How to Choose the Best Place
Affordability is Just One
Item in a Long List of Things to Consider
How to choose the best place for your retirement?
A reasonable living cost is often at the top of many retirees' list
since income usually drops, sometimes substantially, when retirement
arrives. In general, the least expensive states for
retirement are in the South and in the Midwest. The Northeast,
the West and the Northwest are the most expensive areas.
And keep in mind a variety of
criteria when thinking about affordability, including taxes (on
Social Security and private pensions and earned income in particular), transportation costs to
visit far away relatives, HOA fees, etc.
FYI: states that do not tax Social Security are
Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida,
Georgia, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maine,
Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New
Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma,
Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas,
Virginia, Washington, Wisconsin and Wyoming. The other states
all tax Social Security to some extent.
In addition to affordability, things to consider when
thinking of where to retire include recreation options, senior services, air quality, crime rates, poverty
rates, transportation services, medical facilities and more.