FAQs
Move over, Florida, a new locale ranks as the best state to retire in. Although in 2022 the Sunshine State was named the No. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study.
What is the best state to retire in 2022? ›
Move over, Florida, a new locale ranks as the best state to retire in. Although in 2022 the Sunshine State was named the No. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study.
What are the 10 best states for retirees? ›
Top 10 best states to retire based on quality of life
- Pennsylvania.
- Florida.
- New Hampshire.
- Maine.
- Vermont.
- Ohio.
- Wyoming.
- New York.
What are the top 5 retirement states? ›
The top five states to retire, according to the site, are Virginia, Florida, Colorado, Wyoming and Delaware, in that order. You can see the rest of the state rankings in WalletHub's report. WalletHub uses 47 “key indicators” in three areas — affordability, quality of life and healthcare — to calculate its rankings.
What state has the lowest tax burden for retirees? ›
Alaska. Alaska is the most tax-friendly state for retirees because it has no state income tax or tax on Social Security.
What state pays the highest retirement benefits? ›
The end result is that retired workers in the following 10 states are collecting the highest average monthly Social Security payouts in the country.
- Delaware: $1,704.26.
- New Hampshire: $1,700.75.
- Maryland: $1,689.86.
- Michigan: $1,682.68.
- Washington: $1,672.05.
- Minnesota: $1,656.27.
- Massachusetts: $1,654.24.
- New York: $1,654.14.
What is the healthiest state to retire in? ›
Top 10 best states for retirees based on health care, wellness and more
- Massachusetts.
- North Carolina.
- New Hampshire.
- Virginia.
- Minnesota.
- Ohio.
- Indiana.
- Michigan.
What states do not tax pensions? ›
Fortunately, there are some states that don't charge taxes on retirement income of any kind: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.
What states do not pay Social Security taxes? ›
The 38 states that don't tax Social Security benefits
- Alabama.
- Alaska.
- Arizona.
- Arkansas.
- California.
- Delaware.
- Florida.
- Georgia.
Where do most seniors retire? ›
Best Cities to Retire
- Sarasota, Florida.
- Lancaster, Pennsylvania.
- San Antonio, Texas.
- Grand Rapids, Michigan.
- El Paso, Texas.
- McAllen, Texas.
- Daytona Beach, Florida.
- Pittsburgh, Pennsylvania.
“In addition to inflation, housing prices and increasing costs of living in Florida, retirees are also leaving for other reasons,” says Dutch Mendenhall, Founder of RAD Diversified REIT. “Higher auto and home insurance along with a 7% sales tax on already high-inflation goods can put a strain on retirement income.”
Where is the best place to retire financially? ›
Countries Natixis ranked as secure retirement locations are mostly concentrated in Europe but also include New Zealand and Australia. The top three countries in the rankings are Norway, Switzerland and Iceland, all of which have life expectancies of 83 years, compared to 77 in the U.S. and the world average of 72.
What is tax friendliest state? ›
MoneyGeek's analysis found that Wyoming is the most tax-friendly state in America, followed by Nevada, Tennessee, Florida and Alaska. States that received a grade of A all share something in common: no state income tax. Washington and South Dakota — which both received a B — also have no state income tax.
How do I get the $16728 Social Security bonus? ›
To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.
What state has cheapest property tax? ›
All of the data below comes from the Census Bureau's 2021 1-year American Community Survey (ACS) Estimates. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $722,500.
What is the best state to draw Social Security? ›
- Montana. 2022 Average Rent: $1,033. ...
- Oklahoma. 2022 Average Rent: $1,052. ...
- North Dakota. 2022 Average Rent: $871. ...
- Missouri. 2022 Average Rent: $1,014. ...
- Iowa. 2022 Average Rent: $937. ...
- South Dakota. 2022 Average Rent: $950. ...
- Arkansas. 2022 Average Rent: $991. ...
- Kentucky. 2022 Average Rent: $956. Overall Cost-of-Living Index: 94.9.
What is the highest amount you can get from Social Security? ›
Most seniors won't get the maximum monthly benefit
Collecting $4,555 from Social Security every month during retirement might seem nice.
What state pays more Social Security benefits? ›
States That Payout the Most in SSI Benefits
The highest paying states for SSI benefits as of 2022 were New Jersey, Connecticut, Delaware, New Hampshire and Maryland. The average disability benefit per month for 2022 for an individual on SSI benefits was $841 per month.
Can you retire on $3,000 a month? ›
If you have a low living cost and can supplement your income with a part-time job or a generous pension, then retiring on $3,000 a month is certainly possible.
What is the best state in 2023? ›
The latest edition of the Best States rankings project finds a new No. 1 and a strong showing from the West and Midwest in the top 10. Utah has taken the No.
Spring 2023 Ranking | State | Fall 2022 Ranking |
---|
1 | New Jersey | 6 |
2 | Idaho | 4 |
3 | Utah | 3 |
4 | Pennsylvania | 9 |
47 more rows
What is the #1 retirement town in the US? ›
Lancaster, Pennsylvania, ranks as the best place to retire in the U.S. thanks to a high quality of life, a reasonable cost of living and proximity to health care options. READ: The Best Beach Towns to Retire in the U.S.
Where to retire on $3,000 a month? ›
5 Awesome Places to Retire on $3,000 a Month or Less
- If You Want to Be Near the Beach: Gulfport, Fla.
- If You Desire Access to Arts and Culture: Duluth, Ga.
- If You Want to Be Close to a Transportation Hub: Alton, Ill.
- If You Crave the Outdoors: Coeur d'Alene, Ind.
- If You Want to Live Someplace Totally Foreign: Malta.
Is Florida no longer the best place to retire? ›
— According to a new survey, Florida just lost its top ranking as the best place for retirees. The financial website WalletHub found the Sunshine State slipped to No. 2 behind Virginia. Florida actually beat Virginia soundly in two of the three categories, measured including affordability and quality of life.
Where are the cheapest places to retire? ›
Below, you can review our list of the top ten cheapest countries where you can retire well.
- Portugal. Cost of Living Index: 42.18. ...
- Malaysia. Cost of Living Index: 34.41. ...
- Spain. Cost of Living Index: 47.51. ...
- Costa Rica. Cost of Living Index: 43.65. ...
- Panama. Cost of Living Index: 48.25. ...
- Peru. ...
- Slovenia. ...
- Austria.