1: Iowa. With monthly housing costs for renters of just $740, Iowa is an incredibly affordable state for seniors on fixed incomes.
Oklahoma has been deemed the most affordable state in the nation for seniors, in a new ranking that looked at both the costs and accessibility of care and services.
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.
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.
Seniors can save money on housing by choosing to stay in their own homes and becoming a member of a local virtual retirement community. Virtual retirement communities are grassroots, nonprofit organizations that provide older adults with a variety of accessibility services.
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.
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.
Mississippi. Referred to as the Magnolia State, Mississippi has been ranked as the most affordable place to live in the U.S. thanks to not only its low housing costs, but also having some of the lowest gas costs.
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.
While it's difficult to pinpoint an average retirement income, the most recent Census Bureau data indicates that people 65 and older have a median annual income of approximately $54,700 or nearly $4,560 per month. A financial advisor can help you create a retirement plan for the future. Speak with an advisor today.
Wisconsin, New Hampshire, and Tennessee are all highly ranked retirement destinations for health care needs due to low or no income taxes, access to quality health care facilities, and access to nature and recreational activities.
The $1,000-a-month rule for retirement states that you'll need $240,000 in savings for every $1,000 of monthly retirement income. The rule assumes a 5% annual withdrawal rate. So if you want $4,000 in monthly retirement income from investments, you'd need to save at least $960,000.
Median monthly rate for senior housing in the U.S. 2021, by state. The median monthly rent rate for a private one bedroom room in an assisted living facility in the United States was 4,500 U.S. dollars in 2021.
The best state to live in for seniors is Utah, which offers a combination of low assisted living costs, high-quality healthcare, and a strong overall quality of life. Utah has earned the title of the healthiest state for older adults, reflecting its supportive services and solid health outcomes.
While there are lots of small towns with super-cheap rent, the most affordable big city in the U.S. is Oklahoma City, Oklahoma. It boasts an average rent price of $839 per month. Three of the top 10 most affordable cities are in the Midwest, including Tulsa, OK; St. Louis, MO; and Columbus, OH.