What is the best state to retire on a fixed income?
Asked by: Jensen Brown | Last update: August 25, 2025Score: 4.2/5 (58 votes)
What is the best place to live on a fixed income?
For some people, that's their only income. It makes sense then that people will want to find affordable places to live. Here are 25 of the best places to live for those on a fixed income — with Texas and Florida dominating the list.
What is the best state to live in financially for retire?
A: The best state to retire in 2024 is sunny Florida, thanks to its relative affordability and high quality of life for seniors. That's followed by Colorado, Virginia, and Delaware. Q: What state has the lowest cost of living for retirees? A: Alabama ranks as the most affordable state to retire in.
What is the most tax-friendly state to retire in?
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming are the top tax-friendly states for retirees. All of them have no personal income taxes. 1 Other taxes, cost of living, and overall quality of life are also important considerations.
What state has no property tax for retirees?
For instance, while most states set the bar at 65, states like Washington allow exemptions starting at 61. Alabama is the only state that offers total property tax exemption to seniors 65 and up.
Top 5 States Retirees Are Moving To In 2024 (Does it Makes Sense?)
What state has the best benefits for seniors?
1. Montana – Overall Grade: A+ (100) Montana may be known for its badlands, but it is an excellent land for senior healthcare, notching the best overall grade in the nation. The state's primary strength was its healthcare accessibility for older citizens.
What is the most tax-friendly state to live in?
- Alaska.
- Florida.
- Nevada.
- South Dakota.
- Tennessee.
- Texas.
- Washington.
- Wyoming.
What state is best for retirement on fixed income?
- Delaware.
- Florida.
- West Virginia.
- Tennessee.
- Wyoming.
- Nevada.
- Idaho.
- Georgia.
What is the happiest state to retire in?
The results
The top two states to retire in according to our formula are — drumroll please — Alaska and New Hampshire!
What state has the lowest property taxes?
1. Hawaii. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $764,800.
Where do the happiest retirees live?
- Pearl City, Hawaii.
- Honolulu.
- Scottsdale, Arizona.
- Columbia, Maryland.
- Fremont, California.
- Glendale, California.
- Madison, Wisconsin.
- San Jose, California.
What is the cheapest state to live in for retirees?
What state is the best financially to retire in? A 2022 Kiplinger analysis ranked the most tax-friendly places in the country for retirement: Alaska, Florida, Iowa, Mississippi, Nevada, Pennsylvania, South Dakota, Tennessee, Texas, and Wyoming.
What state pays the highest retirement benefits?
- New Jersey: $1,768.61/month.
- Connecticut: $1,757.00.
- 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.
Where is the safest and least expensive place to retire?
- Lexington, Kentucky.
- Oklahoma City.
- Omaha, Nebraska.
- Montgomery, Alabama.
- Davenport, Iowa.
- Green Bay, Wisconsin.
- Hickory, North Carolina.
- Wichita, Kansas.
Is $3,000 a month enough to retire on?
The ability to retire on a fixed income of $3,000 per month varies by household. To retire at the same standard of living you enjoyed during your working years, experts recommend saving at least 15% of your income in tax-advantaged retirement accounts each year, in addition to Social Security.
What is the best state to retire to avoid taxes?
- Alaska.
- Florida.
- Georgia.
- Mississippi.
- Nevada.
- South Dakota.
- Wyoming.
What is the number 1 place to retire in the United States?
1. Florida. Florida ranks as the best state to retire due to its relatively low taxes, including no estate, inheritance or income taxes.
What is the best state to live in financially?
Where is the best place for poor seniors to live?
- Decatur, Alabama. Cost of living for retirees: 11.0% below U.S. average. ...
- Prescott, Arizona. ...
- Hot Springs, Arkansas. ...
- Grand Junction, Colorado. ...
- Punta Gorda, Florida. ...
- Sandy Springs, Georgia. ...
- Boise, Idaho. ...
- Bloomington, Indiana.
What state do most retirees move to?
- Florida (39%)
- South Carolina (37%)
- Arizona (36%)
- Delaware (34%)
- Idaho (29%)
- Nevada (29%)
- Wyoming (28%)
- Mississippi (28%)
Which state does not tax retirement income?
Eight of them – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax wages, salaries, dividends, interest or any sort of income. New Hampshire, the ninth state, has no state income tax on wages, salaries, retirement account withdrawals or pension payments.
What states are best to avoid taxes?
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming do not levy state income taxes, while New Hampshire doesn't tax earned wages. States with no income tax often make up the lost revenue with other taxes or reduced services.
Which state has no income tax and no sales tax?
Taxes: Alaska stands out as the only state that does not levy sales tax or personal income tax. However, some municipalities do impose local sales taxes that can range up to 7.5%.