Discover the Top US States for a budget Retirement

What US State Is Best Financially To Retire In? 

Choosing where to retire is a significant decision, one that is deeply personal. Find your peace by the shore or among the hills. Your reasons for considering a change are valid, whether it's the temptation of golf or the longing to be close to loved ones. There are so many choices, but where to begin?

Should you relocate when you retire? Let's explore the five states, focusing on five key categories. 

  1. Affordability (40%)

  2. Well-being (25%)

  3. Healthcare quality and cost (20%)

  4. Weather (10%)

  5. Crime (5%)

We gave affordability the most weight because of the difficulties that a large number of Americans encounter in the current economic climate. The housing market is a fierce battleground, with steep borrowing costs, sky-high prices, and scarce options. Meanwhile, over the past two years, inflation has severely damaged Americans' finances, leaving many feeling behind on their retirement and searching for methods to extend their savings. Let's know which state of us is best for retirees.

Key Points:

  1. Retirees love Lowa for its affordable charm. Lowa, the sixth most cheap US city, is a retiree's dream. 

  2. Lowa is a haven for retirees, boasting many wise and experienced individuals. Census data reveals that nearly 20% of the population here is 65 and older.

  3. Delaware's attraction to retirees lies in its promise of well-being. Ranked second overall, this state offers affordable taxes and excellent healthcare. 

Top 5 Best US States to Retire in 2024

So, which state of us is best for retirees? 

The prevalent belief is that seniors choose classic retirement destinations with pleasant weather, affordable housing, and other benefits rather than more expensive or chilly regions like New York, New Jersey, or California. This will still be the case in 2024, but experts advise retirees in the United States to have an open mind about potential retirement destinations.

According to the most recent research conducted by Bankrate, Iowa is the best state to retire in. On the other side, Alaska ranked dead last in our rankings. Low rankings in affordability and climate brought the state's overall ranking down. The other four worst states to retire to were New York, California, Washington, and Massachusetts, joining Alaska at the bottom of the list.

Five best states to retire

  1. Lowa    
  2. Delaware    
  3. West Virginia    
  4. Missouri    
  5. Mississippi

Also Read: 5 Best Retirement Plans you should Consider

1. Lowa

You might be asking yourself, "Why Iowa?" For many Americans wanting a more laid-back and budget-friendly way of life with access to the outdoors and towns oriented toward retirees, Iowa presents a one-of-a-kind opportunity to spend their golden years. The state is known for its expansive farmlands, quiet countryside, and kind and welcoming residents.

Retirees find Lowa attractive for its affordability. Lowa, the sixth most affordable place to live in the US, is a retiree's dream with its low cost of living. Affordable housing costs boosted the Hawkeye state to No. 3. At $239,400, houses in Iowa are a great deal compared to the $388,800 national median price. The cost of homeowner's insurance in Iowa is less than the US average.

Lowa sits comfortably in the middle of the tax pack. Our state is a middle-of-the-pack contender when it comes to property taxes and sales tax. Iowa is kind to retirees. In 2024, Social Security payments and retirement income of Iowans 55 years of age and older will be free from state taxes. The state was a shining example of healthcare excellence, providing excellent treatment at reasonable costs.

In this state, you'll find a good number of retirement-age friends, with almost 20% of the population being 65 and older, according to Census data.

Unfortunately, Lowa may not be the best fit for retirees looking for a diverse and sunny retirement destination. It could be more diverse, and its community well-being index could be better. Lowa's chilly climate and frequent tornadoes might not be retiree-friendly.

2. Delaware 

Well-being is a major selling factor to retirees who are thinking about moving to Delaware. With budget-friendly taxes and top-notch healthcare, the state ranks second overall. 

Other positive features are culture, diversity, and well-being. In terms of well-being, ethnic and cultural variety, and the number of art and entertainment venues per inhabitant, the state does well. 

It also has one of the highest national percentages of over-65 citizens. It ranks middle in crime and medical expenditures. Hurricanes, tornadoes, and earthquakes are very rare. The cost of living is the only category in which this East Coast state does worse than the others, coming in at number thirty-one.

3. West Virginia

West Virginia is the cheapest US state. Being the smallest state, it brings affordability and tax benefits. It ranked 26th in healthiness. West Virginia will exclude Social Security payments from taxation in 2023 and tax real estate at 0.55 percent, the lowest in the nation. As of Census statistics, 1.77 million people in the state are 65 or older, making up a large retirement community.

4. Missouri

Missouri comes in fourth position. The cost of living in Missouri is very low, yet the state has problems with violent crime, lack of access to decent healthcare, and natural catastrophes.
Planning to retire on a beach? Mississippi's got you covered! Mississippi is another surprise to us among the Sun Belt states. This state did well in terms of affordability, lovely weather, and low crime rates. But not so well in two other crucial areas: general well-being and healthcare. 

5. Mississippi

It has one of the nation's top healthcare systems, with five hospital beds per capita. Mississippi's healthcare rating is worth considering if you need regular medical care.

Read Also: How to Prepare for Early Retirement

Plan for Retirement with These 3 Tips

Thinking about retiring? You must keep these tips in mind.

1. Consider relocation expenditures now and later.

It's crucial to look beyond the here and now when planning a relocation and consider the long-term economics and sustainability of a new site. You must consider every possibility.

2. Think about doing a test run somewhere fresh.

Try renting a space for six months to establish a community there. Check to see if it's simple to get involved in groups—whether volunteering or joining a bowling league. Before you jump, establish your community.

3. There's more to the housing cost-saving story.

Choosing a home affects your finances and your lifestyle. Zero out of ten seniors aged 65 and above desire to age in their home or community, yet the home can present certain obstacles. Consider your present and future needs, recognizing that they may evolve. Does your home support both your present and future self?

Final Words

So there you have it - the financially best states to retire in! Lowa shines as the ultimate retirement destination, boasting low crime, a high standard of living, and affordable costs. These four states (Delaware, West Virginia, Missouri, and Mississippi) offer enticing retirement options, but it's important to consider their individual pros and cons.

FAQs

What are the financially best states to retire to?

Lowa, Delaware, and West Virginia are the most reasonably priced & best states to retire in. These states provide reasonable retirement tax advantages, affordable living expenses, and typical property prices under $200,000.

What is the best state for healthcare for retirees?

Iowa has the best healthcare system for retirees, ranking 2nd for overall healthcare quality and cost.

What state has the best weather for retirees?

Florida has the best weather for retirees, with a year-round temperature of 72 degrees and 230 days of clear sky.

Editor Picks:

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03 Jan, 2024

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