3. Alabama – probably the best state to retire
Total cost of living for one year: $31,966
“Sweet home, Alabama!” is what the perfect motto sounds like. This is one safe place where you can have a nice lifestyle without making a hole in your retirement savings. Besides being a state that is filled with a lot of amazing scenery and historical places to explore, Alabama also offers a climate similar to that of Florida, where all the winters are super mild and the summers are pretty hot. They won’t tax Social Security benefits or pension income. I mean, how amazing is that?
Alabama has some very similar incentives, even though many people consider Florida to be the best state for tax benefits while retiring—especially given that it’s a less expensive area to live in. The financial advantages of retiring to Alabama may even exceed the financial advantages of retiring to Florida because the cost of living there is 13% lower than the national average.
What do you think? Will you move to Alabama for your retirement year? Tell us in the comments.
