Have you dreamed about retirement ever since you started working? Well, you’re not alone. Retirement is definitely something to look forward to, but the ever-rising living costs make things all the more challenging. For retirees on a fixed income, the extra money spent on the basics can add up, and the difference has to be made up elsewhere.
This is why many people focus on picking an affordable retirement destination. Fortunately, some affordable states in the US are recognized as ideal locations for retirees. This conclusion is based on factors such as taxes, lifestyle, safety, healthcare, and the cost of living.
West Virginia
Housing options in West Virginia are affordable and rank fourth in terms of low home insurance costs. This is great news for retirees, who often worry over fixed costs like property taxes and homeowners’ insurance. Furthermore, West Virginia has the lowest cost of living of any state. In fact, according to a state-run website, the cost of living in this area is 12% below the national average.
Iowa
Often ranked high among the list of the most affordable states for retirees, Iowa is not just great from a financial perspective—it’s also stunningly beautiful. With breathtaking scenery, fantastic historical sites, and a plethora of attractions, Iowa ticks all the boxes. The state also offers excellent healthcare options, and its low crime rate makes it a well-rounded, safe, and affordable choice for retirees.
Mississippi
Mississippi is a popular terminus for retirees for several reasons. For one, the state has a low cost of living and an affordable housing rate. Secondly, its subtropical climate with long summers and mild winters is perfect for retirees. Thirdly, the state has a low crime rate, which contributes to the overall safety factor. Fourthly, Mississippi boasts a relaxed and laid-back lifestyle, characterized by a close-knit community. All these reasons allow retirees to enjoy a peaceful life without the financial strain.
Alabama
The median home value for the nation is $176,700, but it’s only $122,500 in Alabama. Add to this the stunning landscape, beautiful Gulf Coast, and quaint little towns, and Alabama is a highly desirable destination for retirees. The state also offers low taxes and reasonable housing options. Moreover, since Alabama enjoys pleasant weather throughout the year, retirees can also engage in an active and healthy lifestyle.
Wyoming
Most retirees would welcome the prospect of slow living, and Wyoming offers just that. With its pristine lakes and awe-inspiring mountain ranges, Wyoming provides a perfect backdrop, fostering a strong sense of community that makes retirees feel instantly at home. The cost of living is low, as are the options for housing and healthcare. However, Wyoming winters can be pretty harsh, which may deter some retirees.
Delaware
Delaware is famous for its glorious beaches and waterfronts, but this quaint town is also a hub for seniors. According to census data, more than 20% of the population was 65 years or older, proving that this state is indeed a popular option among retirees. So, suppose you are a retiree looking to spend your golden years surrounded by rich history, stunning scenery, and a sense of community. In that case, Delaware will allow just that, while also ticking the affordability aspect!
Tennessee
As a state with zero income tax, it’s no wonder that Tennessee ranks as one of the best places to retire in the US. It also has a low cost of living compared to the national average, and its moderate four-season climate makes it an ideal location for seniors. There are numerous recreational opportunities available, and the state’s rich cultural and musical history also makes it an attractive option for retirees.
Arizona
As one of the most tax-friendly states, Arizona does not tax Social Security checks. Its affordable cost of living makes it an excellent option for retirees. Furthermore, when it comes to nursing homes and assisted living facilities, Arizona offers a wide range of care options.
South Dakota
South Dakota has a lower cost of living when compared to the national average. Moreover, its unspoiled natural beauty and cultural diversity make it an attractive destination for retirees. There is a strong sense of community in this state, with its philosophy highly focused on family, friends, and personal fulfillment.
South Dakota is among the lowest tax-burden states in the US. There are no state or inheritance taxes, and individuals over 65 years of age are also exempt from property taxes.
Colorado
Every year, a significant number of older seniors pack up and leave for Colorado. One of the primary reasons for this is the substantial tax breaks, including deductions on retirement income. Colorado is also a state that has some of the lowest property taxes in the US. The tax advantages here include tax-free food and medicine, allowing retirement funds to stretch even further.
Colorado is home to over 100 hospitals, and its senior healthcare system is robust. Senior housing options are also aplenty, with inexpensive assisted living facilities and nursing homes.
Final thoughts
The states mentioned in this guide are among the top options for retirees who want to enjoy their golden years while maintaining affordability, without compromising on safety, health, or quality of life. When exploring options, also consider climate, recreational opportunities, and healthcare, in addition to affordability. Ultimately, the goal is to make retirement both personally fulfilling and financially sustainable.
