The Best Places in Every State To Live on a Fixed Income (2023)

Retirement / Planning

The Best Places in Every State To Live on a Fixed Income (1) 13 min Read

By Gabrielle Olya

The Best Places in Every State To Live on a Fixed Income (2)

The average Social Security benefit for retired workers is $1,548 per month. That comes out to $18,576 in annual benefits for a single person, or $37,152 per year for a couple — about $31,500 less than the U.S. median household income of $68,703, according to the most recent figures from the U.S. Census Bureau.

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Living on a fixed income basically means you’re solely or almost entirely dependent on funds such as Social Security, pensions and inheritance, with little to no flexibility in the amount you’re paid each month. Unstable costs, such as a volatile housing market, can be especially challenging to deal with on a fixed income.

If you rely mostly — or solely — on a fixed income, click through to see the best places to live in your state.

Retire Comfortably

Alabama: Jasper

Alabama might be the best state to retire on a fixed income, especially if you want your retirement nest egg to stretch the furthest. Jasper has a stable housing market, making it a safe choice for those on a fixed income. Home values increased by 4.84% year over year, but rents dropped. Additionally, homes are relatively affordable, with the median home value at $126,233.

Pictured: Decatur, Alabama

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Alaska: Fairbanks

Alaska is an income-tax and sales-tax-free state, making it one of the best places to retire on a fixed income. Home values in Fairbanks increased about 12.09% year over year, and the median home value is $255,438 —below the national median of $287,148. And there is good news for renters, as the median rent in Fairbanks decreased about 2.3% year over year.

Arizona: Sierra Vista

If you’re thinking of buying a home on a fixed income, consider Sierra Vista — but act quickly. Home values in Sierra Vista rose over 12% year over year, making it one of the cities with the largest increase in the past 12 months. Average rents also rose by $12 to $994 a month, but they still are less than the national average.

Arkansas: Little Rock

Rent prices in Little Rock went up $57 a month year over year, and the current median rent is $953. Little Rock is one of the more affordable places to own a home, though, with the median home value coming in at $165,027.

California: Delano

Zillow lists the price of a typical California home at $668,300, but a median-valued home in Delano is much less at $257,342. Home values rose 12.09% in the past year, above the California average of 10.9% Rents also increased by 2.64%.

Pictured: Hanlon, California

Retire Comfortably

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Colorado: Pueblo

The median home price in Pueblo is $244,009 but going up fast, increasing about 17.90% year over year. Rent prices have remained stagnant, even decreasing less than 1% year over year to $908 a month.

Connecticut: Hartford

Real estate prices in Hartford increased 15.23%, with the median home value going up to $188,305. Rent prices went up even more — by about 10.2% — to $1,392 a month.

Delaware: New Castle

Delaware is one of the few states that doesn’t levy a state sales tax. It also does not tax Social Security benefits, which makes it one of the best places to retire in the U.S. In the past year, New Castle home values rose about 11.88% to a median of $264,884, while rents increased 2.79%.

Georgia: Statesboro

Home prices in Statesboro are flat, increasing 1.20% year over year to $162,557. Rent prices grew1.43% in the same span but remain on the low side at $837 per month.

Pictured: Augusta, Georgia

Hawaii: Pahoa

In uber-expensive Hawaii, Pahoa is an affordable option. Zillow puts the typical home prices in the 50th state at $718,095, but the median home value in Pahoa is just $217,858. That’s up 13.88% year over year. The average rent is close to $1,500 a month, up 3.52% year over year.

Pictured: Hilo, Hawaii

Idaho: Pocatello

In Pocatello, home values increased almost 18% in the past year, making it one of the biggest gainers in the study. The median home value now is $231,035, which is still about $56,000 less than the national median. Rents went up about 1.54% to $872 per month.

Illinois: Galesburg

The median home value in Galesburg is the lowest in the GOBankingRates study: $73,009. That makes homeownership more accessible for people who live on a fixed income. The average rent also is affordable at $715, and both housing and rental prices remained virtually the same year over year.

