The cost of living, which changes a lot across the United States, is one of the most important things to think about when planning for retirement. Finding a state with a lower cost of living can make a big difference for seniors who want to get more out of their savings.
CHEAPEST US STATES TO RETIRE IN 2023
Based on figures from 2023, there are a few states that stand out as being especially cheap for retirees. Today, we’ll take a closer look at some of the best states to retire in terms of general appeal, cost of living, and tax friendliness.
Mississippi
Mississippi is always ranked as one of the best places for retirees to live in terms of cost of living. Mississippi has a very low cost of living. Food, energy, and housing all cost less than the national average. Mississippi has a low cost of living and also helps retirees save money on taxes.
People who get Social Security payments are not taxed, and property taxes in the state are not too high. The weather is mild, and the state has a lot of cultural history and a laid-back way of life that many seniors like.
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Arkansas
Arkansas is another great place for retirees who want to live cheaply. The state has a lower cost of living than the rest of the country, and housing prices are especially low. Arkansas is also a good place to live when it comes to taxes, since it doesn’t tax Social Security payments and lets you deduct a lot of your retirement income.
The state’s natural beauty, like the Ozark Mountains and many lakes, makes it more appealing to people who like to be outside and take things more slowly.
Oklahoma
Oklahoma is a great place for retirees to live because it has low costs of living and good tax policies. In this area, housing prices are low and the cost of living is lower than the national average. Social Security payments are not taxed, and the state gives retirees a number of tax breaks.
Oklahoma is also a good place to retire because it has a mild temperature and friendly people lives there. The state also has a lower-than-average crime rate and a lot of fun things to do.
Tennessee
Tennessee is a popular place for retirees to live because it has a low cost of living and doesn’t tax people too much. There is no personal income tax in the state, which can be very helpful for retirees who live on a set income.
Tennesse housing costs aren’t too high, and the state has lots of things to do and see, from busy towns like Nashville and Memphis to beautiful natural areas like the Great Smoky Mountains. Tennessee has a lower cost of living than the rest of the country, which makes it a good choice for many.
South Carolina
South Carolina is a great place to retire because it has a nice environment and a low cost of living. The state’s cost of living is cheaper than the national average, and housing and health care are both not too expensive.
South Carolina also has tax breaks for retirees, such as not taxing Social Security payments and taxing retirement income at a lower rate. Retirees like the state because it has warm weather, a beautiful seashore, and a historic feel.
Georgia
Georgia is known for having a low cost of living and good tax policies for retirees. Georgia has lower housing prices than the rest of the country, and Social Security benefits are not taxed there. Georgia also has a number of tax breaks and discounts for people who are retired.
From the mountains in the north to the coastal plains in the south, the state’s varied scenery offers a wide range of places to live and activities to enjoy, which makes it more appealing to retirees.
Kentucky
The cost of living in Kentucky is low; housing is especially cheap, and food and utilities are also not too expensive. It is good for seniors’ finances that the state doesn’t tax Social Security benefits and gives some tax breaks to pension income.
With its mix of charming small towns and lively cities, as well as its natural beauty, like the Bourbon Trail and horse country, Kentucky is a great place to move to a more peaceful life.
Missouri
Missouri stands out because it has low cost of living and good tax policies. The general cost of living in the state is less than the national average. Housing is cheap, and prices for goods and services are lower than the national average.
Missouri doesn’t tax Social Security payments, and it lets retirees get tax breaks on some types of income. The state’s central position and wide range of cultural and recreational activities make it a good choice for retirees who want to save money and have a lot of options.
Final Thoughts
There are many things to think about when picking a state to retire in 2023, but if you want to save money, Mississippi, Arkansas, Oklahoma, Tennessee, South Carolina, Georgia, Kentucky, and Missouri are some of the best choices.
Each of these states has a lower cost of living, tax-friendly policies, and attractive ways of life, which makes them great choices for retirees who want to get the most out of their savings. When choosing a place to retire, it’s also important to think about things like healthcare facilities, the weather, and neighborhood amenities to make sure you have a fulfilling and enjoyable time.