If you are looking for a place to call home in retirement, the No. 1 city to look into is Pinehurst, North Carolina. The cost of living is more than reasonable and the crime rates are good enough to crown it as the number one place to feel safe in your retirement.
Florida: Florida is a perennial favorite for retirees, and for good reason. It's not just the warm climate, but also the tax benefits--there's no state income tax in Florida. Cities like Sarasota, Naples, and The Villages are popular among seniors.
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.
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.
Elderly individuals who are unable to turn to family for financial support and have no money can become a ward of the state. This may be the case if the senior develops a health emergency and is no longer able to live alone.
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.
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.
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 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.
Key takeaways
Delaware (1), West Virginia (2), Georgia (3), South Carolina (4) and Missouri (5) are the top five states for retirement in 2024. Alaska (50), New York (49), Washington (48), California (47), and North Dakota (46) landed at the bottom of the rankings for the best and worst states to retire.
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.
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.
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.
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 ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.
For those who wish to retire to safe havens that offer cheap living expenses, some of the cheapest and safest countries to retire to include Indonesia, Ghana, Romania, North Macedonia, and Vietnam.
Top the amount with 401(k) savings, living on $3,000 a month after taxes is possible for a retiree. For those who only have social security benefits to rely on, there are many places where they can retire on their checks both in the USA and around the world.