Retire Comfortably

Indiana: Richmond

Home prices in Richmond increased about 5.25% year over year to a median value of $99,402. And rent prices also remained stable, with about a 1.2% increase year over year — good news for renters living on a fixed income.

Iowa: Burlington

Burlington has stable housing and rental markets: Home values increased about 2.69% year over year, and rent prices increased about 4.45%. The median home value in the city is $96,243, making it one of the most affordable cities on the list.

Kansas: Manhattan

In Manhattan, the location of Kansas State University, the median home value is $225,182, up3.85% year over year. The average rent fell substantially, dropping about 7.2% to $1,023 a month.

Kentucky: Bowling Green

Bowling Green is a good place for renters on a fixed income to live, but prices are rising. The median rent is $928, up about 3.3% over the past year. A median-priced home costs $192,853, which is almost $95,000 less than the national median but is less than a 1% rise year over year.

Louisiana: Pineville

Home values in Pineville have remained steady, with about a 1.06% increase over the past year to $145,066, while rent decreased2.70%. Median rent in the city is $858.

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Pictured: Lafayette, Louisiana

Maine: Bangor

Home values in Bangor increased a whopping 20% over the past year, but with a median home price of $197,690, homes there are still much more affordable than the national median of $287,148. And rent prices are increasing as well: They went up about 5.88% year over year.

Maryland: Salisbury

Home prices in Salisbury increased about 9.60% year over year, but the median home value is affordable at $182,212. Rent costs also rose slightly, by 2.08%, with the average rent at $1,131.

Massachusetts: West Springfield

The median home value in West Springfield is $275,707. Although this is nearly $12,000 below the national median value, it’s much less than the median home price in the state of Massachusetts as a whole, which is $508,232, according to Zillow.Home values in the city increased about 10.81% year over year.

Retire Comfortably

Michigan: Mount Pleasant

Rent in Mount Pleasant increased 5.87% year over year to $834. Home values increased 6.75%, however, and the median home value is now $155,448.

Pictured: Lansing, Michigan

Minnesota: Winona

Homebuyers on a fixed income can benefit from Winona’s relatively stable housing market: Home values increased about 6.50% year over year to $186,452. Rent decreased by $3 month to an average of $808.

Pictured: Minneapolis, Minnesota

Mississippi: Starkville

The median home price in Starkville is $189,873 — appealing to those on a fixed income. Home value increased by 3.84% and rents by 3.65%.

Missouri: Joplin

Home and rent prices are both well below the national median in Joplin: The median home value in the city is $130,466 and rent is $814. The home values rose by 7.38%, and rents went up 8.24% year over year.

Pictured: Springfield, Missouri

Montana: Butte

Renters with a fixed income in Butte shouldn’t have to worry too much about rent hikes: Prices went up less than 2% in the past year to an average of $888. The median home price, however, rose about 10.13% to $166,952.

Nebraska: Kearney

Housing costs in Kearney are about $50,000 below the U.S. median. Home values showed nearly a 5.35% growth year over year, bringing the median value in Kearney to $236,999.

Nevada: Pahrump

Rental costs in Pahrump, in the northern part of the state, dropped about 3.4% year over year to $918. The median value of a home is $279,920, about $7,200 below the national figure.

New Hampshire: Rochester

Home values in Rochester were among the biggest risers year over year, increasing by about 17.63% to $280,307. Rent prices barely budged, however, rising just $2 to an average cost of $1,472 over the same period.

New Jersey: Franklin Township

The median home price in pricey New Jersey is $287,148, according to Zillow, but in Franklin Township it is $265,843 — up nearly 8% year over year. Rent prices dropped about 1.5%, but they are the highest in the study at $1,801 on average per month.

Pictured: Jersey City, New Jersey

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New Mexico: Alamogordo

Alamogordo is one of the best places to live on a budget, but prices are rising. The median housing price is $145,479, up about 4.85% year over year. The change in rental price was even higher at 4.3%.

