This article takes a look at the 5 best states to retire for women in the US. If you wish to check out our detailed analysis on unveiling the gender gap in retirement savings, you may go to the 15 Best States to Retire for Women in the US.
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5. Florida
Insider Monkey Score: 158
Estimated Average SS Monthly Benefits: $1449.0
Women’s Earnings as a Percentage of Men’s: 84.2
Life Expectancy: 80.5
Cost of Living: 100.7
Tax Friendliness: Very Tax-Friendly
The Sunshine State of Florida is another awesome state for women to retire to considering its affordable cost of living and tax-friendliness. The average life expectancy of a woman in Florida is 80.5 years, and those who intend to work earn an average of 84% of what men earn (higher than the US average of 82%).
4. Colorado
Insider Monkey Score: 166
Estimated Average SS Monthly Benefits: $1505.9
Women’s Earnings as a Percentage of Men’s: 87
Life Expectancy: 80.9
Cost of Living: 105.1
Tax Friendliness: Tax-Friendly
The tax-friendly state of Colorado is super-friendly to women, offering them better average Social Security benefits than many other states, above-average earnings relative to men, and a commendable life expectancy. The cost of living here is 5.1% higher than the national average, but there are many cities and towns within the city that can offer a more affordable retirement.
3. Minnesota
Insider Monkey Score: 169
Estimated Average SS Monthly Benefits: $1548.7
Women’s Earnings as a Percentage of Men’s: 91
Life Expectancy: 81.4
Cost of Living: 94.1
Tax Friendliness: Not Tax-Friendly
Minnesota may tax most of retirement income, but it also provides certain deductions and subtractions for seniors. The most commendable factors that make this state worth retiring for women in particular is that it boasts a lower-than-average cost of living, a good life expectancy, and women’s earnings as a percentage of men stand at a noteworthy 91%.
2. Washington
Insider Monkey Score: 169
Estimated Average SS Monthly Benefits: $1574.6
Women’s Earnings as a Percentage of Men’s: 85.8
Life Expectancy: 81.6
Cost of Living: 116
Tax Friendliness: Tax-Friendly
Washington emerges as an optimal choice for women considering retirement for several compelling reasons. Women in Washington can anticipate support with an estimated average Social Security monthly benefit of $1574.6. Despite not achieving full parity, the gender pay ratio in Washington is noteworthy for its progress towards equity, with women earning 85.8% of men’s earnings. Washington itself is an expensive state to retire to, but there are many places where it may be possible to retire on Social Security.
1. Delaware
Insider Monkey Score: 170
Estimated Average SS Monthly Benefits: $1608.4
Women’s Earnings as a Percentage of Men’s: 95.5
Life Expectancy: 79.5
Cost of Living: 101.1
Tax Friendliness: Tax-Friendly
With an estimated average Social Security monthly benefit of $1608.4, women who live and retire in Delaware can rely on considerable financial support in the state of Delaware. As evident by statistics, the state exhibits a notable gender pay ratio, with women earning 95.5% of men’s earnings, demonstrating significant progress towards gender equity. While the life expectancy of 79.5 years is slightly lower, Delaware maintains a reasonable cost of living, at 101.1, ensuring financial stability. Additionally, its tax-friendly environment further enhances its appeal as a retirement destination.
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