Retirement planning is like assembling a complex puzzle, and a key question many people ask is, “Will my savings and Social Security be enough?”
With the average Social Security benefit for retired workers at $1,837 per month (as of 2023), combining that with $250K in savings could provide a comfortable retirement.
However, not all states treat your nest egg the same way! Let’s explore how far $250K, plus Social Security, can go in these 15 states.
Alabama – 20 Years
With its southern charm and low cost of living, Alabama makes retirement dollars stretch. Retirees spend around $3,333 per month, and the state boasts the second-lowest property taxes in the nation.
Tip: Football fans can enjoy free entertainment at college tailgates in the fall!
Arizona – 20 Years
Arizona’s sunny weather, scenic landscapes, and tax-friendly policies make it an attractive option. Retirees spend about $3,500 monthly, but Social Security benefits are fully tax-free.
Expert Insight: “Arizona allows retirees to maintain a good quality of life without rapidly depleting savings,” says retirement specialist Donna Smith.
Florida – 17 Years
Florida offers tax-free Social Security and homestead exemptions for property taxes. While retirees in Miami may spend $4,000 monthly, places like Ocala average around $3,200.
Savings Tip: Many National Park beaches offer free or discounted entry for seniors!
Texas – 18 Years
Texas has no state income tax, keeping more money in your pocket. Retirees spend about $3,400 monthly, though costs are higher in cities like Austin.
Foodie Tip: Even small barbecue joints serve $10 pulled pork meals that rival high-end steakhouses!
Georgia – 19 Years
With retirees spending around $3,000 monthly, Georgia is one of the most affordable retirement states. Low housing costs and generous tax exemptions make it even more appealing.
Bonus: Fresh produce from roadside farmers’ markets keeps costs down while supporting local farms.
Tennessee – 20 Years
Tennessee’s affordability, no state income tax, and lively music scene make it a top retirement destination. Retirees spend about $3,200 per month.
Entertainment Hack: Many cities host free outdoor concerts, making weekends fun without extra costs.
Ohio – 19 Years
With a cost of living around $2,750 per month, Ohio offers an affordable mix of city and countryside living.
Fun Perk: Cleveland’s Rock & Roll Hall of Fame offers free admission on select community days.
Nevada – 19 Years
Nevada has no personal income tax, but retirees spend around $5,535 monthly, particularly in Las Vegas. More affordable options exist in cities like Reno.
Savings Tip: Casino buffets during lunchtime offer high-quality meals at lower prices.
Mississippi – 20 Years
Mississippi is one of the most affordable states for retirees, with a low cost of living, friendly communities, and a rich history.
Bonus: Small-town hospitality makes for a cozy, budget-friendly retirement.
North Carolina – 19 Years
Retirees here spend about $3,000 monthly, depending on their location. The state offers a balance of city life and nature.
Nature Lover’s Tip: Free hiking trails help retirees stay active without spending a dime.
South Carolina – 21 Years
South Carolina combines natural beauty, historical charm, and tax-friendly policies for retirees.
Affordable Fun: Charleston’s historic walking tours cost as little as $5!
Idaho – 20 Years
Idaho’s peaceful environment, outdoor activities, and low healthcare costs make it a hidden gem for retirees.
Wildlife Enthusiasts: Annual state park passes are a bargain for nature lovers.
Oregon – 18 Years
Oregon’s lack of a state sales tax offsets some of its higher living costs. Retirees enjoy scenic landscapes and cultural experiences.
Best for: Wine lovers and outdoor adventurers.
Pennsylvania – 20 Years
With vibrant cities, great healthcare, and cultural attractions, Pennsylvania offers an affordable yet dynamic retirement.
Wyoming – 18 Years
Wyoming’s stunning landscapes, no state income tax, and low cost of living make it a great choice for retirees.
Best for: Outdoor lovers who enjoy hiking, fishing, and wildlife watching.
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