A recent poll found that 29% of workers under the age of 55 thought that they would never be able to retire. Within that group, about 75% of them said that the reason why was that they didn’t believe they’d be able to afford to. Unfortunately, for a lot of people that might seem true. About 40% of baby boomers, or those who fall in the 55 to 64 age range, have no retirement savings at all. For those who do have savings, the median amount is about $71,000. As you can imagine, in order to comfortably retire, most people need a lot more than that – over 7X that even just to retire in the cheapest U.S State. And if you’re someone who’s relying on social security benefits in addition to retirement savings, that amount isn’t huge, and as of August 2023, only amounted to $1,705.79 per month.
Today on Across the Globe we’re going to be looking at the Best States to Retire on a Small Pension or Social Security.
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While we do our best to provide you with the most accurate information. These are after all just our take based on data we analyzed. You should make your own decisions based on your own experiences by visiting the places we talk about!
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Retirement is a time to relax, take it easy, and enjoy the fruits of your labor. However, for many people on a small pension or relying solely on social security, the idea of retirement may seem daunting. With rising costs of living, healthcare, and other expenses, making ends meet on a fixed income can be challenging.
But fear not, there are states in the US that are more affordable and have a lower cost of living, making them ideal for retirees on a tight budget. Here are some of the best states to retire on a small pension or social security.
1. Mississippi
With its low cost of living and affordable housing, Mississippi is a great option for retirees on a small budget. The state also offers tax breaks for retirees, including no state tax on social security benefits and a low property tax rate.
2. Arkansas
Arkansas is another state with a low cost of living and affordable housing options. The state also offers tax breaks for retirees, including no tax on social security benefits and a property tax credit for seniors.
3. Kentucky
Kentucky is known for its low cost of living and affordable healthcare options. The state also offers tax breaks for retirees, including no tax on social security benefits and a low property tax rate.
4. South Dakota
South Dakota has a low cost of living and no state income tax, making it an attractive option for retirees on a small budget. The state also offers tax breaks for retirees, including no tax on social security benefits and a property tax homestead exemption for seniors.
5. West Virginia
West Virginia is another state with a low cost of living and affordable housing options. The state also offers tax breaks for retirees, including no tax on social security benefits and a property tax homestead exemption for seniors.
It’s important to consider factors such as healthcare, taxes, and overall cost of living when choosing a state to retire in. Each state may have its own set of benefits and drawbacks for retirees, so it’s important to do your research and consider what’s most important to you in retirement.
In conclusion, there are several great options for retirees on a small pension or social security. Whether you’re looking for affordable housing, low taxes, or access to healthcare, there are states that can accommodate your needs without breaking the bank. With careful planning and consideration, you can find a state that meets your needs and allows you to enjoy a comfortable retirement on a small budget.
Kentucky is expensive to live if you want to live in the city. Louisville is very toxic and people here have lots of health issues. Trust me.
Funny, I just saw another video that should Kentucky as number ten on the list of of worst state to live. On that list Alabama was high on the list of work. Louisiana was number one as worst on that video. Virginia is high on that other Video.
Maybe it's just a matter of opinion?
I’m 60 and want to retire in 6 months. I have a 30K annuity, plus a 401k depleted to $200K of money that I’m not sure what I can do with at this point. My retirement plans seem to be out the window. Is it a good idea to get professional help?
Not Florida!
Wv is not they tax everything,and the healthcare system is hard to get to see a doctor and $$$$
There are states that tax social security
Biden's inflation is forcing me to continue working at the age of 72.
Videos like this completely ignore the risk of natural disasters from tornadoes. What good does it do if you have a beautiful, affordable home when an F5 tornado decides to pay you a visit? Places in the mid-west are generally inexpensive for a reason.
I’m actually entertained by how you rank the states. You have many ways to measure them. Thanks for the entertainment.
What happened to North Carolina it’s pretty cheap to live
This report is really pretty bogus. You have identified all of the lowest cost of living places on the basis of social security not being taxed when Social Security is not taxed in most places in the US if not all. Aside from that, most of the places that you have chosen are low cost of living because they have nothing to offer. They are basically dead zones for any kind of activity. I do live in Iowa. It always has been a great state to live in but it's getting worse. This video did not do much for me as far as increasing my regard for your channel as a source of accurate information.
Alabama is a great place to live.