Congratulations on your retirement – well deserved I am sure! Now is your time to relax, enjoy your new life, forget the stresses of work, and simply have fun with your new found freedom. Before you get too comfortable though, it is wise to consider where you will spend your retirement. Not all states treat retirees equally and it may be useful to know which ones will give you the best lifestyle for your retirement.
Here are the top 5 states in America best suited to retirees:
1. #1 Tennessee
It’s no surprise that most retired couples prefer warmer climates, well, I think that is true for most of us actually! This could be one of the factors why Tennessee makes it to the top spot for ‘Best States for Retirees’. With a humid subtropical climate and hot summers, Tennessee makes a great location for a long retirement. The state also has the second lowest cost of living in America, and combined with it having the third lowest local and state taxes, it is a haven for those who have left the working world behind.
2. #2 Louisiana
Boasting an average temperature of 66 degrees, a low cost of living and excellent medical care, Louisiana deserves its spot at number 2 on the list. Another benefit for retired people is the state’s low taxes. It also has the fourth lowest tax burden in the U.S.
3. #3 South Dakota
South Dakota has the lowest crime rate in America – something that will give retirees’ confidence in investing their future in living there. This may also make up for the average temperature being just 46 degrees. According to the Tax Foundation, South Dakota has the second lowest local and state tax burden (after Alaska).
4. #4 Kentucky
With a warm and sunny climate, and low living costs, Kentucky is a favoured state among the retired. In addition, it boasts a lower than average crime rate, stunning scenery, and has flavorsome home-food.
5. #5 Mississippi
Mississippi is popular with the retirement community and offers a high standard of living. One of the biggest drawing factors of Mississippi is the fact that all qualified retirement income is excluded from state income tax. With a low tax burden, no estate or inheritance tax, warm climate and lost living costs, it is among the best states in America for retirees.
Let us know your thoughts in the comments below!