This article takes a look at the 15 best places to retire in Mississippi. If you wish to skip our detailed analysis on retiring non-traditionally, you may go to the 5 Best Places to Retire in Mississippi.
On Retiring Non-Traditionally
The COVID pandemic is long gone, but its impacts still seem to linger upon us. In a State of Retirement Study by Fidelity Investments, 66% of the respondents have revealed that the pandemic has made them more intentional in terms of focusing on their passions and dreams in retirement. According to the study, traditional retirement is no longer appealing to retirees. Instead, 60% of Gen Z and 58% of Millennials would love to retire somewhere scenic abroad, engage in remote work, or even start their own business.
When it comes to Baby Boomers, many don’t have retirement savings and rely on their Social Security checks. However, a study by T. Rowe Price Group, Inc. (NASDAQ:TROW) affirms that those who do, are significantly faring well. A quantitative national study called the First Look: Assessing the New Retiree Experience sheds insights on the spending behavior and patterns of people who were a part of the 401(k) system and are now three years on retirement, on average. According to the T. Rowe Price Group, Inc. (NASDAQ:TROW) Study, many participants have entered retirement with substantial household assets, around $1,303,000. Nearly 90% of them state that they are quite satisfied with how things are faring, and almost three-quarters even believe they are financially better off than their parents were.
“While we know there are people with little or no retirement savings, our sample indicates that many who saved in a 401(k) plan are entering retirement with considerable assets. What’s more, we are also seeing some evidence of financial discipline in budgeting and spending.”
– Anne Coveney, Vice President, Client and Market Insights, T. Rowe Price Group, Inc. (NASDAQ:TROW) Retirement Plan Services, Inc.
While it is true that the economic environment has been quite challenging in recent times, it is evident that potential retirees have become more vigilant when it comes to savings. In the Fidelity Investments study, three-quarters of respondents expressed confidence about retiring when and how they want. Similarly, a Bank of America Corporation (NYSE:BAC) study has revealed that 401(k) account balances increased by 15% in 2023 to $86,280; from $75,045 at the end of 2022. The Bank of America Corporation (NYSE:BAC) survey reveals that nearly 18% of plan participants increased their contribution rates last quarter, up from 9% in Quarter 3.
“We were encouraged to see more plan participants taking positive actions in their accounts in the fourth quarter. These insights offer signs that people are prioritizing their retirement savings, with more employees increasing their contribution rates and fewer taking hardship distributions”.
– Lorna Sabbia, Head of Retirement and Personal Wealth Solutions at Bank of America Corporation (NYSE:BAC).
While it is true that potential retirees are becoming more proactive when it comes to savings, we cannot ignore the fact that many retirees have already entered retirement without significant savings at hand. For many of these individuals, moving seems like the best possible option. One state that has become popular amongst retirees for its affordable cost of living is Mississippi. The benefits of retirement in Mississippi are profound. Hailed is one of the best states to live in after retirement, retirees look forward to living in this state because it doesn’t tax retirement income. The state also has low property taxes and a moderate sales tax.
Other pros of retiring to Mississippi include its mild climate and abundant recreational opportunities. However, as to any place, the Magnolia State also has some disadvantages. For instance, retirees state that the cultural scene here is quite limited. Moreover, the quality of infrastructure, transportation, and internet isn’t the best either. Nevertheless, those with smaller nest eggs would find this state a blessing to retire to.
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Methodology
To compile a list of the best places to retire in Mississippi, we used several sources such as forums, websites such as New Home Source, Unbiased, and Forbes, and our lists such as the most affordable places to retire and best places to retire in the US. Next, we assessed them based on their cost of living index, average rent, and livability scores. Each location was assigned scores for these factors, which were then combined to generate a distinctive Insider Monkey score. Then, places were ranked on the final Insider Monkey score in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in Mississippi:
15. Ridgeland
Insider Monkey Score: 18
IM Cost of Living Index: 95.1
Median Home Price: $220,000
Average Rent (1-bedroom): $1,174
Livability Score: 66
More than just fine dining and shopping, Ridgeland has claimed a place on our list of best places to retire in Mississippi because it offers seniors a high quality of life at affordable costs. Whether you’re an enthusiast of sports or arts, culture, or history, something interesting is here for everyone. Average rents for a one-bedroom are a bit above the $1,000 mark, and the overall cost of living is 4.9% lower than the national average. Seniors may even be able to live off of their Social Security check in this place.
