Keep reading about the cheapest states to live in the US for Seniors. Insider Monkey has recently published an interesting article about this topic.On this ranking you can find places where median home price does not exceed $150,000 and where healthcare costs are from 12% to 1% below America’s average. All of the ranked states are tax friendly toward retirees – seniors do not have to pay taxes on money coming from social security while others types of retirement income are completely or partly exempt from taxation. Moreover, in many of them property and sale taxes are below the national average.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked two states from their list.
The first place is South Carolina. It has the highest health care costs and third highest real estate prices on this ranking. Still, compared to many other places in America, Palmetto Sate is pretty affordable, especially if we take into account taxation. The state does not tax social security income, while pensions, both private and public, are partly taxed. Moreover, the state has very low property taxes (for $100,000 home value owners pay around $570). There are a few things that attract retirees to SC – slow pace of life, beautiful nature and sandy beaches, mild winters… Costs of living vary across the state and those who are looking to put some money aside should avoid Hilton Head Island, one of the favorite destinations of former America’s president Bill Clinton. The second state is Missouri. Only a few moderately tax friendly states found the place on this list, and one of them is Missouri. The state partly taxes social security income (in cases when a retiree’s yearly income exceeds $85,000 to $100,000) and public pensions, while private pensions are fully taxed. Property taxes are below the national average but they are still higher compared to previously mentioned South Carolina (homeowners pay $990 for $100,000 home value). However, residents of Missouri benefit from low healthcare costs, home prices and overall costs of living which are 19% below US’s average. Those who are searching for tranquility can settle in some of many small towns in rural counties while others can move to urban centers such as St. Louis or Kansas City.
For any further interesting information read Insider Monkey’s article about 16 cheapest states to live in the US for Seniors.