New York: Town of Orchard Park

The median value of a home is $255,916, more than $30,000 below the national average. Home values have increased by about 8.81% year over year and rents have gone up over 9%.

North Carolina: Raeford

Home values are rising while rents are dropping in Raeford. Home values increased about 3.47% to $175,012, while rents increased less than 1%. Still, the average rental cost is $860 per month.

Pictured: Fayetteville, North Carolina

North Dakota: Fargo

Home values in Fargo increased about 7.56% over the past year. The rent rose about 4.4%, bringing it to an average of $988 per month.

Ohio: Findlay

The median monthly rent in Findlay is $900 which is nearly 5.96% more than it was a year ago. Home values in the city skyrocketed more than 9.25% to a median value of $176,012.

Pictured: Toledo, Ohio

Oklahoma: Stillwater

In Stillwater the median home value is $184,821, and the median monthly rent is $924. Both increased year over year, however, with home values going up about 3.03% and rents about 4.88%.

Oregon: Roseburg

The median home price in Oregon is $536,921, according to Zillow, but in Roseburg it’s $272,470. The market is shifting, though, with about a 14.29% year-over-year increase in home values. Rents went up nearly 2% to $1,216.

Pennsylvania: Williamsport

Rents in Williamsport went up more than 4.24% over the past year to $909, while home values rose about 2.73%. The median home value is $156,817– more than $130,000 less than the national figure.

Rhode Island: Woonsocket

The cost of living in the nation’s smallest state, Rhode Island, can be high, but Woonsocket is a more affordable locale for residents on a fixed income. The median home value is below the national average at $108,731, and the cost of rent is about $197 higher than the U.S. price at $1,219.

Pictured: Woonsocket, Rhode Islans

South Carolina: Orangeburg

South Carolina doesn’t tax Social Security benefits. Orangeburg is the best place in the state for people on a fixed income because home prices are relatively affordable, with the median home value at $108,731. The rental market also rose 6.10% year over year, with the average monthly rent now $779.

Pictured: Columbia, South Carolina

South Dakota: Aberdeen

Rent is increasing at a clip of nearly 4.44% in Aberdeen, but the average monthly rent is still just $810. Meanwhile, the year-over-year increase in home values was about 3.17%, bringing them to $177,917.

Tennessee: Shelbyville

People living on fixed incomes can benefit from the relatively low home values in Shelbyville. The metro area’s median home value rose nearly 10% year over year. Another money-saver for fixed-income residents is rent cost. The median rent in Morristown increased about 1.27% year over year from 2020 to $831.

Pictured: Nashville, Tennessee

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Texas: Alice

Alice’s relatively low housing costs could be beneficial to someone on a fixed income. Home values rose by less than 5% year over year but is still among the most affordable cities, with a home value of $93,507 though rents increased. The average monthly rent is $913.

Pictured: Corpus Christi, Texas

Utah: Cedar City

The increases in median home value is steeply climbing in Cedar City year over year, at 15.17%. The median home value in Cedar City came in at $278,919, less than $1,000 over the national average, with rent at $830.

Pictured: St. George, Utah

Vermont: Rutland

The median home price in Rutland is about $83,000 less than the national median. The housing market is growing here, but not too fast, at 9.27% for home value. Rent actually decreased by a bit more than 1%, with average rent at $1,018.

Virginia: Martinsville

The median home value in Martinsville is just $82,335 making it a very affordable option for those wishing to live on a fixed income in Virginia. It’s also a stable housing market: Values increased about 4.84% over the past year.

Pictured: Lynchburg, Virginia

Washington: Moses Lake

Home values are on the rise in Moses Lake, increasing nearly 18% to a current median of $273,071. That’s the second highest year-over-year rise in the study. Rents, however, have been on the decline, with the average rent decreasing about 2% to $888 per month.

Pictured: Wenatchee, Washington

West Virginia: Huntington

Home prices in Huntington are among the lowest compared with the other cities in this study, with the median home value at $89,994, with only a 3.32% year over year increase. Rent also is among the cheapest at $854 per month, and prices decreased year over year by nearly 3%.

