Considering retirement and looking for the 5 cheapest states to retire in? You are not alone; anyone approaching retirement wants to get the most for their money. Obviously, living in an area where the cost of living is less means your retirement dollar is going to stretch further.
- Think Taxes. Seven states have no state income taxes, which in the end will save a bundle when you are ready to retire. The states are Texas, Alaska, Florida, Nevada, South Dakota, Washington and Wyoming. Your dollar stretches further when you do not have to pay state income taxes.
- Ferry Pass, Florida. This is a small suburb of Pensacola and one of the cheapest states to retire in, especially if you are looking for warmer weather. The cost of living in Ferry Pass is almost seventeen percent less than the national average, meaning your dollar will spread further. Additionally, it is a no-income tax state, so it is a win-win situation. Plus, Florida itself has a large population of retirees.
- Benbrook, Texas. The town is a suburb of Fort Worth and one of the cheapest states to retire in and Texas has no state income taxes. The cost of living in Benbrook is almost twelve percent lower than average.
- Topeka, Kansas. The region is one of the cheapest states to retire in even though they do have a state income tax. Topeka is a small city and the capital of the Kansas. The cost of living is a whopping 24% lower than the national average – talk about making your retirement dollar stretch!
- Kokomo, Indiana. The town is probably the cheapest area to retire in even though it has a state income tax, the city population is under 100,000 people, and the cost of living overall is a staggering thirty percent below the national average. The town has many retirees and senior activities.