- Wyoming
- Virginia
- Delaware
- Georgia
- Iowa
- Texas
- Idaho
- Nevada
- South Carolina
- New Hampshire
- Among the best states to retire on Social Security, which one stands out for you?
Retirement is a milestone in one’s life that highlights the freedom from laboring days. Some are preparing for this day ahead of time while others tend to delay their retirement and save up what they need.
Social Security affects the decision making of many Americans because retirees look for states that combine accessibility with affordable healthcare, recreational possibilities, and general well-being.
Combining retirement and Social Security when preparing for retirement age, a question that often comes up is “what are the best states for seniors to retire?”. Choosing the right state to spend retirement in can impact the overall quality of life that any retiree could have.
To give you helpful insights, we have listed, in no particular order, the 10 best states to retire on Social Security.
Wyoming
Wyoming is often chosen as one of the best places to retire on Social Security due to these key factors:
Cost of living: compared to any other state, Wyoming has a lower cost of living, particularly when it comes to housing. This is helpful for retirees with fixed incomes.
Low taxes: there is no income tax in Wyoming. According to AARP, retirement income is not taxable either. Retirees can keep more of their finances compared to living in different states with income taxes.
Access to healthcare: this state offers a wide range of healthcare facilities and services. This assures residents of access to the necessary medical treatment.
Recreational activities: Wyoming has cultural events and recreational activities that can keep seniors interested and entertained despite its lower population density.
Community of belonging: the state is built on a strong community of friendliness that is beneficial for retirees who seek social support and connection.
Quality of life: Wyoming has a reputation for having a slower pace of life and low crime rates. This makes the experience of retirement simpler, less anxious, relaxed, and happier.
Virginia
Virginia offers historical monuments, a mild climate, and access to high-quality medical care. These qualities make it an appealing state for retirees, especially those relying on Social Security.
Here are other reasons why Virginia is recognized as one of the best states to retire on Social Security:
Moderate climate: Virginia has four distinct seasons and a mild climate, making it a desirable place for retirees who prefer a variety of weather without the unpredictable conditions of other states.
Historical monuments: known for landmarks like Colonial Williamsburg and Monticello, the state surely has a rich history and cultural legacy to learn. This can be a fantastic opportunity for exploration and discovery.
Healthcare within reach: retired residents of Virginia have access to several renowned medical centers and hospitals, assuring them of high-quality medical treatment.
Tax benefits for seniors: Virginia provides elderly citizens with several tax benefits, including a deduction for income from Social Security and other retirement accounts.
Infrastructure for mobility: Virginia’s well-developed transportation system, which includes airports, public transportation, and highways, makes it simple for retirees to get around and travel.
Diversity: from thriving cities to charming rural communities, this state is made up of urban and rural areas. These diverse communities can give an option for retirees to be in a community that suits their preference.
Delaware
Delaware is widely known for its retiree-friendly tax laws. Social Security benefits are not taxed, and the state has no state sales tax. Also, most beneficiaries are exempt from inheritance taxes. This makes Delaware a good option for retirees who are on Social Security.
Here are other reasons why Delaware made it to our list:
Close to major cities: Delaware is at the center of the East Coast, making it easier for retirees and seniors to travel to major cities like Philadelphia, Baltimore, and Washington, D.C. By reaching these cities, residents of Delaware can experience world-renowned medical services.
Retiree communities: To meet the needs of retirees, Delaware offers a variety of communities for retirees and active adult communities. These neighborhoods consistently offer services, social events, and facilities which can help to make new friends and have a positive environment.
Communities are walkable: most of the Delaware neighborhoods are made to be pedestrian-friendly, which makes it simpler for retirees to keep active and discover their surroundings.
Stunning beauty: The state has lovely little towns and coastal regions. The white sandy beaches along the Delaware coast and the historical charm of areas like New Castle are among the stunning scenery that retirees can enjoy.
Cost of living: Although there are differences in cost of living among regions, Delaware is frequently considered as having a lower cost of living than some of its East Coast neighbors.
Georgia
If you are aiming to purchase a house that you will be living in for your retirement, Georgia might be best for you. This state has no inheritance or estate taxes. This is just one of the many benefits of residing in Georgia.
Here’s other reasons why Georgia is among the best states to retire in:
Suitable climate: most particular in the southern regions of the state, Georgia experiences moderate winters and warm summers. For retirees who prefer to stay out of harsh weather, this may be appealing.
Geographic diversity: the state’s diverse terrain, which ranges from the coast to the highlands, gives retirees the possibility to explore a variety of habitats and vistas.
Outdoor activities: Georgia provides a variety of possibilities for outdoor leisure, such as parks, golf courses, and trails for hiking. These are ideal for encouraging an active retirement lifestyle.
Cultural and artistic scene: cities with thriving cultural scenes like in Atlanta provide retirees educational and artistic involvement through theaters, museums, and galleries.
Southern hospitality: Georgia is renowned for its hospitable and friendly culture, which helps retirees experience a feeling of belonging and build friendships they will never forget.
Iowa
Iowa offers high-quality medical facilities, friendly communities and low cost of living, making it an ideal state for retirees who rely on Social Security. Here’s why:
Affordability: according to a study of the World Population Review, Iowa is the eighth cheapest state to live in the U.S., which can be beneficial to retirees living on a fixed income.
