If you’re getting set to retire one of the most important things to consider is what your cost of living is going to be. The simple fact is, the less that you have to spend on housing, food, energy bills and taxes, the longer your savings will last. Today what we have done is put together a list of the states that are the best for retirees and will allow them to keep more of their money in the bank. We don’t have a particular bias against any state, we’ve just looked at them pragmatically and put together this list so that, if you’re retiring and wish to conserve your money, you know which ones will suit you best. Enjoy.
North Dakota, although it does get more than its fair share of snow,is an excellent place to retire due to a number of factors. One of them is that it has excellent hospitals and five beds for every thousand people, tied for second best in the entire country. North Dakota is also one of the best in terms of state and local taxes at approximately 9% of total income and has the second lowest crime rate in the United States, all of which make it a definite option for retirement. Just make sure to bring a pair of longjohns and a warm coat.
Another state that gets its fair share of cold but is still an excellent option for retirement is Nebraska. Boasting one of the lowest cost of living factors in the country and a crime rate that is below average, Nebraska also has a state and local tax burden at about 10%, making it one of the lowest in the United States. Like North Dakota however, you’ll definitely need to bring some warm clothes with you.
Quite a bit further south we have Alabama with temperatures that are some of the warmest in the United States, extremely low local and state taxes and a cost of living that is one of the lowest in the country. The trade-off with Alabama is that its crime rate is relatively high and it’s access to medical care is a bit lower than the national average. With an average temperature of about 63° all year long however the state is quite alluring for retirees, especially those who wish to be able to go outside on a regular basis.
If you’re a fan of low crime rates, lower than average living costs and some of the most amazing opportunities to fish and hike, West Virginia is a great choice for retiring. The average temperature is about 52° which is a little on the chilly side but West Virginia is an old one of the safer states with a lower than average crime rate and winters that are relatively short, making it a great choice for retirees.
Right next door to West Virginia is Virginia which boasts many of the same attributes as its neighbor and has one of the lowest crime rates in the country. If you love wine it’s a great place to settle down for retirement as it boasts some of the most beautiful wineries and vineyards in the country as well as having a lower than average cost of living.
Mississippi is next on our list and is the fourth Appalachian state to make it. The reasons; one of the warmest climates in the United States, lower than average cost of living and also one of the lowest physician to resident ratios in the nation. The first two are excellent but, depending on your state of health, the third might not be as much. Still, Mississippi is an excellent place to retire, especially if you’re keen on enjoying the outdoors on a regular basis.
Offering an extremely low cost of living, Kentucky has some of the lowest costs for groceries, transportation, healthcare, housing and utilities in the United States, warmer than average temperatures as well as some of the most beautiful flora and fauna to be found on this list. Kentucky’s crime rate is also slightly lower than average and, if you’re into horseracing, we hear that there is a Derby held there every year that you might want to check out.
Heading back up north we find a South Dakota. While the Mount Rushmore state may surprise you to be on this list (and so high) it actually is an excellent choice for retirement for a number of reasons. One of the best is that it has the lowest crime rate in the country. Another is that you will be taxed at less than 8%, which is lower than every state except, brrrrr, Alaska. While it may not be as cold as Alaska however, it does tend to get chilly there so if you’re not a fan of snow and ice you may wish to consider somewhere else.
With a combination of low taxes and beautiful weather year round, Louisiana is number two on our list. Surprisingly it has the highest average temperature of every state except Hawaii and Florida, better than average medical care and a cost of living that is relatively low. The only problem that we find with Louisiana is that it has a relatively high crime rate. In fact it’s one of the highest in the nation unfortunately or else Louisiana would probably be number one.
Which state tops our list? Why it’s Tennessee, with the second lowest cost of living in the country, the best access to medical care and weather that is warmer than average. The Tax Foundation ranks it as the third lowest in the nation as far as state and local taxes as well, making it an excellent choice except for the fact that it has one of the worst crime rates in the country.
Of course this list was dependent on cost of living, state and local taxes, access to health and medical care and crime rates. There are many other states that have lower crime rates, for example, or lower taxes but none of them have the combination of the 5 stats that the 10 on our list happen to have.
That being said, anyone looking to retire in a different state from where they are now living should go online and do as much research as possible to find out as much as they can about the state where they are keen on moving. We hope this blog has been helpful and that, no matter where you decide to spend your ‘golden years‘, you enjoy them in good health.