Pictured: Parkersburg, West Virginia

Wisconsin: Racine

Home values in Racine rose nearly 8.14% over the past year to $138,222. Rising home values can help retirees on fixed incomes, especially if prolonged costs wipe out retirement savings, leaving their home as their only financial asset.

Wyoming: Gillette

Home values in Gillette are increasing, while rent costs are decreasing. Rents dropped less than 1% over the past year, bringing the median rent price to $1,074. The median home price rose less than 1% to $278,763.

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Jami Farkas and Jordan Rosenfeld contributed to the reporting for this article.

Methodology: In order to find the best city in every state to live on a fixed income, GOBankingRates first looked at every city with both Zillow home value data for May 2020, February 2021, and May 2021 available as well as county fair market rent for both 2020 and 2021 sourced from the US Department of Housing and Urban Development’s data. With all these data points sourced GOBankingRates then parsed down the list to only include cities that met the following criteria: a size rank according to Zillow of 2,000 or less and a May 2021 home value less than the national average of $287,148.

For these qualified cities, GOBankingRates found: (1) the quarter-over-quarter percent change in home value; (2) the year-over-year percent change in home value; and (3)the year-over-year percent change in rent by county. Those cities with negative values for factors (1) or (2) were then eliminated. With the remaining cities GOBankingRates scored and combined all three factors with the lowest score being best. The city with the lowest score from each state was included in our final rankings. These factors were chosen because changes in home values serve as a proxy for measuring the volatility of a housing market, with large increases posing a threat to those living on fixed incomes, while a negative change in value means money is being lost in depreciating house values. However, decreasing rental prices benefit a household on a fixed income.

For Utah and Vermont the size rank criteria had to be enlarged to 3,000 and up to 5,000 for Hawaii. All data was collected on and up to date as of June 17, 2021

PhotoDisclaimer: Please notephotosare for representational purposes only and may represent the nearest large metropolitan area.

About the Author

Gabrielle Olya

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert.

Read More

FAQs

What is the cheapest and safest state to retire in? ›

Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents.
...
Here are the seven most affordable states to retire, according to Bankrate:
  • Michigan.
  • Tennessee.
  • Missouri.
  • Mississippi.
  • Kentucky.
  • Oklahoma.
  • Georgia.
31 Aug 2022

What state is best for seniors on a fixed income? ›

The best states to retire in 2022. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri.

Where is the best place to retire financially? ›

For those of us who want to retire in the U.S., there are nine states that have no state income taxes: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

How do people survive on a fixed income? ›

Living on a fixed income generally applies to older adults who are no longer working and collecting a regular paycheck. Instead, they depend mostly or entirely on fixed payments from sources such as Social Security, pensions, and/or retirement savings.

Where can I retire on $1300 a month? ›

Panama offers a dry, warm climate year round and a very low cost of living–with beach views. You can retire comfortably on $1,300 per month, and it's one of the best countries for quality of life. What's more, English is widely spoken, and you can use your US money anywhere across the country.

Where can I retire on $2000 a month in the United States? ›

Keep reading to discover 10 cities where you can retire on $2,000 per month.
...
The Best Cities To Retire on $2,000 a Month
  • Baytown, Texas.
  • Parma Heights, Ohio. ...
  • Des Moines, Iowa. ...
  • Florissant, Missouri. ...
  • Longview, Texas. ...
  • San Angelo, Texas. ...
  • North Royalton, Ohio. ...
7 days ago

What is the best state to live in financially? ›

Here are the 10 most affordable states in the U.S. for moderately affluent households:
  • Tennessee. Average cost of living index: 89.5. ...
  • Iowa. Average cost of living index: 89. ...
  • Indiana. Average cost of living index: 88.9. ...
  • Missouri. Average cost of living index: 88.6. ...
  • West Virginia. ...
  • Georgia. ...
  • Alabama. ...
  • Kansas.
19 Oct 2022

Where can I retire on $800 a month? ›

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

Where is the happiest place to retire? ›

Best Retirement Cities
Overall RankCityTotal Score
1Charleston, SC58.97
2Orlando, FL58.23
3Cincinnati, OH57.88
4Miami, FL57.37
54 more rows
6 Sept 2022

Where is the cheapest and warmest place to retire? ›

More often than not, retirees will find the most affordable and sunniest retirement destinations in the southernmost state of the continental U.S. — Florida.

