What are the 10 most expensive states to retire in? (2024)

What are the 10 most expensive states to retire in?

According to the Composite Cost of Living Index, the 10 most expensive states to live in (and retire to) are: Hawaii, Massachusetts, California, New York, Alaska, Washington, New Hampshire, Vermont, Maryland, and Oregon.

What is the most expensive state to retire in?

New York has been identified as the most expensive state for retirees in America, according to the latest data from CEOWORLD magazine. The high cost of living is mainly due to skyrocketing housing prices in New York City, where most of the state's population resides.

What is the #1 retirement state?

1. Iowa. Iowa ranks as the number one state to retire to. It offers an affordable cost of living and home prices and a strong economy, making it an attractive place to make retirement savings last longer.

What is the cheapest state to retire in?

What is the best and worst state to retire in 2023?

Best states to retire: a full breakdown

Florida is second on the list of best states to retire in, which is unsurprising due to its low costs, generous tax laws, and high quality of life. Kentucky is deemed the worst state to retire in the US in 2023 due to its low quality of life and healthcare scores.

Where do the happiest retirees live?

Delaware tied with Montana as the No. 1 retirement destination in 2020, according to a United Van Lines study. (Florida and South Carolina ranked No. 2 and 3.)

What is the best state to retire in in 2023?

For example, WalletHub ranked Virginia as the best state to retire in its 2023 study, followed by Florida, Colorado, Wyoming, and Delaware. Why Virginia? WalletHub's methodology evaluated quality of life, affordability, and health care using 47 metrics.

Why retirees are leaving Florida?

A recent analysis from retirement experts for GOBankingRates found some people are rethinking the Sunshine State as the go-to retirement destination. The cost of housing in Florida has skyrocketed, with a median home value of nearly $393,000, according to Zillow.

What is the best and worst state to live in?

Massachusetts has been named the top state to live in for 2023 while New Mexico has been named the worst, according to WalletHub. The personal finance website based its rankings, released Aug. 14, on key indicators of livability, including affordability, economy, safety, quality of life and education and health.

Where is the cheapest warm place to retire?

One of the cheapest warm places to retire in the world is Mexico. San Miguel de Allende, in particular, is a favorite amongst retirees owing to its established expat community, rich cultural scene, and affordable healthcare.

Where can I retire on $800 a month?

Some of the places to retire for $1,000 a month include Ipoh, Malaysia; and Tanjung Bungah in Malaysia. Yet other places exist where individuals can retire for $800 a month, such as Koh Samui in Thailand, Murska Sobota in Slovenia, Chiang Mai in Thailand, and Timisoara in Romania.

What is the best state to live in for low income seniors?

Best States for Low Income Retirees FAQs

The best state will depend on the individual's specific needs and preferences. However, states like Alabama, Tennessee, West Virginia, South Carolina, and Wyoming are generally good options due to their affordability and quality of life for seniors.

Can I retire in Florida on $3000 a month?

Q: Can I retire in Florida on $3,000 a month? A: According to a GOBakingRates study, there are several cities in Florida where you can live on $3,000 — or even less — each month, including Pensacola and Panama City.

Where not to retire?

What are the top 5 worst states to retire in?

What are the 5 worst states to retire in?

What state has the best healthcare for retirees?

States ranking for best health and healthcare for senior adults in the U.S. in 2023. In 2023, across all states in the United States, Utah was ranked as the healthiest state for older adults aged 65 years and above, followed by New Hampshire and Colorado.

Where can I live on $3,000 a month?

Where do most people move to in retirement?

Is Florida no longer the best place to retire?

Florida is no longer the best place to retire, according to a new national ranking. What's happening: U.S. News & World Report named Harrisburg, Pennsylvania, the No. 1 place to retire for 2024. The big picture: Pennsylvania dominated the ranking, landing seven spots in the top 10.

Is it better to retire in Alabama or Florida?

Alabama — Great for Retirees

It doesn't tax Social Security benefits and public or private pension income. Thanks to these tax-friendly benefits, it offers a retirement much like Florida's — warm weather, beaches, and plenty of leisure activities like golf — but at a lower cost.

Where is the best place to live for single retired females in 2023?

Some of the best places to live for single retired females in 2023 include Bali, Indonesia; Panama City, Panama; Alicante, Spain, to name a few. These places offer comfortable living, are friendly, and also welcoming towards females. Women may also choose to live in women's retirement communities.

Is it cheaper to retire in Florida or Arizona?

With nearly 700 retirement communities, Florida is truly a haven for seniors. It's helped by having no income or Social Security taxes, a higher retirement income than Arizona, a lower cost-of-living score and a stronger quality of Medicare and public safety.

What are the disadvantages of retiring in Florida?

Retiring in Florida has pros, such as a lower cost of living and good healthcare. Florida has cons, such as relatively high sales tax and property insurance. Sarasota and Naples are among the best places for retirees.

Is it cheaper to retire in North Carolina or Florida?

Housing is still fairly affordable in North Carolina

The state's median is even lower than that of Arizona ($423,568) and Florida ($392,904). WalletHub data indicates North Carolinians also don't pay a lot in property taxes, with only 17 states taxed at a lower rate.