Are you ready to settle down for retirement without breaking the bank? If so, then you are in luck. As you are about to embark on a new chapter of your life, it is essential to maintain an enriching lifestyle while ensuring financial security!
From bustling urban hubs to serene countryside sanctuaries, here are the most budget-friendly locations to retire to in America!
What is retirement like in the US?
Retirement in the US is like a buffet of incredible options; there is something for every unique requirement. For those looking at an independent setting in a luxurious atmosphere, there are communities to cater to that. There is home care for those who prefer being taken care of in the comfort of home.
Listed below are the care types that are offered by retirement living communities in the US.
Independent living offers an active and maintenance-free lifestyle for residents.
Assisted living facilities provide personalized care and support and are ideal for those requiring help with daily activities.
Memory care communities cater to individuals with dementia, Alzheimer’s, or other memory-related conditions in a safe, secure environment.
Nursing homes are for seniors with complex medical needs; skilled nursing facilities offer around-the-clock medical care and rehabilitation services.
Choosing the cheapest states to retire in 2023
As retirees venture into 2023, a range of factors come into play when selecting the most affordable states for retirement. Key considerations include:
1. The cost of living is undoubtedly the most critical factor in senior living, and budget-friendly states play a crucial role in stretching the best of retirement years.
2. States with favorable tax structures, including income tax rates, property taxes, and tax exemptions for retirees, can significantly influence finances during retirement.
3. While every state has excellent healthcare systems in check, climate, and environment contribute to an optimal retirement experience in the US.
15 of the cheapest states to retire in America
It is 2023, and if you were wondering what is the cheapest state to retire in the US, we have the list for you! Here are 15 locations in America you can find your retirement serenity on a budget!
Alabama is known to be a southern gem for its beautiful landscapes, hospitable residents, and, most importantly, a lower-than-average cost of living, especially for retirees. Of course, Alabama is home to some exceptional retirement communities for seniors!
Home care: $4,045
Assisted living: $3,716
Nursing homes: $7,083
One of the least populous states in the US offers retirees stunning natural beauty and a tempting destination for those looking to enjoy nature and financial benefits.
Home care: $5,866
Assisted living: $4,423
Nursing homes: $7,422
Retiring in Mississippi can feel like a relaxing cruise ride for seniors. Why? With its mild climate, charming communities, and affordable housing options, older adults can savor their retirement savings while journeying through a slower pace of life.
Home care: $4,045
Assisted living: $3,713
Nursing homes: $7,551
Known for its welcoming residents, cultural attractions, and low cost of living, Iowa offers retirees a comfortable and friendly environment for their golden years.
Home care: $5,866
Assisted living: $4,633
Nursing homes: $7,293
5. West Virginia
Settled in the Appalachian Mountains, West Virginia offers retirees an attractive landscape, a cost-effective lifestyle, and a diversity of outdoor activities like hiking to enjoy during their golden years.
Home care: $3,742
Assisted living: $4,413
Nursing homes: $12,327
If you are looking for the cheapest states to retire to in the Midwestern region of the US, then book a flight straight to Missouri. Missouri offers affordable housing, a diverse cultural scene, and a friendly, homely atmosphere for retirees to feel the true essence of retirement.
Home care: $5,057
Assisted living: $3,183
Nursing homes: $5,582
A lot of people may have yet to learn this, but Tennessee is surprisingly affordable. One of the cheapest states to retire in the upper south of the eastern US, The Volunteer State’s appeal lies in its affordable living, no state income tax, and exceptional senior communities, making it a popular destination for retirees seeking a lively retirement life.
Home care: $4,855
Assisted living: $4,355
Nursing homes: $7,583
Known for its infamous prairies and farmlands, Kansas offers seniors home with a low cost of living, friendly communities, and a central location ideal for sightseeing, including neighboring states.