Which state has no income tax? ›

At present, seven states—Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming—levy no state income tax at all. 1 Washington state levies an income tax on investment income and capital gains, but it is only for certain high earners.

What is the number 1 place to retire in the world? ›

Panama. Not for the first time, Panama tops the list of the world's best places to retire. Located away from Central America's hurricane belt, its warm tropical climate is tempered by breezes from the Pacific Ocean on one coast and the Caribbean Sea on the other.

Where can I retire on 3000 a month in the US? ›

One of the biggest is where to live. GOBankingRates is here to help, giving you the best cities to retire on a monthly budget of $3,000 or less for a person 65 and older.
...
  • Boise, Idaho. ...
  • Virginia Beach, Virginia. ...
  • Reno, Nevada. ...
  • Las Vegas, Nevada. ...
  • Mesa, Arizona. ...
  • Phoenix, Arizona. ...
  • Jacksonville, Florida. ...
  • Forth Worth, Texas.
26 Oct 2022

Where can I retire on 30k a year? ›

More and more retirees are considering moving abroad. Here are five places where the cost of living is low — really low.
...
Here's where you can retire nicely on just $30,000 a year ... outside the US
  • Puerto Viejo, Costa Rica. ...
  • Lagos, Portugal. ...
  • Akumal, Mexico. ...
  • Volcan, Panama. ...
  • Medellin, Colombia.
28 Nov 2019

How do people afford to live alone? ›

How to afford to live alone – 13 easy tips
  1. Know your net income. ...
  2. Curb your rent and utility spending to 50-60% ...
  3. Cook your meals at home. ...
  4. Adopt minimalism. ...
  5. Create a personal budget. ...
  6. Go digital as much as possible. ...
  7. Invest in a good mattress. ...
  8. See if you can get a roommate.
28 Apr 2022

Where can you live on just Social Security? ›

15 Best States To Live on Just a Social Security Check
  • Nebraska. 2022 Average Rent: $832. ...
  • North Dakota. 2022 Average Rent: $671. ...
  • Indiana. 2022 Average Rent: $843. ...
  • South Dakota. 2022 Average Rent: $745. ...
  • Kentucky. 2022 Average Rent: $748. ...
  • Wyoming. 2022 Average Rent: $735. ...
  • Michigan. 2022 Average Rent: $855. ...
  • Ohio. 2022 Average Rent: $799.

Where can I live like a king for cheap? ›

For those not yet looking to retire, they make good vacation getaways as well:
  • Cuenca, Ecuador. ...
  • Coronado, Panama. ...
  • San José, Costa Rica. ...
  • Koh Samui, Thailand. ...
  • Vienna, Austria. ...
  • Capetown, South Africa. ...
  • Merida, Mexico. ...
  • Montevideo, Uruguay.
30 Jul 2022

What's the cheapest state to live in on Social Security? ›

Iowa. Iowa ranks as the most affordable overall state for those living on a Social Security check, with low rent as one of the prime contributors.

What is a good monthly retirement income? ›

A good retirement income is about 80% of your pre-retirement income before leaving the workforce. For example, if your pre-retirement income is $5,000 you should aim to have a $4,000 retirement income.

What is the average Social Security check? ›

California. In America's most populous state, some 4.3 million retirees who collect Social Security can expect to receive an average $1,496.13 per month from the program in 2020, or $17,953.56 over the course of the year. California is another state where benefits are below average for the U.S.

