What Are the 10 Cheapest States to Retire in the US?

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The choice of the state where you will spend your
retirement years can significantly impact your
personal finances. This is due to the different
living costs, health care costs, and tax burdens
across the country. When analyzing the available
options, you should consider both financial
aspects and liveability factors. To help you
with this search, we have selected some of the
cheapest states to retire in. We included states
that are both affordable and attractive in terms
of overall quality of life. At the end of the
article, you will also find the links to the
sources we gathered data from.
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MICHIGAN
Michigan is not only the hub of the US auto
industry but also a state with beautiful
shorelines and lovely countryside. Both its
general cost of living and health care spending
per person is below the national average.
Tax-wise, its quite retiree- friendly, with no
taxes on your social security income and only
partial taxation on your pension and withdrawals
from your retirement accounts. While some of
Michigans major cities dont enjoy the best
reputation for crime, many smaller towns are
remarkably safe and enjoyable. Examples include
Sterling Heights and Rochester Hills.
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OHIO

• This is another Great Lake state that retirees
  may find ideal to live in. Housing (including
  rental apartments) can be very affordable if you
  know how to search. The overall cost of living is
  the 17th lowest among US states. While the state
  has full taxation on retirement account
  withdrawals, there is neither a marginal income
  state tax nor taxation on social security income.

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OKLAHOMA
Rich in agriculture and with strong links to
Native American culture, Oklahoma is probably not
the state you think of when planning your
retirement. While the state also applies partial
taxation on pensions and retirement account
withdrawals, it has very low property taxes. Its
general cost of living is the second lowest in
the country, making your retirement dollars last
longer. Housing and healthcare costs are also
quite low compared to most states.
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MISSOURI
With a culture that combines elements from both
the South and the Midwest, Missouri is a
mountainous state with great scenery and many
relaxing locations. While its tax system is not
the most retiree-friendly in the country, its
cost of living is the 7th lowest in the country.
The state also ranks in the top 30 states for
quality of life in the US. Small towns, such as
Glendale, Maryville, and Greenwood, tend to be
quite safe on average and only major cities tend
to have higher crime rates.
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GEORGIA

• Famous for its peaches, subtropical climate, and
  warm hospitality, Georgia is also a very
  affordable state to retire and live in. Health
  spending per person is particularly low compared
  to most states, and the general cost of living is
  among the 5 lowest in the country. While Georgia
  has a relatively high marginal state income tax,
  it doesnt tax social security income and imposes
  only partial taxes on pensions and withdrawals
  from retirement accounts.

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TEXAS
Currently one of the fastest-growing states in
the country, The Lone Star State offers numerous
benefits to people looking for a place to retire.
These include the 12th lowest cost of living in
the US, a very low health spending per capita,
and a particularly retiree-friendly tax system
with no state taxes whatsoever on income,
pensions, and retirement account withdrawals.
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FLORIDA
Its not just because of its weather and beaches
that Florida is such a popular state among
retirees and people moving from other states.
While general living is a bit more expensive than
the national average and home prices are higher
than in many states, Floridas tax system is very
advantageous for retirees. There is no state
taxation on pensions or income, and average
property taxes are quite low.
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NORTH CAROLINA
A pleasantly mild climate, 300 miles of
coastline, and great rural scenery are only some
of the reasons that make North Carolina
attractive to retirees. Its tax system may not be
the most inviting for retirees, but the state
makes up for it with a low cost of living and
affordable health care. Not to mention its
quality of life index, which ranks in the top 15
nationwide.
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INDIANA
Also known as the state at the crossroads of
America, Indiana is an uncrowded and relaxing
state in which to enjoy your years as a retiree.
While the state has full taxation on both
pensions and retirement account withdrawals, the
general cost of living is the 8th lowest in the
country, and housing tends to be quite affordable.
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SOUTH DAKOTA
With its lakes, parks, and trails, South Dakota
is a great choice if you love spending a lot of
time outdoors. This state combines a low cost of
living with a very attractive tax system. You
wont be taxed by South Dakota on your pension,
income, retirement account withdrawal, and social
security income. Its crime rate is only slightly
higher than the national average, and many small
towns are remarkably safe.
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