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

The best states for retiring on a fixed income combine low overall costs, minimal taxes on retirement income (like Social Security/pensions), and affordable housing, with top contenders often including Mississippi, Tennessee, Florida, South Dakota, Missouri, Alabama, and Pennsylvania, offering tax breaks, low living expenses, and good senior support, though healthcare access and climate vary.

What is the best state to live in financially for retire?

Top 5 states for retirees in 2025

• New Hampshire. The Granite State is the best state to retire in 2025, and it's clear that the state offers a lot to like for future retirees. ...
• Maine. Maine turned in a fine performance, with strong scores in a number of categories. ...
• Wyoming. ...
• Vermont. ...
• Idaho. ...
• Louisiana. ...
• Texas. ...
• Oklahoma.

Where is the best place to live on a fixed income?

25 Best Places in the U.S. To Live on a Fixed Income

• Cibolo, Texas.
• San Antonio. ...
• Palm Coast, Florida. ...
• Seguin, Texas. ...
• Center Point, Alabama. ...
• Gretna, Louisiana. Household median income: $47,010. ...
• Crestview, Florida. Household median income: $61,311. ...
• Sun City Center, Florida. Household median income: $64,661. ...

What is the cheapest and happiest state for retirees?

Cheapest States to Retire In

• Mississippi. Cost of Living: Lowest in the U.S. ...
• Alabama. Cost of Living: Significantly lower than the national average. ...
• Arkansas. Cost of Living: Among the lowest in the nation. ...
• Oklahoma. Cost of Living: Lower healthcare and housing costs. ...
• West Virginia. ...
• Tennessee. ...
• South Carolina. ...
• Kentucky.

What state is best for seniors on social security?

For retirees living on Social Security, the best states offer low taxes (no state income tax on SS), low cost of living (especially housing), and affordability, with top contenders often including Mississippi, West Virginia, Arkansas, Iowa, Wyoming, and Florida, while states like Pennsylvania, South Dakota, and Tennessee also rank highly for affordability and favorable tax environments, making every dollar stretch further. 

Best States to Retire on a Small Pension or Social Security

How much do you have to make to get $3,000 a month in social security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What is one of the biggest mistakes people make regarding social security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

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

You can retire comfortably on $2,000 a month in the U.S. by focusing on affordable Midwest and Southern cities, with top contenders including Fort Wayne, Indiana, Fargo, North Dakota, Knoxville, Tennessee, Oklahoma City, Cincinnati, Ohio, and several locations in Texas (like Brownsville, Abilene) and Florida (like Tallahassee, Fort Myers), which offer lower costs for housing, groceries, and healthcare while still providing good livability and amenities. 

What state has the best healthcare for retirees?

There's no single "best" state, as it depends on priorities (cost vs. access vs. outcomes), but Minnesota, Colorado, Hawaii, Massachusetts, and California consistently rank high for retiree healthcare due to strong hospitals, good outcomes, or balanced costs and access, with Midwestern states like North Dakota & South Dakota also scoring well for access and affordability, while Florida offers great infrastructure for its large retiree population. 

Which states have no property tax for seniors?

States that offer property tax exemptions to seniors

• Alabama: Exempts seniors from the state portion of property taxes; county taxes may still apply.
• Alaska: Exempts the first $150,000 of assessed home value for homeowners aged 65-plus.

What is the number one mistake retirees make?

The top ten financial mistakes most people make after retirement are:

• 1) Not Changing Lifestyle After Retirement. ...
• 2) Failing to Move to More Conservative Investments. ...
• 3) Applying for Social Security Too Early. ...
• 4) Spending Too Much Money Too Soon. ...
• 5) Failure To Be Aware Of Frauds and Scams. ...
• 6) Cashing Out Pension Too Soon.

Where do the happiest retirees live in the USA?

