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.
According to the Missouri Economic Research and Information Center, the lowest overall costs of living were found in Mississippi, Oklahoma, Kansas, Alabama, and West Virginia: Cheapest states to retire.
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.
Florida, Georgia and Nevada are generally considered among the most tax-friendly states for retirees, while California, Connecticut and Vermont are generally considered among the least tax-friendly states 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.
The results
The top two states to retire in according to our formula are — drumroll please — Alaska and New Hampshire!
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. With monthly housing costs for renters of just $740, Iowa is an incredibly affordable state for seniors on fixed incomes.
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.
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.
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.
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.
1. Florida. Florida ranks as the best state to retire due to its relatively low taxes, including no estate, inheritance or income taxes.
The top state for retirement is Delaware, according to Bankrate's 2024 Best States to Retire study.
Sadly for investors, the answer is no, there are no states without property tax. This is because property tax is a useful way for local governments to fund public services such as schools, fire and police departments, infrastructure and libraries.
Pensacola, Florida
The city of Pensacola, Florida, is situated at the northwest tip of the state, sitting along Pensacola Bay and the Gulf of Mexico. It's a town known for its stunning beach and affordable cost of living, which makes it one of the best coastal towns to retire to.