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TEMPO.CO, Jakarta - The incessant uneasiness of choosing the best states to retire may linger way long before retirement occurs especially given the rising cost of living across the United States. For those with limited retirement savings, finding an affordable and comfortable state is critical.
To help you navigate this process, here is a list of the 10 best states for retirees in the United States for 2024, based on factors such as affordability, healthcare costs, overall well-being, and weather. This draws on the findings of Bankrate's annual Best and Worst States to Retire Study.
1. Delaware
Delaware is the best state to retire in 2024 due to several reasons. While it may be on the pricier side, the state offers a tax advantage by exempting Social Security benefits from taxation. Additionally, the average property tax in Delaware is relatively low at US$1,939, per ATTOM data.
Aside from financial considerations, the state has pretty tame weather and a low risk of natural disasters like earthquakes, tornados, and hurricanes. Its strategic location near major East Coast cities provides easy access to reliable public transportation options and a diverse range of entertainment options.
For retirees seeking a high quality of life, Delaware's stunning beaches and coastal charm offer endless opportunities for relaxation and enjoyment.
2. West Virginia
West Virginia has been named as the state with the lowest cost of living in a recent study by SmartAsset Analysis. This strong selling point is doubled by low property taxes and affordable homeowners insurance. As a predominantly rural state, West Virginia offers a peaceful and tranquil environment with minimal traffic congestion.
The state’s mesmerizing Appalachian landscapes provide a stunning natural canvas for year-round enjoyment. Other vibrant escapes like the New River Gorge, the Dolly Sods Wilderness Area, and the Monongahela National Forest welcome exhausted retirees with open arms.
3. Georgia
Bankrate’s study highlights Georgia's significant improvement in affordability over the past year, climbing from 15th to third place in this year's ranking. The state offers a lower cost of living and affordable homeowners insurance.
The thriving countryside-like state has a temperate climate that offers glorious four seasons with shorter winters. The white-sand beaches are scattered across Georgia, boasting world-class entertainment activities for retirees.
4. South Carolina
South Carolina has made a significant leap in the rankings, climbing 15 places from its position last year. This improvement is primarily attributed to its affordability. While the state's overall well-being and healthcare quality remain middling, concerns persist regarding crime rates.
One of South Carolina's major selling points is its thriving economy. Being in the top lowest-taxed states, South Carolina generally offers a more affordable cost of living, particularly for groceries, household goods, and entertainment.
5. Missouri
Despite noticeably struggling with natural disasters, Missouri ranks high as the prime retirement state for its affordability. It offers a lower cost of living and property taxes, making it a compelling choice for retirees seeking a budget-friendly location.
Missouri's relaxed lifestyle, friendly residents, and reasonable food prices help contribute to a comfortable retirement experience. To seal the deal, the median monthly rent for a two-bedroom apartment in Missouri ranges from US$1,300.
6. Mississippi
The cost of living in Mississippi is said to be 14% lower than the national average and housing costs are recorded to be 40% lower, according to the state's official website. For retirees wishing a healthy golden life ahead, Mississippi is equipped with a thriving healthcare industry, serving as a hub for three Fortune 100 healthcare companies.
7. Pennsylvania
Pennsylvania offers the convenience of being located near major cities like New York City and Washington D.C., which are easily accessible by car. The state's diverse culinary scene is also a major draw for residents.
According to the US News, Pennsylvania has 1,046 senior living communities, which scored 91 points for its resident satisfaction in safety, value, caregiving, and food and dining.
8. Florida
While certain regions of Florida may see a 3.1% higher cost of living than the national average, residents are not required to pay state income tax. However, consider moving to some of its best places to live, including Miami, Orlando, and Tampa.
9. Iowa
Iowa is renowned for its low cost of living, a factor largely attributable to its thriving agricultural sector, which produces high-quality goods like milk, chicken, eggs, corn, and soybeans. It is pretty easy to find an affordable two-bedroom apartment in Iowa since the state's median monthly rent shows at US$1,100
10. Wyoming
Wyoming offers a lower cost of living compared to the national average. The state’s median home sale price is recorded to be US$286,000 or almost US$200,000 lower than the national median of US$439,716.
Its one of the largest cities, Casper, offers a 10% lower cost of living compared to the national average and benefits residents in many areas of life including groceries, utilities, and transportation.
These top 10 best states to retire in 2024 are ranked based on their affordability and overall well-being, two key factors for retirees. Have you considered which of these states might be the ideal fit for your retirement lifestyle?
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