You've created a sizable retirement nest egg . . . bravo! Now, where should you live to make your money last the longest? GoBankingRates.com, a financial information website, looked at local taxes, living expenses including home costs, and health care costs to gauge which states ranked the best for stretching your retirement dollar.
The top 10 (in ascending order) are:
No. 10 Arkansas
Arkansas residents have low-cost living expenses, including reasonably priced homes and tax rates.
No. 9 Utah
Utah has one of the lowest health-care insurance costs and one of the healthiest populations.
No. 8 Michigan
Retirees in Michigan pay the lowest average home costs and have low living expenses, including health-care insurance which averages just $204 a month.
No. 7 South Dakota
South Dakota ranks in the top 10 because of its low tax rates.
No. 6 Alaska
Alaska outranks even South Dakota for low tax rates with no Social Security, estate or inheritance tax, and the lowest average sales tax of any state at 1.76 percent.
No. 5 Wyoming
Low or nonexistent taxes are the norm in Wyoming, including low property and sales taxes.
No. 4 Wisconsin
Retirees in Wisconsin have low-cost living expenses and widespread health care insurance coverage.
No. 3 Idaho
Idaho’s extremely low living expenses and reasonable sales and property taxes make it one of the best places to retire.
No. 2 Delaware
Delaware grabbed the number two spot on the GoBankingRates.com list because of it has no sales tax, Social Security tax or inheritance tax, as well as low property taxes at 0.43 percent of home value.
No. 1 New Hampshire
New Hampshire lives up to its ‘live free’ motto and topped the list of best places to retire rich with no sales tax, Social Security income tax, estate tax or inheritance tax.