OCTOBER 7, 2024
Charlotte, N.C. — $76,537 – digidreamgrafix / Shutterstock.com
As major Florida cities like Miami continue to grapple with the ever-increasing cost of living expenses, some retirees may question if it’s in their best financial interests to retire in Florida. This is especially true of individuals planning to retire in the next 10 years.
The “best” state to retire in does depend on your unique financial circumstances and needs. However, key considerations like the cost of living, taxes, housing expenses, and the overall quality of life all matter to retirees.
If Florida isn’t on the table for retirement, those retiring in the next decade may consider the following five states as the next up-and-coming retirement hot spots.
Texas
We knew Texas, already anticipated by experts to be a popular 2025 retirement destination, would receive an automatic inclusion in this roundup.
The Lone Star State is already popular with residents for not taxing Social Security or having any individual income taxes. Tax-friendliness aside, recent GOBankingRates data revealed at least 10 Texas cities are considered hidden gems for retirees. Frisco, El Paso and Plano all received mentions thanks to low monthly expenditures and crime rates.
New Hampshire
According to a study conducted by Empower, New Hampshire has been ranked as one of the best states to retire in 2024.
While some benefits of retiring in New Hampshire may change between now and 2034, we think it’s safe to say the Granite State’s tax-friendly reputation will continue to be a big draw with retirees.
Empower data revealed that New Hampshire has the lowest tax burden — at 5.1% — out of any U.S. state. And even though there’s a 5% tax imposed on investment income, the state of New Hampshire doesn’t tax Social Security benefits.
North Carolina
Previously, GOBankingRates identified North Carolina as an up-and-coming state that will be popular with retirees in 2025.
One major reason why North Carolina is so attractive to retirees is housing costs. According to U.S. News & World Report, several major cities, including Charlotte and Raleigh, have median mortgage and rent costs that don’t exceed $1,500 a month. GOBankingRates also identified Raleigh as one of the hidden gem cities for retirees to check out if they’re interested in retiring in the South.
Inexpensive housing aside, Vision Retirement highlighted North Carolina with lower property taxes than average and reasonably priced homeowners insurance.
Arkansas
Arkansas is quickly positioning itself as one of the best states to retire if you’re on a fixed income.
In June 2024, GOBankingRates included Arkansas among the top states to retire to if you’re seeking out places where your retirement will cost under $50,000 yearly. The data indicated that Arkansas’s total annual cost of living is $43,865. This comes out to $3,655 a month, with retirees paying $547 in healthcare and $392 in grocery costs monthly.
Iowa
Original research conducted by life insurance agency Choice Mutual cited Iowa as the best state for retirement in 2024 — and likely in the years to come.
Several factors pushed Iowa to the top of the heap, including the state’s outstanding healthcare system, low crime rates, affordable housing, and low cost of living expenses. All these factors position Iowa as one of the best states to retire in because retirees can hold onto their retirement savings a little while longer.
GOBankingRates can attest to the accuracy of this ranking, having included Iowa in our roundup of the best states to retire on $50,000 annually. Retirees can anticipate spending around $400 in transportation costs and about $622 in healthcare expenses monthly, with the total monthly cost of living coming out to about $3,910.
Courtesy/Source:This article originally appeared on GoBankingRates
