This article looks at the 5 best states to help you boost your retirement savings. If you wish to check out our detailed analysis on boosting savings in the Peak 65 era, jump to 15 Best States to Help You Boost Your Retirement Savings.
5. South Dakota
Insider Monkey Score: 87
South Dakota has been ranked by Insider Monkey as the best state to retire in the US in 2024. Its ideal balance of affordability, retirement tax friendliness, and low tax burden makes it an ultimate choice for retirees and individuals looking to save more of their dollar incomes. Living expenses in the state are 8.8% lower than the national average, while the overall tax burden is 6.44%.
4. Wyoming
Insider Monkey Score: 87
Boasting an even lower overall tax burden and below-average living expenses, Wyoming is another state that will prove to be lucky for retirement savers. The overall tax burden stands at 5.7% while living expenses are 7% lower than the national average. Wyoming doesn’t have an individual income tax either, making it a top choice for many.
3. Alabama
Insider Monkey Score: 89
The state of Alabama scored 89, managing to get the third spot on our list. The cost of living index for the state is 87.6, which implies that living expenses in the state are 12.4% lower than the national average. It has one of the lowest average effective property tax rates, while the state sales tax rate is also a low 4%.
2. Oklahoma
Insider Monkey Score: 91
Oklahoma stands tall on our list, securing the second position. It has an overall tax burden of 7.04%, while living expenses in the state are 14.7% lower than the national average. The state of Oklahoma is also tax-friendly toward retirees.
1. Tennessee
Insider Monkey Score: 95
Based on our methodology, the best state to help boost your retirement savings is Tennessee. The state boasts one of the lowest overall tax burdens in the nation -6.07 %. The state doesn’t have an individual income tax, and retirement savings and Social Security are also not taxed. With living expenses 9.2% below the national average, Tennessee is a cost-effective choice for maximizing retirement savings.
Check out our complete analysis and more of the best states to retire here: 15 Best States to Help You Boost Your Retirement Savings.
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