Retirement is synonymous with not to work any longer in the institution you have worked for a major part of your life. With retirement comes the thoughts of cost of living and spending of the savings which you have earned throughout your service-life. Being a resident of the US, one must well be aware of the wide-ranging cost of living in all the fifty states of the country. There are a variety of facets about a state that must be taken into consideration after your retirement since you will look forward to the optimal usage of what you have saved for your post-retirement period.
In this article, we aim to take you a step ahead towards your plan of optimal usage of your savings after retirement by enlightening you about the cost of livings and other factors in different US states. Here, we arrange the 10 best states as follows.
1. Nebraska
This state, according to surveys done by many organizations, has achieved the tag of ‘best one for retirement’. The cost of living in this state is roughly 10-12% lesser than any other US state on average, even though this state is not very friendly when it comes to taxes. Additionally, the expenditure on health is also going to be lower than the average US level. This state has got a huge area covered by parks and wildlife for keeping you busy after retiring.
2. South Dakota
Many surveys conducted by various organizations have put this state in the first position when it comes to the well-being of retirees. This is perhaps the best state for retirees since there is no income tax levied on pensioners! Additionally, the sales tax is 4.5% and once again no tax on security benefits. Though the cost of living is not as low as that in Nebraska, the lower tax rates are going to compensate for it. There are also other activities like fishing which will keep the retirees engaged and active.
3. Florida
According to the data collected by different organizations, Florida has more or less always achieved the third position. The affordability in the Sunshine state is what makes it an attractive place for the retired population. Moreover, almost one-fifth of the population comprises the retired section, thus enabling retirees to find companies. This state provides a warm-climate which adds to your chances of indulging in various activities like fishing! And finally, this is also an extremely tax-friendly state with no income tax on retirement income.
4. Iowa
In this state, the cost of living is 12% lesser than the rest of the country! With advanced healthcare facilities available at a lower cost to theatre culture to natural beauty, this state has become one of the most desired ones for retirees.
5. Missouri
The cost of living in Missouri is one of the lowest in the US. This state has high-facility hospitals and advanced healthcare systems available at a cost lower than the average of the US. This state also offers houses at economical prices. And you will be happy to know that this state levies no tax on the social securities, making it one of the targeted places by retirees to live in.
6. Wyoming
First things first. This state levies no tax on income and a sales tax of only 4%, which is lesser than the rest in the country. This state will put forth you a variety of outdoor activities to indulge in and make you forget your post-career boredom. The rate of crime in this state is also relatively lower than the other states in the US. This state is also sparsely populated and hence you have greater chances to enjoy the beauty of nature a bit more.
7. Utah
This state, unlike many others in the US, levies taxes on your income. But, the property tax and sales tax is relatively low when compared to the other states. Moreover, the retired people are subjected to claiming a tax credit of about $450 per person. Additionally, the cost of living in this state is also quite affordable, hence, making it one of the best places for retirement. And finally, the healthcare system is also one of the finest in the country.
8. Pennsylvania
In Pennsylvania, the cities provide you with the highest quality healthcare at comparatively low prices. The cost of living there is also low and the system of public transport is very well developed. But income tax is levied and the sales tax is around 6%. But this does not restrain retirees to make this state their targeted one as the cities in this state are not going to bore you ever.
9. Indiana
The median house price in this state is lower than what you get in the other states of the US. In addition to this, the house-rent is also very low. Because of these two factors, the state has become one of the most desired places for retirees to move to. And lastly, this state has a considerable population of retirees and thus you will have good company once you settle here after your retirement.
10. Idaho
Though the price of houses here is relatively higher in comparison to the above states, the house rents are lower than the above states as well. The cost of living in this state is about 5% lower than the national average and no taxes are levied on social securities. Moreover, healthcare is cheaper than what you will find in the rest of the country.
These are the details you need to consider before deciding which state in the US is the best one for retirement. With an increase in your age, the additional thoughts of healthcare and medications alongside that of no income are haunting.
So, it is wise to have a plan of spending your post-career life in a state which is friendly to your income in terms of taxes and cost of living. Moreover, it is also natural for you to look forward to having companions and other activities to keep you away from boredom. So, following the above details will surely help you decide which state will be best for you to stay after retirement.