14. Long Beach
Insider Monkey Score: 26
IM Cost of Living Index: 83.3
Median Home Price: $280,000
Average Rent (1-bedroom): $994
Livability Score: 67
Located in Harrison County, Long Beach is known as a senior-friendly town where people love to bike, hit the beach, and enjoy the mesmerizing views of the Mississippi Sound in the Gulf Coast Area. The cost of living in Long Beach is 16.7% lower than the national average, and home prices are well below the national median.
13. Flowood
Insider Monkey Score: 27
IM Cost of Living Index: 90.6
Median Home Price: $400,000
Average Rent (1-bedroom): $1,154
Livability Score: 75
Those who prioritize peace and tranquility in their golden years should consider a move to Flowood. Located east of Jackson, Flowood is the best way to enjoy ease of access to amenities without compromising on the relaxed suburban atmosphere. The town also boasts an abundance of parks and green spaces, offering tranquil settings for leisurely walks, bird-watching, and enjoying nature. There is a thriving retail and dining scene, with numerous shops, restaurants, and entertainment venues located within easy reach.
12. Bay St. Louis
Insider Monkey Score: 29
IM Cost of Living Index: 83.7
Median Home Price: $410,000
Average Rent (1-bedroom): $942
Livability Score: 71
Bay St. Louis has been getting famous for being that “quiet beach town with a cute downtown”. Brimming with boutiques, beach-side eateries, and historic architecture, this coastal haven is the perfect way to kick-start your beach side retirement without needing a big nest egg.
11. Madison
Insider Monkey Score: 31
IM Cost of Living Index: 93.1
Median Home Price: $373,500
Average Rent (1-bedroom): $1,201
Livability Score: 80
Madison offers retirees a peaceful suburban retreat with easy access to urban amenities. The town features well-manicured neighborhoods that provide retirees with choices to suit their preferences and lifestyles. Madison’s abundant green spaces, including parks, trails, and golf courses, offer opportunities for outdoor recreation.
10. Vicksburg
Insider Monkey Score: 36
IM Cost of Living Index: 79.4
Median Home Price: $199,000
Average Rent (1-bedroom): $858
Livability Score: 63
Next on our list of best places to retire in Mississippi is Vicksburg. This Certified Retirement City can be the perfect start of your retirement as it exudes Southern charm, attracting seniors with its Civil War tours, casinos, and tree-lined streets. The cost of living in this city is 20.6% lower than the national average, and home prices are well below the national median.
9. Moss Point
Insider Monkey Score: 38
IM Cost of Living Index: 85.3
Median Home Price: $145,000
Average Rent (1-bedroom): $799
Livability Score: 67
Known to be a haven for outdoor enthusiasts, Moss Point is famous for its ranch and air boat tours, its smoke-free casino, and also its many restaurants. Houses are quite affordable here, and the cost of living is 14.7% lower than the national average.
8. Ocean Springs
Insider Monkey Score: 42
IM Cost of Living Index: 89.8
Median Home Price: $284,000
Average Rent (1-bedroom): $1,151
Livability Score: 84
Ocean Springs is an all-time favorite for those who’ve known Mississippi all their lives. Nestled on the scenic shore of Coastal Mississippi, this coastal town is lovingly known as the “City of Discovery” for its rich history and artistic flair.
7. Brandon
Insider Monkey Score: 43
IM Cost of Living Index: 88.3
Median Home Price: $289,500
Average Rent (1-bedroom): $959
Livability Score: 81
Brandon is another peaceful Certified Retirement Community that retirees can move to. This small town boasts a great livability score and a cost of living that is 11.7% lower than the national average. Besides its affordable housing and low cost of living, Brandon is also recognized for its safe neighborhoods, locally-owned restaurants, shopping centers, and recreational activities.
6. Tupelo
Insider Monkey Score: 45
IM Cost of Living Index: 79.6
Median Home Price: $269,900
Average Rent (1-bedroom): $835
Livability Score: 72
Tupelo is not just one of the most affordable places to retire in the US, it’s also one of the most inviting and hospitable communities in the state. Offering a striking combination of Southern charm and modern amenities, this beautiful city also happens to be the birthplace of Elvis Presley.
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Disclosure: none. 15 Best Places to Retire in Mississippi is originally published on Insider Monkey.