Like most people after retirement, when you have a fixed income, controlling your spending becomes more important than ever.
One way to do it? Live where the cost of living is low. This is part of the thinking behind the website WalletHub’s recent rankings.best states to retire in 2023”
The ranking incorporates “47 Key Indicators of Ease of Retirement” categorized into three key dimensions: health care, quality of life and affordability, with the last category, affordability. Just highlight the best states for the price.
The states considered the most affordable for retirees are:
Mississippi ranks poorly for healthcare and last for quality of life in WalletHub’s rankings, but it’s certainly affordable. And don’t be intimidated by survey rankings. Consider Hattiesburg, where he is one of the “18 Best Warm and Sunny Places to Retire in the U.S.”
Florida is famous for its retirees, so it’s no surprise that WalletHub found the state to have the second-highest percentage of people over the age of 65. The state also ranked fourth for quality of life. In Florida, retirees do not fight social security benefits or taxes on their personal income.
Arkansas has the second worst quality of life in the country, according to WalletHub. Nonetheless, it ranks as one of the most affordable states for retirees and has the fifth lowest cost of in-home services.
Despite being a relatively affordable state for retirees, Georgia has one of the lowest percentages of the population over the age of 65, according to WalletHub research.
Another study by Bankrate in 2021 rated Georgia as the best state for retirees based on affordability, health, weather, and other factors.
According to WalletHub, Delaware is the second-highest “taxpayer” ranking after Alaska and has one of the highest percentages of the population over 65. Delaware residents may be able to exclude certain amounts of retirement income from taxes, and the state does not tax Social Security benefits. Delaware Department of Revenue.
Among the top 10 states with the most affordable retirement costs, Wyoming stands out for its excellent quality of life, ranking 9th in this category on WalletHub. As noted in “Retirees Flock to These Her 10 States,” 42% of new residents said retirement was the top reason they moved here.
4. South Carolina
South Carolina ranked below average in other categories in WalletHub’s survey, but scored high on affordability, making it 16th overall among the best states to retire. became.
One downside? South Carolina is one of his “three states where home insurance rates have skyrocketed amid inflation.”
3. West Virginia
West Virginia has the third highest percentage of seniors in the population. For “Almost Heaven,” as John Denver sings it, I’d recommend Cheat Lake.
Tennessee ranks 33rd overall as a destination for retirees after giving low ratings for healthcare and quality of life, but ranks second for affordability, according to WalletHub.no state personal income tax.
At both ends of the scale, WalletHub ranked Alabama the lowest in healthcare, but the highest for affordability. Alabama also strives for some of the lowest property tax rates in the country.