What are the best states to retire in financially in the United States?

You have many decisions to make when it comes to deciding where you would like to retire.  Factors like health care, security, weather and culture are all important to consider when it comes to deciding on which state you would like to spend your retirement years, but one of the most important factors you need to consider is the economy.

If you are like most people in the United States, you have spent years investing in a retirement account so you can have a comfortable nest egg for which to live off of. The last thing you want to do is live in a state that is more expensive than you can afford and blow through your retirement funds.

Top five best states to retire in financially

To determine which five states rank the best for retirement based on finances, we take a look at the state’s cost of living index. This takes into account the expenses an average person will encounter in that state, such as:

• Food
• Housing
• Transportation
• Health care
• Education
• Childcare
• Entertainment
• Utilities

The cost of living index ranks states compared to a percentage of 100. Therefore, a cost of living index of 90 is 10% less than the average, whereas a cost of living index of 110 is 10% more expensive than the average state. With these factors in mind, the top five states to retire in based off of finances are:

1. Mississippi  — Cost of living index is 86.1.
2. Arkansas — Cost of living index is 86.9.
3. Oklahoma — Cost of living index is 87.
4. Missouri — Cost of living index is 87.1.
5. New Mexico — Cost of living index is 87.5.

Top five most expensive states to retire in financially

The top five most expensive states for retirement based on cost of living index are:

1. Massachusetts — Cost of living index is 131.6
2. Oregon — Cost of living index is 134.2.
3. New York — Cost of living index is 139.1.
4. California — Cost of living index is 151.7.
5. Hawaii — Cost of living index is 192.9.

Retire in the home of your dreams with the assistance of a ProVise financial advisor

All of us have different ideas of what makes a place ideal for retirement. Perhaps you are willing to live somewhere more expensive because it offers the type of lifestyle you want. On the other hand, maybe you want to live somewhere more affordable to maximize the potential of your retirement funds.

Regardless of your financial goals, a CERTIFIED FINANCIAL PLANNER™ professional at ProVise Management Group can help. Our ProVise financial advisors work closely with you to assess your current financial circumstances, long-term retirement goals and values to develop and implement a personalized financial strategy for you.

We will provide a personalized plan for you at a fiduciary standard of care and offer an unconditional money-back guarantee. If for any reason you are not satisfied with the written plan, simply return it to us and we will refund 100% of the fee paid. 

Are you ready to start preparing for your dream retirement destination with the assistance of a ProVise financial advisor? Contact us today to schedule a consultation.