Looking for the perfect place to enjoy your retirement without breaking the bank? If scenic hikes sound more appealing than beach days, then West Virginia might just be calling your name. For the second year in a row, West Virginia tops Bankrate’s list of the most affordable U.S. states for retirement, thanks to its low cost of living, property taxes, and homeowners insurance. Following close behind are Mississippi and Indiana.
Top 10 Affordable States For Retirement in 2024
- West Virginia
- Mississippi
- Indiana
- Alabama
- Georgia
- Tennessee
- Oklahoma
- Wyoming
- Missouri
- Kansas
Let’s explore why West Virginia is so appealing. Living costs are 9 percent below the national average, and housing is even more affordable, at 20 percent lower than the national average. The property tax rate is one of the lowest in the country, at just 0.49 percent. Plus, there’s some great news on the horizon: West Virginia plans to eliminate state-level taxes on Social Security benefits by 2026, making it even more retiree-friendly.
But wait, there’s more to think about than just affordability. West Virginia does have its downsides, particularly when it comes to healthcare. The state ranks poorly in healthcare quality and access, and private health insurance premiums can be pretty high. This highlights the importance of considering other factors like wellness, healthcare access, and community amenities when choosing your retirement destination.
Beyond Affordability: Factors to Consider
Sure, saving money is important, but it’s not everything. When choosing where to retire, you should also think about healthcare access, social activities, and how close you’ll be to essential services. For example, an affordable yet remote area might be less ideal if you have to travel far for medical care.
Before you make your final decision, examine your financial situation to determine how much your savings will go in different areas. Finding a balance between cost and lifestyle needs will help ensure a happy and secure retirement.
So, while West Virginia might top the list, remember that your perfect retirement spot is the one that fits all your needs, not just your budget. Happy planning!