What is the cheapest state to live in after retirement?

The cheapest states for retirement generally include West Virginia, Mississippi, Arkansas, Oklahoma, Alabama, Ohio, Kansas, and Missouri, thanks to low housing, taxes, and overall cost of living, with West Virginia often topping lists as most affordable. These states allow retirement with Social Security to stretch further, though factors like housing costs (e.g., in Mississippi) and healthcare (e.g., Utah, Colorado) also influence overall affordability.

What state has the lowest cost of living for retirement?

Mississippi ranks as a top state for retirees, given its combined monthly housing, food, and transportation costs. Virginia, meanwhile, offers a low monthly cost of living with high average annual retirement incomes. Other top states for stretching retirement dollars include New Mexico, Arizona, Georgia, and Texas.

Where can I retire on $1200 a month?

You can retire comfortably on $1,200 a month by moving to affordable countries in {!nav}Southeast Asia (Bali, Vietnam, Thailand, Cambodia), {!nav}Latin America (Colombia, Nicaragua, Ecuador, Peru), or {!nav}Eastern Europe (Albania, Bulgaria, Romania, Portugal), where low rents, cheap food, and inexpensive living costs cover basic needs, while some U.S. cities with low cost of living (like {!nav}Blacksburg, VA, {!nav}Rochester, NY, or parts of {!nav}Mexico) might also work, but generally require very frugal living or finding subsidized housing. 

Where is the most affordable place for seniors to live?

Des Moines, IA. For retirees looking to live in a big city on a small budget, Des Moines is a good choice. Affordability is just one reason the Milken Institute ranked the state capital among the 100 large U.S. metro areas for successful aging in 2025.

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. 

Top 10 Cheapest States For Retirees in 2025

What state is best financially to retire in?

Financially, the best states for retirement often have low or no state income tax and a low cost of living, with Wyoming, Florida, South Dakota, Tennessee, Texas, and New Hampshire frequently topping lists due to tax advantages like no income tax on retirement income. Mississippi and West Virginia are noted for extremely low living costs, while states like Minnesota and North Dakota excel in healthcare, balancing financial perks with quality of life, making choices depend on whether low taxes or low expenses are the priority. 

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.
 

Where is the nicest but cheapest place to live in the USA?

The cheapest, best places to live in the U.S. often involve the Midwest and South, with cities like Wichita (KS), Fort Wayne (IN), Dayton (OH), and Knoxville (TN) offering low housing costs and good value, while states like West Virginia, Mississippi, and Oklahoma consistently rank as most affordable overall. Key factors are low housing prices and a cost of living significantly below the national average, with some top contenders being Decatur (IL), Enid (OK), and Brownsville (TX), but "best" depends on balancing budget with lifestyle needs like jobs, culture, and amenities. 

Is it better to rent or buy in retirement?

Renting vs. buying in retirement involves a trade-off between flexibility/less responsibility (renting) and stability/equity (owning), with renting offering freedom to move and no maintenance worries but rising costs, while owning provides fixed housing costs (if paid off) and potential appreciation but requires upkeep and commitment, making the best choice highly personal, depending on your finances, health, and desired lifestyle. 

Can I live on $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.

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.

What is the average social security check a month for a retiree?

The average Social Security monthly payment for a retired worker is around $2,000 to $2,071 as of late 2025/early 2026, following a 2.8% cost-of-living adjustment (COLA) for 2026, with specific figures around $2,012 in October 2025 and projected at $2,071 for January 2026. Benefits vary significantly based on earnings history and claiming age, with some retirees receiving more and others less, and Social Security is intended to replace about 40% of pre-retirement earnings, not all income. 

Where is the best place to retire with no money?

Hot Springs Village, Arkansas, is the best place to retire with little to no savings. More than 60 percent of the town's population is aged 65 and above, and annual expenses are estimated to be $21,114. Foley, Alabama, and The Villages, Florida, are the second and third best places to retire without savings.

What state has the cheapest overall cost of living?