Home care: $4,855
Assisted living: $4,859
Nursing homes: $6,679
Regarding a budget-conscious retirement, Nebraska is one of the cheapest states to retire in the US. Retirement costs are low (below the national average), and with its homely, country lifestyle, retirees will feel right in their new homes.
Home care: $5,462
Assisted living: $4,324
Nursing homes: $7,939
Arkansas is a hidden gem often overlooked as being one of America’s most affordable retirement states. The Land of Opportunity presents itself as beneficial to retirees who seek a budget-friendly senior community and an active lifestyle.
Home care: $4,440
Assisted living: $3,989
Nursing homes: $6,453
11. South Dakota
Known for its rugged but breathtaking landscapes and iconic Mount Rushmore, South Dakota offers retirees a tax-friendly atmosphere and a chance to embrace the great outdoors for a healthy, stimulating lifestyle.
Home care: $6,271
Assisted living: $3,554
Nursing homes: $7,551
Indiana is home to a mix of urban city centers and tranquil countryside. The Hoosier State provides retirees with a balanced lifestyle, affordable living, and various cultural and entertainment opportunities.
Home care: $5,057
Assisted living: $4,544
Nursing homes: $7,713
What’s great about Ohio as a retirement destination are the excellent healthcare facilities and wonderful senior living communities that provide retirees with an active and stimulating lifestyle.
Home care: $5,259
Assisted living: $4,917
Nursing homes: $7,745
With its breathtaking mountains, outdoor recreational prospects, and low cost of living, Idaho attracts retirees who seek a tranquil yet adventurous retirement journey.
Home care: $5,765
Assisted living: $4,072
Nursing homes: $9,036
Georgia is and continues to be one of the most affordable and cheapest states for retirees. For those looking for a quiet place to settle down where the climate is friendly (as is the state taxation), Georgia is the perfect pick!
Home care: $4,551
Assisted living: $3,750
Nursing homes: $7,438
The top 3 most affordable states to retire in
Mississippi, West Virginia, and Georgia would be our top 3 contenders for being the most budget-friendly states for retirees in the US.
And we award the crown of most affordable state to start your golden years in; Georgia! Yes, the Empire State of the South bags the award for being affordable again for many years.
Finance your golden years
Embarking on your retirement journey, financial planning, and thoughtful decision-making are vital in ensuring your golden years stretch beyond the horizon. One of the best things about living and retiring in the US is the abundance of options that are available for seniors to ensure they live out their retirement without having to worry or struggle!
Be it in the form of health insurance, Social Security, reverse mortgages, or HUD programs for seniors, and retirees can genuinely have a prosperous retirement. Look at the following articles to understand how you can secure a golden retirement.
Now that you know where the affordable retirement hubs in the US are, get ready to set off on a journey to pen down a new chapter of your life! There is no need to be stuck at a crossroads when choosing the ideal retirement destination. There are 15 great options to choose from when it comes to an affordable retirement!
What is the most affordable state for retirees?
For a number of years, Georgia has been considered to be the most affordable state for retirement. Even in 2023, the cost of retirement is lower than the national average. Seniors looking for cheap states to retire in always prefer to have Georgia on their list.
What state has the lowest cost of living?
Mississippi is known to have the lowest cost of living in the United States. With a remarkable cost of living index of 83.3, you are making expenses almost 17% lower than the national average. At the same time, the housing costs in Mississippi rank as the most affordable in America.
What states do most retirees move to?
Florida is a top favorite for older adults when it comes to retirement. The warm tropical climate and tax-friendly environment make Florida a prime choice for retirees, especially with their luxury retirement communities. Alabama, Arizona, Georgia, and Texas are also among the top locations that retirees prefer when it comes to retirement.
Where is the cheapest place to retire in 2023?
One of the cheapest state to retire in 2023 is Alabama. The cost of home care and other senior care types is relatively low (even more so than the national average. The weather is warm and hospitable for seniors, while the state offers many activities, such as golfing and hiking, for seniors to enjoy.