Did you know that the average life expectancy in the United States is 76.4 years? With retirement eligibility typically set at 67, that leaves retirees with approximately nine years to enjoy their golden years. However, a study by U.S. Census Bureau in 2017 revealed that nearly half of Americans aged 55-66 had no retirement savings, highlighting a concerning reality: many retirees may need to prioritize affordability when choosing their retirement destination. Today, we’ll explore the top five cheapest states in America to retire in, focusing on both the cost of living and the cost of care. The data used to comprise this list is from MERIC and Genworth Financial.
Mississippi
Mississippi secures its spot as the fifth cheapest state in America to retire in, considering both health and long-term care costs. The cost of living in Mississippi is 13.7% lower than the national average, with housing costs standing out at 27.4% below the national average. Healthcare costs in Mississippi are slightly lower than the national average, while long-term care costs are significantly lower, making it an attractive option for retirees on a budget.
Alabama
Alabama emerges as the fourth cheapest state to retire in the U.S. with a living cost index 11.8% lower than the national average. Housing costs in Alabama are notably low, at 29.5% below the national average, and healthcare costs also trend lower, including long-term care services, making it an affordable choice for retirees seeking quality care without breaking the bank.
Kansas
Kansas takes the third spot on our list, boasting an average living cost 12.6% lower than the national average. While utility costs in Kansas are slightly higher, housing costs compensate with a significant 31.8% below the national average. Healthcare costs, including long-term care services, are also notably lower, making Kansas an attractive option for retirees requiring assistance with daily activities.
Missouri
Missouri stands as the second cheapest state to retire in. With an average living cost 11.8% lower than the national average, Missouri offers affordable housing options, along with healthcare costs 9.9% lower than the national average. Long-term care services are particularly budget-friendly, making Missouri an ideal choice for retirees seeking quality care at a reasonable cost.
Oklahoma
Topping our list as the cheapest state to retire in America is Oklahoma. With an average living cost 13.2% lower than the national average and housing costs at 28.9% below the national average, Oklahoma offers affordability without compromise. Healthcare costs, including long-term care services, are notably lower, making it the most budget-friendly option for retirees in the U.S.
Conclusion:
While coastal and mountain states may offer scenic beauty and outdoor activities, the Midwest presents a compelling option for retirees seeking affordability. The top five cheapest states to retire in America provide a balance of affordability and quality care, ensuring retirees can enjoy their golden years without financial strain.
Whether you find yourself unprepared for retirement financially or simply seek a more budget-friendly lifestyle, considering the cost of living and care in these states can help guide your decision-making process. We hope this insight into the most budget-friendly states to retire in provides valuable information as you plan for your retirement years.
