
Alaska. #1 in Low Tax Burden. #45 in Best States Overall. ...
Florida. #2 in Low Tax Burden. #9 in Best States Overall. ...
South Dakota. #3 in Low Tax Burden. ...
Wyoming. #4 in Low Tax Burden. ...
Tennessee. #5 in Low Tax Burden. ...
New Hampshire. #6 in Low Tax Burden. ...
Texas. #7 in Low Tax Burden. ...
Oklahoma. #8 in Low Tax Burden.
Where can I retire on $500 a month?
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.
What state has the best healthcare for retirees?
The Best States for Senior Healthcare
Montana – Overall Grade: A+ (100) ...
North Dakota – Overall Grade: A+ (98.3) ...
South Dakota – Overall Grade: A (92.9) ...
Minnesota – Overall Grade: A (92.6) ...
5. California – Overall Grade: A (92.3)
What state has the lowest cost of living in 2024?
12 Cheapest States to Live in for 2024
Mississippi.
Arkansas.
Missouri.
Iowa.
Tennessee.
Indiana.
Georgia.
Michigan.
What state is #1 retirement?
Bankrate's annual Best and Worst States to Retire Study found that Delaware is the best state for retirees in 2024, followed by West Virginia (2), Georgia (3), South Carolina (4) and Missouri (5).
At what age do you stop paying property taxes in USA?
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.
What is the best state to retire to avoid taxes?
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 to retire on $1000 dollars a month?
Retiring abroad on $1,000 per month doesn't mean sacrificing quality of life. Many countries offer excellent health care, infrastructure and amenities at a fraction of the cost compared to the U.S. The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam.
What is the happiest age to retire?
On average, 63 is the ideal age for retirement according to both retirees and pre-retirees. While current retirees are hitting close to that mark with an average actual retirement age of 62, there are signs that future retirees could have more difficulty retiring at their ideal age.
What state do most retirees move to?
Top Inbound Retirement States
Florida (39%)
South Carolina (37%)
Arizona (36%)
Delaware (34%)
Idaho (29%)
Nevada (29%)
Wyoming (28%)
Mississippi (28%)
What is the most financially stable state in the US?
Wyoming. #1 in Fiscal Stability. #12 in Best States Overall. ...
North Dakota. #2 in Fiscal Stability. #15 in Best States Overall. ...