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Getting ready for retirement is difficult. But, choosing where to live during retirement doesn’t have to be. When considering the best states for retirement, one method is to go the traditional route of living near family and friends. However, you might also want to consider which states have the most to offer senior citizens in America. Comparing data like population, average income for senior households, and the cost of living helped us create this list of the four best states for retirees.
Idaho
Of the 1.6 million individuals living in Idaho, 14.3% are aged 65+ with an income of about $37,787. With the cost of living in Idaho at 10% below the U.S. average, this state becomes an incredibly cost efficient place for retirees. Not to mention, Idaho is famous for its scenic beauty and offers excellent options for day trips.
Arizona
The population of Arizona is 6.6 million and 14.2% of residents are 65+. The cost of living in Arizona is 1% higher than the national average, so it’ll be a little bit more expensive to live here, but the average income of senior citizens in Arizona is also higher, at $45,236. Also, Arizona might make a better choice for some because it’s one of the most tax friendly states for seniors.
Florida
Famed for its lush natural surroundings and high population of senior residents, Florida comes in at 18.2% of the population being 65+ with an overall population of 19.4 million. Not only is the cost of living lower than average by about 1%, the average income for retirees in Florida is higher than even Arizona at $47,031. Not only is Florida teeming with amazing excursions for seniors, it’s also a very tax friendly state for senior Americans.
South Carolina
Although not as high as Florida, South Carolina’s 4.7 million person population is almost 15% senior citizens, and with the warm beaches and beautiful architecture, it’s no wonder why. South Carolina makes a wonderful retirement destination because the cost of living is over 12% below the national average, while the average income of senior households is right around $40,000.
Getting ready for retirement also means getting financially ready, especially if you’re considering moving. Are you struggling to find that extra income? Do you have a life insurance policy that’s no longer serving your needs? Did you know you can sell all or a portion of your policy for an amount greater than the cash surrender value? This is called a life settlement, or a viatical. If you have questions about this process, contact Life Settlement Advisors today to see if you qualify.
Case Study:
William and Sharon both retired last Fall. Their only daughter lived in South Carolina, a five-hour road trip one way. Sharon convinced William to move to South Carolina so they could be closer to their grandchildren.
William discovered that he could sell his life insurance policy and received $175,000 for his policy! William and Sharon used that for their down payment on their new home in South Carolina.