• Arkansas. #1 in Cost of Living. #44 in Best States Overall. ...
• Mississippi. #2 in Cost of Living. #48 in Best States Overall. ...
• South Dakota. #3 in Cost of Living. ...
• Oklahoma. #4 in Cost of Living. ...
• Louisiana. #5 in Cost of Living. ...
• North Dakota. #6 in Cost of Living. ...
• Iowa. #7 in Cost of Living. ...
• West Virginia. #8 in Cost of Living.

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. 

What is the average monthly expenses for retirees?

On average, retirees spend around $4,000 to $5,400 per month, with the largest expenses being housing, healthcare, food, and transportation, though figures vary by age and lifestyle, with younger retirees spending more and older ones less, according to U.S. Bureau of Labor Statistics and recent data from Investopedia and Yahoo Finance. A good rule of thumb is to budget 55-80% of your pre-retirement income, with healthcare often consuming about 15% of your annual budget.
 

Why are the rich renting instead of buying?

Rich people rent instead of buy for flexibility, to avoid maintenance burdens, to free up capital for investments, and because luxury rentals offer hotel-like amenities and services without ownership hassles, aligning with modern, mobile lifestyles focused on experiences over possessions. High housing costs, property taxes, and uncertain markets also make renting a smarter financial move for some, allowing them to invest where yields are higher. 

Can you retire without owning a home?

Many retirement communities offer rental options, allowing you to experience the benefits of community living without the commitment of buying a property.

Can I afford $1000 rent making $20 an hour?

*“If you're earning $20 an hour, you might be wondering — can I really afford $1,000 rent? 🤔 You're bringing in about $3,200 before taxes, and experts suggest keeping rent near 30% of your income — that's roughly $960. So yes, $1,000 rent is doable… but it's tight with other bills.

What US state is safest and cheapest to live in?

For the best combination of cheap and safe, consider states like Iowa, Kansas, Mississippi, West Virginia, and Arkansas, which consistently rank high in affordability (low housing, groceries, overall cost of living) while also offering manageable safety, with Vermont and New Hampshire often topping pure safety lists, though they are pricier. The ideal balance depends on whether you prioritize the lowest cost (Mississippi) or strong safety (Vermont), with Midwestern/Southern states generally offering lower expenses and Northern/New England states often leading in safety metrics. 

What is a $1 dollar house in the US?

The One-Dollar Homeownership Program is an unprecedented partnership between NACA and cities and towns across the nation to create affordable homeownership for low to moderate income homebuyers in underserved communities. Community residents can purchase a vacant house or lot from the city for only one dollar.

What is the best small town to live in the US?

The best small towns in America for living offer a mix of affordability, outdoor access, strong communities, and amenities, with top contenders often including Carmel, IN, known for livability; Apex, NC, praised for economic health; Leander, TX, a fast-growing Austin suburb with Hill Country charm; and scenic gems like McCall, ID, for mountain recreation, and Camden, ME, for coastal beauty. Other popular choices feature historic appeal (Bardstown, KY), cultural hubs (Beacon, NY), or unique Western flair (Ogallala, NE). 

How many Americans have $100,000 in savings?

While exact figures vary by definition (savings vs. retirement assets) and source, roughly 12-22% of American households have over $100,000 in checking and savings, while around 14-22% have $100,000 or more in retirement accounts, with significantly higher percentages for older age groups (especially 55-64 and 65+). Many sources show that a large portion of Americans (around 80%) have less than $100,000 saved overall, highlighting a significant savings gap. 

How long will $500,000 last using the 4% rule?

Your $500,000 can give you about $20,000 each year using the 4% rule, and it could last over 30 years. The Bureau of Labor Statistics shows retirees spend around $54,000 yearly. Smart investments can make your savings last longer.

What if I save $5 dollars a day for 40 years?

If you save and invest $5 a day for the next 40 years at a 10% return rate, you'll have $948,611! That's a nice chunk of change. This scenario sounds like a no-brainer, yet many students put off saving for their future so they can have more money to spend today.