Some of the cheapest retirement states that retirees can move to are not the ones some would have thought. When it comes time for people who have no ties to their previous lives want to go and get away from the work life they once had, they want to go somewhere nice. However, it is all a matter of perspective and some of the lowest retirement states, when put into the right perspective, are cheaper than where people are living now.
Louisiana: Live in a Beach Area for Less
For example, building a home on a strip of land in beautiful and warm Natchitoches, Louisiana, is certainly cheaper than building a home on one of New York or New Jersey’s beaches, which are not the cheapest retirement states to live in, about $100,000 cheaper, to be exact.
Additionally, when a person takes into account the varying tax rates paid for sales, property and other state-levied taxes in these states, the combined savings from moving to Louisiana can be even greater. Considering that most American couples have saved less than $25,000 by the time they reach retirement age, this is a savings they cannot afford to pass up.
Florida: Bright & Sunny Year Round
A couple who is thinking about retiring who lives in San Francisco might have a nice little two bedroom home that they have lived most of their lives in. If that couple were to retire and sell that home in hopes of moving somewhere else, one of the cheapest retirement states, that couple could buy almost the same two-bedroom home layout in Melbourne Beach, Florida, for instance.
That couple could save over $600 or more per month in mortgage payments simply by moving to the cheapest retirement states. The setting would be quieter, the climate would be about the same, but that couple who once spend almost $2,000 per month to live now is paying only about $1,200 a month instead.
Delaware: No Income Taxes
According to Kiplinger’s magazine, by far one of the cheapest retirement states to live in is Delaware. However, this s only true of those who are thinking of moving in or around Dover. For people thinking of moving to Delaware, the tax situation is the best part.
Retirees will benefit from not only, not having their social security retirement income taxed, but they will also pay some of the lowest property and sales taxes as well. In fact, there is no sales tax levied by Delaware at all.
According to the magazine’s study, people moving to Delaware would pay only about $500 per year in property taxes and nothing in sales or income taxes. Considering there is no income or sales tax, it also makes other areas of Delaware an option as well, such as the beaches.
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