With the cost of everything so high these days, it may feel like retirement will never be a reality for some of us. But where you decide to spend your golden years is an important factor, as some states are far more affordable for retirees than others. And new research reveals which are the best states to retire on a budget.
- Seniorly Resource Center analyzed data for 10 metrics to determine the most affordable states to retire.
- They looked at everything from the share of people over age 65 who own their homes to the median rent price to the average monthly home electric bills and the average cost of gasoline.
- According to their research, Iowa is the most affordable state to retire in, thanks to low rent prices and being one of the most tax-friendly states for retirees.
- On the flip side, California is the most expensive state for retirees, followed by New York, then Massachusetts.
The Best States to Retire on a Budget
- Iowa
- New Mexico
- Tennessee
- Oklahoma
- South Dakota
- Idaho
- Michigan
- Wyoming
- Pennsylvania
- Utah
Source: Seniorly Resource Center