Caring.com's 2025 Senior Happiness Index identifies states where seniors are most content, connected, and live longest. Utah is ranked as the happiest state for older adults due to high volunteer rates, good health, and excellent health care access.

Can I live off $5000 a month in retirement?

To retire comfortably, many retirees need between $60,000 and $100,000 annually, or $5,000 to $8,300 per month. This varies based on personal financial needs and expenses.

Where is the nicest and cheapest place to retire?

1. Fargo, ND. With its low costs and generous tax situation, North Dakota has consistently ranked high among our best states for retirement.

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

What state are most retirees moving to?

Despite a preference for Southwestern cities, Florida and North Carolina are the most popular states for retirees. Florida gained the most retirees over one year at a net of +44,504. North Carolina ranked second at the state level with a net gain of 20,369. Arizona was neck and neck with North Carolina at +20,203.

What state has the best doctors and hospitals?

Massachusetts, Hawaii, New Hampshire, and Connecticut consistently rank as having top healthcare systems with excellent doctors and hospitals, excelling in quality, access, and outcomes, though rankings vary slightly by source, with some highlighting Montana for physician well-being and others focusing on specific hospital quality. These states often lead in metrics like affordability, preventative care, and patient experience, boasting strong hospital networks and high-quality medical research.
 

What is the cheapest and safest state to retire in?

A: Alabama ranks as the most affordable state to retire in. The southern state boasts a cost of living nearly 16 percent below the U.S. average, with particularly low costs for housing, transportation, and groceries.

What state is #1 in quality of life?

There isn't one single answer, as different reports rank states differently, but Vermont is frequently cited as #1 for Quality of Life (CNBC), while Massachusetts often leads overall livability/best state rankings (WalletHub), and Utah ranks high overall for Best States (U.S. News). These rankings vary by the specific metrics used, such as health, safety, environment, education, or economic opportunity. 

What is the nicest, cheapest place to live in the US?

Keep reading to learn which cities are rated as the most budget-friendly places to call home.

• Most Affordable Cities in the US.
• Hickory, North Carolina.
• Brownsville, Texas.
• Fort Wayne, Indiana.
• Dayton, Ohio.
• Sioux Falls, South Dakota.
• Knoxville, Tennessee.
• Erie, Pennsylvania.

What is the $27.40 rule?

The $27.40 Rule is a personal finance strategy to save $10,000 in one year by consistently setting aside $27.40 every single day ($27.40 x 365 days = $10,001). It's a simple way to reach a large financial goal by breaking it down into small, manageable daily habits, making saving feel less intimidating and more achievable by cutting small, unnecessary expenses like daily coffees or lunches.
 

What is a good monthly income when retired?

A good monthly retirement income is often considered 70-80% of your pre-retirement income, but it truly depends on your lifestyle, location, and expenses, with benchmarks ranging from $4,000-$8,000+ monthly for a comfortable life, factoring in needs like housing, healthcare, and travel. Financial planners suggest calculating your specific "income gap" by subtracting guaranteed income (like Social Security) from your estimated needs to see what you need from savings. 

What is the number one regret of retirees?

Here are the four most common regrets I've encountered over the years.

1. Waiting too long to retire. This regret comes up over and over. ...
2. Not spending more earlier in life. ...
3. Not tracking their progress earlier. ...
4. Lack of tax diversification.

What does Dave Ramsey say about Social Security?

Dave Ramsey views Social Security as a supplement, not a primary retirement income, emphasizing that relying on it is a "dumb" idea; he advocates for claiming benefits as early as 62 if you're debt-free to invest the money for potentially higher returns, while also warning about potential future cuts due to trust fund depletion and urging strong reliance on 401(k)s and IRAs. 

What is happening on March 31, 2025 with Social Security?

At the conclusion of the transition period, on March 31, 2025, SSA will enforce online digital identity proofing and in-person identity proofing. SSA will permit individuals who do not or cannot use the agency's online “my Social Security” services to start their claim for benefits on the telephone.