The Most and Least Affordable States for Retirees
During retirement, most people are living off a fixed income, whether that’s Social Security benefits, a pension plan, or investment income — or a combination. With the high costs of housing and taxes in some states, many retirees are questioning where to live out their golden years. An article by Entrepreneur said being comfortable and living within your means should be a top priority. It found that one of the most important criteria to keep in mind when deciding where to live is affordability.
Citing a study by Seniorly into the affordability of each state, the Northeast and West Coast were determined to be the least affordable places to retire, while areas in the Mountain State region were found to be ideal for retirees on a budget.
The 10 most affordable states to retire in are Wyoming (#1), Utah, Montana, Idaho, Virginia, Colorado, New Mexico, Delaware, West Virginia and Tennessee, while the least affordable states are Massachusetts, New York, Connecticut, New Jersey, California, Rhode Island, Texas, Hawaii, Florida and Washington DC.
The Seniors Trust is committed to improving the financial well-being of America’s retirees, regardless of where they live, through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.