At what age is Social Security no longer taxed? ›

Are Social Security benefits taxable regardless of age? Yes. The rules for taxing benefits do not change as a person gets older. Whether or not your Social Security payments are taxed is determined by your income level — specifically, what the Internal Revenue Service calls your “provisional income.”

What is the happiest state in the US? ›

WalletHub this week released its "Happiest States in America" list for 2022, ranking Hawaii as No. 1.

What states will pay you to move there 2022? ›

Places That Pay You To Move There in 2022
  • Maine. If you graduated from any college or university in the US from 2015 on, then Maine has moving opportunities. ...
  • Vermont. ...
  • Alaska. ...
  • Newton, Iowa. ...
  • Tulsa, Oklahoma. ...
  • Chattanooga, Tennessee. ...
  • Hamilton, Ohio. ...
  • Lincoln, Kansas.
3 Aug 2022

What state is the least expensive to live in? ›

Mississippi is the cheapest place to live in the United States, with a cost of living 16.7% lower than the national average. It also has the cheapest transportation on our countdown. Now, 4.5% unemployment was an all-time low for Mississippi in early 2022, but it's pretty high compared to the national average.

Where is the cheapest safest place to retire? ›

The Cheapest Countries Where You Can Retire Well
  • Malaysia. ...
  • Spain. Cost of Living Index: 47.51. ...
  • Costa Rica. Cost of Living Index: 43.65. ...
  • Panama. Cost of Living Index: 48.25. ...
  • Peru. Cost of Living Index: 30.74. ...
  • Slovenia. Cost of Living Index: 47.30. ...
  • Austria. Cost of Living Index: 64.11. ...
  • Australia. Cost of Living Index: 72.27.
1 Oct 2022

Where can I live in the U.S. for 1000 a month? ›

But there are still some places in the U.S. with affordable housing.
...
  • New Bern, N.C. Median rent price: $1,000. ...
  • Rock Hill, S.C. ...
  • Tallahassee, Fla. ...
  • Beaumont, Texas. ...
  • Winston-Salem, N.C. ...
  • Shreveport, La. ...
  • Las Cruces, N.M. ...
  • Champaign, Ill.
22 Jul 2016

How long will $600000 last retirement? ›

You expect to withdraw 4% each year, starting with a $24,000 withdrawal in Year One. Your money earns a 5% annual rate of return while inflation stays at 2.9%. Based on those numbers, $600,000 would be enough to last you 30 years in retirement.

Which states do not tax pensions and Social Security? ›

Those eight – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax wages, salaries, dividends, interest or any sort of income. No state income tax means these states also don't tax Social Security retirement benefits, pension payments and distributions from retirement accounts.

How can I retire cheaply? ›

Tips for Retiring on a Small Budget
  1. Pay attention to your spending.
  2. Set aside funds for unexpected costs.
  3. Plan meals in advance.
  4. Live in a low cost setting.
  5. Opt for secondhand items.
  6. Explore cheaper travel options.
  7. Maintain your current household.
27 May 2020

What state is not too hot and not too cold? ›

1. California

You can't beat the south and central California coast for pleasant temperatures year round. Long Beach, Los Angeles, San Diego, Santa Barbara and Santa Maria all have average daily highs no lower than the mid-60s for any month of the year. Nor does it get really hot.

Where is the cheapest place to buy a home? ›

15 Cheapest States to Buy a House
  • Oklahoma. ...
  • Michigan. Median Home Price: $154,900. ...
  • Arkansas. Median Home Price: $127,800. ...
  • Alabama. Median Home Price: $142,700. ...
  • North Dakota. Median Home Price: $193,900. ...
  • Kentucky. Median Home Price: $141,000. ...
  • Missouri. Median Home Price: $157,200. ...
  • South Dakota. Median Home Price: $167,100.
5 Oct 2022

What state has mildest winters? ›

Florida. Florida has the mildest winters in the continental U.S (mid-Dec to mid-April). The average winter lows, usually recorded in January, range from approximately 52 °F (11°C) to 68 °F (20 °C).

