By Anna Ge
Mississippi is the best state to retire in across America, according to a new study.
The study, carried out by banking experts CreditDonkey, examined all 50 states on nine factors to determine which state is the best to retire in. Several categories were investigated and then factored into an index to create an overall score out of 100 for each state, including:
- Average salary
- Annual utility bills
- Annual medical costs
- Food and beverage expenditure
- Car insurance costs
- House prices and tax rates
- Crime rates
- Population over 65
- Average temperature
The study revealed that Mississippi ranks as the best state to retire, scoring 62.54 out of 100 on the index.
Mississippi has the lowest cost of utilities nationwide, with the annual cost of utilities for a single household averaging $6,436. Mississippi is also one of the states with the lowest property tax rates, with the average tax rate being 0.6% and therefore an average annual tax on a property of $1,311.
These factors combined placed Mississippi at the top of the ranking.
Alabama ranks as the second-best state to retire in, scoring 62.33 in the study. Like Mississippi, Alabama also has one of the most affordable property tax rates, the second state with the lowest property tax overall.
The average annual tax on a property in Alabama is 0.4%, which suggests the average yearly tax on a property is $1,022. The state also scored high in the utility category, as the eighth state with the most affordable utility cost overall, with the average annual cost of utilities at $7,082.
Ranking in third place is Idaho, with a final index score of 62.14 out of 100. Idaho ranks as the third state with the lowest crime rate in the study, making the state one of the safest states across America.
Idaho also has one of the lowest costs of car insurance nationwide; basic car insurance starts at $267 per year, ranking Idaho as the fifth state with the lowest annual car insurance price in the country.
Additionally, Idaho ranked as the state with the second lowest annual medical costs, with the average cost being $8,148 per year.
Iowa ranks in fourth place, with a final index score of 60.91. Iowa has the most affordable car insurance, with basic car insurance starting at $223, the lowest across America. Iowa also ranked as the tenth state with the most affordable cost of utilities, with the average annual cost of $7,206.
Furthermore, in the study, Iowa also ranks as the 15th safest state across America, with a crime rate of 287.6.
In fifth place is Arkansas, with a final index score of 59.98 out of 100. Out of all factors, Arkansas scored highest in the utilities category, with the average price of annual utilities costing $6,670, placing third overall.
The study also revealed that Arkansas ranks as the third state with the lowest property tax across America.
Rounding off the top 10 is North Carolina in sixth place with a score of 59.45, Virginia ranking seventh with a score of 59.23, Kentucky ranking eighth with a score of 59.20, West Virginia in ninth place with a score of 58.72 and Oklahoma in tenth place with a score of 58.65.
The study also revealed that Alaska is the worst state to retire in, with a final index score of just 25.80 out of 100. The study showed that Alaska ranks as the second state with the highest annual medical costs nationwide with an average price of $13,642.
New York took the top spot as the state with the highest annual medical expenses with an average of $14,007 per year. Finally, Alaska also has one of the highest costs of annual utilities in the country with the average cost of $9,189 a year.
A retirement strategy is vital in helping facilitate retirement in the most stress-free way possible. These findings prove a useful guide into the best places to retire across America that are affordable and safe. However, it is always advisable to research different locations to see where your personal prospects, lifestyle, and financial status can thrive.
Knowing the cost of living in new locations can help you decide on potential areas to move to and can help you anticipate how much you will need to save to live comfortably.