Safe community: Iowa consists of small towns – safety and security makes the state a welcoming place for retirees.
Peaceful mode of living: aside from safety, everyone can experience peace of mind with the state’s slow pace of living. Retirees will surely enjoy the tranquil and laid-back retirement experiences.
Four seasons: due to Iowa’s four distinct seasons, retirees can enjoy its breathtaking scenery and seasonal activities.
Farmer-friendly: The state is known for its thriving farmers’ markets, which offer local goods and fresh produce that can support a healthy lifestyle.
Reputable medical facilities: Iowa has a leading medical facility called the University of Iowa Hospitals and Clinics. But there are other healthcare facilities and clinics offering high-quality medical treatment that retirees can access.
Texas
Just like Delaware, Texas does not impose a state income tax. But here’s the most interesting part: retirement contributions like IRA (individual retirement accounts), 401k and other pensions are tax-free.
Here are other reasons why Texas is one of the best states to retire on Social Security:
Financial opportunities: retirees who want to stay active in the state’s solid economy can get a job or do volunteer work.
Gatherings and celebrations: throughout the year, Texas conducts a variety of festivities and events that provide retirees the chance to mingle and engage in the local culture.
Welcoming climate: many parts of the state get mild winter weather, which can be appealing to retirees trying to avoid chilly months.
Cultural attractions: Texas cities offer a wide range of cultural attractions such as theaters, museums, concert halls, and restaurants, giving retirees a wide range of entertainment options.
Geographically diverse: the state has a wide selection of locations to choose from, from thriving cities to the breathtaking Hill Country and Gulf Coast regions.
Cultural diversification: Texas has a broad range of population from distinct cultures, languages and traditions, making for a welcoming and vibrant environment.
Idaho
Idaho is an attractive state for retirees due to its affordable housing, friendly communities, and low crime rates. What adds up to these qualities are the following:
Affordable cost of living: compared to other states, Idaho is financially favorable to retirees of any condition.
Relaxing presence of life: Idaho is surrounded by small town communities with friendly atmosphere. The slow pace of life and low crime rate gives residents a feeling of security and safety.
Four seasons: for retirees who enjoy witnessing the four seasons, this state is the place to be. Idaho has a wide range of seasonal activities all year long.
Nature and wildlife: besides the changing seasons, the state is home to many animal and plant species. Then there’s the breathtaking view of natural landscapes like mountains, forests, and lakes. Retirees who love nature will enjoy living in Idaho.
Nevada
If you choose to live in Nevada, you can save a significant amount of money: this state is a no income tax state. This gives retirees the freedom to maximize their Social Security benefits and other retirement sources of income.
Here are other reasons why Nevada is among the best places to retire on Social Security:
Lower property tax: the state applies a lower property tax compared to other states. Retirees who want to own a property can take advantage of this.
Active retirement lifestyle: Nevada offers many recreational activities that foster healthy living, giving retirees the the opportunity to mingle and interact while exercising.
Accessibility: the well-connected transportation system in Nevada, which includes significant highways and airports, simplifies travel and accessibility.
South Carolina
South Carolina is the best place to live where land and water surfaces meet. In addition, it is excellent for:
Climate: the state sees climate variations but most of the time, it features mild winters and warm summers. It’s an ideal choice for retirees seeking a more tropical environment.
Coastal living: retirees can get the opportunity to breathe fresh air by relaxing on the shoreline, or living on the beachfront, and even doing some water activities.
Delightful culinary options: South Carolina’s delightful cuisines come from the combination of southern and international flavors, providing retirees a range of dining alternatives.
Vibrant communities: people residing in this state have hospitality and kindness in them which promotes a feeling of community.
My 2015 photo of the statue of General Nathanael Greene in Greenville, South Carolina. We plan on retiring there. Since it’s named after him, it’s the perfect place to talk about my upcoming novel about him “The Line of Splendor” ❤️ In fact, all of the Carolinas are Greene… pic.twitter.com/Ua2vriHJ6R
— Salina B Baker (@SalinaBBaker) July 7, 2023
New Hampshire
New Hampshire is an appealing place because of the New England region’s beauty. If you choose to retire here, you will experience:
Quality of life: with a focus on health care, education, and overall wellness, the state consistently earns excellent marks for quality of life.
Authentic beauty: New Hampshire has become known for its beautiful scenery, which includes the White Mountains, forests, and lakes, and offers adventure sports like skiing, kayaking, hiking, and fishing.
Access to cities: located in the New England region, the state has access to major cities like Boston that showcase cultural events and amenities.
Environmental preservation: New Hampshire promotes environmental preservation. The natural surroundings are pristine, making it attractive to anyone looking for a serene and lovely place to live.
Lively art scenes: the state offers a lively community through the vibrant artistry in theaters, music venues and galleries that proudly highlight its culture.
Among the best states to retire on Social Security, which one stands out for you?
We listed 10 of the best states to retire on Social Security – what’s your choice? If you are still undecided, consider some factors like the kind of lifestyle you would like to live. Or maybe you prefer an urban or rural locale.
As with any retirement planning, it is advisable that you conduct research and seek financial advice to come up with a concrete decision. Read and bookmark InvestmentNews to gain more knowledge about investing, retirement, and finances.