What are the 13 states that don't tax pensions or Social Security? ›

The following states are exempt from income taxes on 401k, IRA, annuity, and pension income:
  • Illinois.
  • Mississippi.
  • Pennsylvania.
  • Alaska.
  • Florida.
  • Nevada.
  • New Hampshire.
  • South Dakota.

How can Florida afford no taxes? ›

With no state income tax — the state constitution forbids it — Florida's state government generates the bulk of general revenue (75% to 80% depending on the year) from sales tax collections. It gets the rest from a variety of sources, including documentary stamp taxes, insurance taxes and corporate income taxes.

Is it better to live in a state with no income tax? ›

While you might not have to pay state income tax, your overall tax bill actually might end up being higher, depending on your lifestyle. If you don't own property and you use public transportation, for example, your tax bill likely will be significantly lower.

What countries can I live in and collect Social Security? ›

If you are a resident of a country that has a U.S. social security agreement, (other than Austria, Belgium, Denmark, Germany, Sweden, or Switzerland), we will continue your U.S. Social Security payments.

Where is the safest place to retire in the world? ›

Iceland. Canada might be closest; but, if you sail east a little more than halfway between North America and Northern Europe, you'll hit Iceland, which has claimed the title of the safest country in the world every year since the mid-2000s.

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

Lancaster, Pa., set in Amish country 80 miles west of Philadelphia, was No. 1 on the list. Its top ranking came by virtue of its affordable housing—homes there sell for less than the national median—the quality of its health care, and happiness of its residents.

What happens when seniors run out of money? ›

Exactly what happens to elderly adults with no money? In most states, Medicaid will pay for a nursing home for up to 100 days. But the grim reality is that elderly folks who run out of funding in an assisted living facility will get evicted. That's a common experience and a potentially traumatic one.

What state pays the most in Social Security benefits? ›

States That Pay out the Most in SSI Benefits

The highest paying states for SSI benefits as of 2022 are New Jersey, Connecticut, Delaware, New Hampshire and Maryland. The average disability benefit per month for 2022 for an individual on SSI benefits is $841 per month.

What is the highest Social Security monthly benefit? ›

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364. If you retire at age 70 in 2022, your maximum benefit would be $4,194.

What is the best state to retire in on a fixed income? ›

The best states to retire in 2022. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri.

Which state is best for low income seniors? ›

Best States for Seniors – Low-Cost Living
  • Pennsylvania.
  • South Dakota.
  • Idaho.
  • South Carolina.
  • Georgia.
  • Missouri.
  • Ohio.
  • Iowa.

How do people live on low fixed income? ›

There are a few key money management tips that are especially important to people living on a fixed income:
  1. Create a budget and stick to it. ...
  2. Review and reduce expenses regularly. ...
  3. Always be vigilant of scams that target seniors. ...
  4. Make use of local and government programs. ...
  5. Keep someone in the loop.
11 Apr 2022

How much money do u need to live on your own? ›

A popular rule of thumb says your income should be around 3 times your rent. So, if you're looking for a place that costs $1,000 per month, you may need to earn at least $3,000 per month.

Is it worth it to live alone? ›

Living alone not only gives you an unparalleled level of freedom, but it also gives you the time to focus on what you really want to do. What's great about living alone is that it gives you confidence that you can do it.

What are alternatives to living alone? ›

Here are 8 ideas for where to take your next passage:
  • Cohousing. ...
  • House Sharing. ...
  • Housing Co-Ops. ...
  • Naturally Occurring Retirement Communities. ...
  • Life Plan Communities. ...
  • Intergenerational Housing. ...
  • Senior Villages.

Where is the cheapest and warmest place to retire? ›

More often than not, retirees will find the most affordable and sunniest retirement destinations in the southernmost state of the continental U.S. — Florida.

