Deciding where to retire?
You'll need to weigh the personal factors yourself, from preferred climate to proximity to family. But when it comes to financial factors, we can help. Kiplinger ranked all 50 states for retirement based on the financial factors most critical to retirees, figuring that the best states will offer low living costs and light tax burdens, as well as affordable health care options. They also favored states that are economically healthy and home to fit, active and relatively prosperous residents age 65 and over. After crunching all of the numbers, Alabama ranked sixth—two spots ahead of retiree haven Florida—on their list of the best states for retirement in 2018.
Alabama: #6 Best State for Retirement
Population: 4.8 million
Share of population 65+: 15.3% (U.S.: 14.5%)
Cost of living: 13% below the U.S. average
Average income for 65+ households: $44,934 (U.S.: $53,799)
Average health care costs for a retired couple: Below average at $404,922 (U.S.: $423,523)
Tax rating for retirees: Tax Friendly
Retirees are sure to love the Heart of Dixie. You can get many of Florida's retirement attractions—warm weather, nice beaches and plenty of golf—all at a lower price. The low living costs extend to health care, for which retirees can expect to spend 4.4% less than the average retired American couple. Taxes are easy on the budget, too, with income tax rates ranging from just 2% to 5%, and Social Security benefits being exempt.
Among these facts, there are numerous reasons why North Alabama - specifically Lawrence County - would make a great place to retire, live, and play! One of the most important being the incredibly genuine and friendly people you will find just about everywhere you go!
