Top 10 Most Affordable States for Retirement in the US – Florida Not Included
The state where you can retire for the least money this year won’t have any palm trees.
According to information from Bankrate’s list of the Best and Worst States to Retire, West Virginia will be the least expensive state in which to retire in 2023.
The state may be a desirable alternative for retirees due to its low cost of living and modest tax burden.
Bankrate examined data from a variety of sources, including the Tax Foundation and the Council for Community and Economic Research’s 2023 cost of living index, to estimate the affordability of each state.
According to SmartAsset, West Virginia is a relatively tax-friendly state for retirees.
Florida No Longer a Top Retirement Destination for Seniors
Senior citizens can deduct some of these costs from their taxes, even though the state taxes Social Security benefits and withdrawals from retirement funds in part.
In addition to being the most affordable state to retire in, West Virginia scored highly in the categories of wellbeing, weather, and crime, making it the third-best state overall.
Florida has traditionally been a popular retirement destination, but for the second year in a row, it didn’t rank among the least expensive states to retire in.
In terms of affordability, the Sunshine State came in at 35th this year, down from 18th the year before.
According to the National Association of Realtors, Florida was the state where people migrated the most in 2022, but that migration has driven up housing costs.
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Most and Least Affordable States for Retirees in 2023
When choosing where to live in your post-work years, price can be a very essential issue, but it’s also necessary to take other variables into account, such as proximity to family and ease of access to medical facilities.
According to personal financial expert Shang Saavedra in Bankrate’s research, it’s also critical to understand how much money you’ll have saved for retirement.
The retirement calculator on Make It can help you determine if you’re on track or whether you need to review your spending by giving you an indication of how much you need to save each month in order to fulfill your retirement objectives.
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