What is the best state to live in financially? ›

Here are the 10 most affordable states in the U.S. for moderately affluent households:
  • Tennessee. Average cost of living index: 89.5. ...
  • Iowa. Average cost of living index: 89. ...
  • Indiana. Average cost of living index: 88.9. ...
  • Missouri. Average cost of living index: 88.6. ...
  • West Virginia. ...
  • Georgia. ...
  • Alabama. ...
  • Kansas.
19 Oct 2022

What states do not tax your pension or Social Security? ›

Those eight – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax wages, salaries, dividends, interest or any sort of income. No state income tax means these states also don't tax Social Security retirement benefits, pension payments and distributions from retirement accounts.

Where can I retire on $800 a month? ›

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

What state is not too hot and not too cold? ›

1. California

You can't beat the south and central California coast for pleasant temperatures year round. Long Beach, Los Angeles, San Diego, Santa Barbara and Santa Maria all have average daily highs no lower than the mid-60s for any month of the year. Nor does it get really hot.

Where is the happiest place to retire? ›

Best Retirement Cities
Overall RankCityTotal Score
1Charleston, SC58.97
2Orlando, FL58.23
3Cincinnati, OH57.88
4Miami, FL57.37
54 more rows
6 Sept 2022

What is the number 1 place to retire in the world? ›

Panama. Not for the first time, Panama tops the list of the world's best places to retire. Located away from Central America's hurricane belt, its warm tropical climate is tempered by breezes from the Pacific Ocean on one coast and the Caribbean Sea on the other.

What is the happiest state in the US? ›

WalletHub this week released its "Happiest States in America" list for 2022, ranking Hawaii as No. 1.

What states will pay you to move there 2022? ›

Places That Pay You To Move There in 2022
  • Maine. If you graduated from any college or university in the US from 2015 on, then Maine has moving opportunities. ...
  • Vermont. ...
  • Alaska. ...
  • Newton, Iowa. ...
  • Tulsa, Oklahoma. ...
  • Chattanooga, Tennessee. ...
  • Hamilton, Ohio. ...
  • Lincoln, Kansas.
3 Aug 2022

What state has the cheapest cost of living? ›

Mississippi

Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

How do I get the $16728 Social Security bonus? ›

How to get the $16,728 bonus in retirement?
  1. Work as long as you can: the later you retire the higher your benefit will be. Remember that 70 is the maximum age. ...
  2. Years worked: If you work less than 35 years you will have a reduction in your SSA check. ...
  3. High salary: with a high salary you will have a high retirement.
14 Sept 2022

What states should you not retire in? ›

Here are the seven worst states to retire in 2022, according to Bankrate.
  • Alaska.
  • Maine.
  • California.
  • New Mexico.
  • Montana.
  • Vermont.
  • Maryland.
21 Aug 2022

What is the best state to live on Social Security? ›

See the 15 best states to live on just Social Security.
...
  • Nebraska. 2022 Average Rent: $832. ...
  • North Dakota. 2022 Average Rent: $671. ...
  • Indiana. 2022 Average Rent: $843. ...
  • South Dakota. ...
  • Kentucky. ...
  • Wyoming. ...
  • Michigan. ...
  • Ohio.
3 days ago

Where is the cheapest safest place to retire? ›

The Cheapest Countries Where You Can Retire Well
  • Malaysia. ...
  • Spain. Cost of Living Index: 47.51. ...
  • Costa Rica. Cost of Living Index: 43.65. ...
  • Panama. Cost of Living Index: 48.25. ...
  • Peru. Cost of Living Index: 30.74. ...
  • Slovenia. Cost of Living Index: 47.30. ...
  • Austria. Cost of Living Index: 64.11. ...
  • Australia. Cost of Living Index: 72.27.
1 Oct 2022

What is a good monthly retirement income? ›

A good retirement income is about 80% of your pre-retirement income before leaving the workforce. For example, if your pre-retirement income is $5,000 you should aim to have a $4,000 retirement income.

Where can I live on Social Security alone? ›

Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming don't tax any income at all. And on top of not taxing Social Security benefits, Oregon and Delaware have no sales tax.

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