Where is the best place to retire in the United States?

Asked by: Clifton Berge  |  Last update: August 18, 2023
Score: 4.5/5 (12 votes)

Apart from Florida, U.S News & World Report states that among the best places to retire in the United States are names like Harrisburg, Allentown, Reading and York in Pennsylvania, and Ann Arbor in Michigan. Lancaster, Pennsylvania, tops them all, bestowed with the honor of AARP best places to retire in 2023.

What is the best state financially to retire in?

Americans value quality of life, affordable housing, high-quality and affordable healthcare, safety, and low taxes when it comes to choosing a place to retire. The top five states to retire to in 2023 are Vermont, Maine, New Hampshire, Kentucky, and Rhode Island.

What is the #1 best place to retire?

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.

Where is the best place to retire in the US for taxes?

1. Alaska. Alaska is the most tax-friendly state for retirees because it has no state income tax or tax on Social Security. And its sales tax rate is the fourth lowest on our list - fifth lowest in the U.S. But keep this in mind: The cost of living in Alaska is higher than in most states.

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.

Top 20 Best Places to Retire in USA

31 related questions found

Where is the easiest place for Americans to retire?

Top 10 Easiest Countries To Retire Comfortably
  • Ecuador. Ecuador, located in South America between Columbia and Peru, is an increasingly popular destination for retirees. ...
  • Greece. ...
  • France. ...
  • Italy. ...
  • Thailand. ...
  • Colombia. ...
  • Mexico. ...
  • Costa Rica.

What states do not pay Social Security taxes?

These states are:
  • Alabama.
  • Arizona.
  • Arkansas.
  • California.
  • Colorado: Previously, Colorado worked around straight up taxing Social Security by allowing $24,000 of Social Security income to be deducted from state taxes. As of 2023, Colorado no longer taxes Social Security benefits.
  • Delaware.
  • Florida.
  • Georgia.

Where can I retire on $2 500 a month?

Edinburg, Texas

1 spot as the best city to retire on a monthly budget of $2,500 or less by offering the most budget-friendly expenditures compared to the rest of the U.S. and the top livability score among these 13 cities.

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.

What is the best state to retire with no state income tax?

Retirement distributions from 401(k) plans or IRAs are considered income for tax purposes. 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 are not good to retire in?

In no particular order, here are the 10 worst states to retire in 2023, taking into account these and other factors.
  • 1. California. ...
  • New York. ...
  • Illinois. ...
  • New Jersey. ...
  • Connecticut. ...
  • Maryland. ...
  • Massachusetts. ...
  • Rhode Island.

Where is the safest place for retirement money?

Most of our experts agree that one of the safest places to keep your money is in a savings account insured by the Federal Deposit Insurance Corporation (FDIC). “High-yield savings accounts are an excellent option for those looking to keep their retirement savings safe.

Why are retirees leaving Florida?

Inflation and stock market dips have also negatively impacted their financial situation. In response, seniors are seeking more affordable places to call home. For example, many are moving to Limestone County, Alabama, the fastest-growing county in the state.

What state has the best quality of life?

Washington. Washington state has the highest quality of life in all 50 states. The state has no income tax, a thriving job market, and great international business opportunities.

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.

Which state is the healthiest financially?

  • Utah. #1 in Fiscal Stability. #1 in Best States Overall. ...
  • Idaho. #2 in Fiscal Stability. #3 in Best States Overall. ...
  • South Dakota. #3 in Fiscal Stability. ...
  • Washington. #4 in Fiscal Stability. ...
  • Tennessee. #5 in Fiscal Stability. ...
  • North Dakota. #6 in Fiscal Stability. ...
  • Wisconsin. #7 in Fiscal Stability. ...
  • Iowa. #8 in Fiscal Stability.

What is a good monthly retirement income?

But, generally speaking, most experts agree that you will need 70-80% of your pre-retirement income to maintain your standard of living in retirement. For example, if you earned $50,000 per year ($4,167 a month) before retiring, you would need approximately $35,000-$40,000 per year in retirement.

What is the average Social Security check?

According to the Social Security Administration (SSA), the average monthly retirement benefit for Security Security recipients is $1,781.63 as of February.

What is a good dollar amount to retire with?

Financial planners often recommend replacing about 80% of your pre-retirement income to sustain the same lifestyle after you retire. This means that, if you earn $100,000 per year, you'd aim for at least $80,000 of income (in today's dollars) in retirement.

Is $1,500 a month enough to retire on?

That means that many will need to rely on Social Security payments—which, in 2021, averages $1,544 a month. That's not a lot, but don't worry. There are plenty of places in the United States—and abroad—where you can live comfortably on $1,500 a month or less.

How much do 2 people need to retire comfortably?

It's recommended that most couples save at least seven to eight times their combined annual income to retire comfortably. This number may seem daunting until you remember that savings compound over time.

At what age is 401k withdrawal tax free?

You can start withdrawing money from your 401(k) without paying the penalty at 59 ½. This is the age that the IRS has designated as the “age of retirement.” However, you will be penalized if you withdraw money from your 401(k) before this age.

At what age is Social Security no longer taxed?

Social Security can potentially be subject to tax regardless of your age. While you may have heard at some point that Social Security is no longer taxable after 70 or some other age, this isn't the case. In reality, Social Security is taxed at any age if your income exceeds a certain level.

What state has the lowest taxes?

In 2020, the average American contributed 8.9% percent of their income in state taxes. Alaska had the lowest average overall tax burden – measured as total individual taxes paid divided by total personal income – at 5.4%, followed by Tennessee (6.3%), New Hampshire (6.4%), Wyoming (6.6%) and Florida (6.7%).