Choosing the right state for retirement can significantly impact the overall quality of life and on your income. In this article, the top states for retirement are ranked based on criteria such as taxes, cost of living, and climate.
The seven states with the most favorable tax policies for retirees, including no state income tax, no tax on retirement income, and discounts on other taxes, are Florida, Alaska, Georgia, Mississippi, Nevada, South Dakota, and Wyoming.
Beyond tax considerations, we can note that six states, including Maine, Florida, and West Virginia, are the most popular among retirees based on their density of residents over 65. Ultimately, Florida is the best overall state for retirement due to its combination of favorable taxes, pleasant climate, and reasonable cost of living.
The article recommends speaking with a financial advisor to determine the best state for one’s individual financial situation. Working with an advisor has increased financial confidence and potentially leads to 15% more money available for retirement. Owning property in Florida can bring you great tax benefits and can also be an attractive investment.
Regardless of where one chooses to retire, it is important to carefully consider all factors to make the right decision for one’s financial and personal circumstances.