Home Money Matters Top 8: States With The Lowest Cost of Living for Retirees in 2023

Top 8: States With The Lowest Cost of Living for Retirees in 2023

by Akinruli Tolulope

According to an entrepreneurng report, controlling your costs becomes more crucial than ever if you have a fixed income, which is the case for the majority of retirees.

How about this as a possible method? residing in a place where the costs of living are cheaper.

Even though their list takes into account “47 major characteristics of retirement-friendliness” grouped into three main categories — health care, quality of life, and affordability — we’re just going to spotlight the greatest which is affordability.

These states are considered to be the cheapest for retirees:

1. Mississippi

In WalletHub’s assessment, Mississippi comes in the bottom place for quality of life and has a poor score for health care, but it is undoubtedly economical. Don’t be put off by a survey’s ranking either: Think about Hattiesburg, which is listed as one of the “18 Best Warm and Sunny Locations to Retire in the U.S.”

2. Florida

Florida is known for its seniors, so WalletHub’s discovery that it has the second-highest percentage of residents 65 and older is not surprising. In terms of quality of life, the state came in fourth. Retirement residents in Florida won’t have to deal with taxes on Social Security benefits or personal income.

3. Arkansas

According to WalletHub, Arkansas has the second-worst overall quality of life in the nation. But it also boasts the fifth-lowest cost of in-home services and is one of the cheapest states for seniors.

4. Georgia

Even though it’s a relatively reasonable state for retirees, according to WalletHub’s report, Georgia has one of the lowest percentages of people who are 65 and older. Based on affordability, well-being, weather, and other considerations, a separate Bankrate survey from 2021 named Georgia as the greatest place for retirees.


5. Delaware

According to WalletHub, Delaware has the second-best “taxpayer” ranking behind Alaska and one of the highest percentages of people 65 and older in the country. According to the Delaware Division of Revenue, residents of Delaware may be allowed to deduct a limited amount of retirement income from taxes, and the state does not tax Social Security benefits.

6. Wyoming

Wyoming, which is ranked No. 9 on WalletHub’s list of the top 10 most affordable states for retirement, stands out for having a high quality of life. Retirees are moving to these states in record numbers, as we observed in “Retirees Are Flocking to These 10 States,” according to 42% of recent arrivals.

7. Washington, D.C.

The proportion of senior citizens in West Virginia’s population is the third highest. We suggest Cheat Lake as “nearly heaven,” to quote a John Denver song.

8. Southern Carolina

South Carolina received a good grade on affordability, which helped propel it to the No. 16 spot overall among the best states for retirees while performing below average in the other WalletHub research categories.

In conclusion, the above list countries are very affordable but it depends solely on your capacity and interest.


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