5 Best States to Retire in The US Financially

2. Michigan

IM Retiree Affordability Ratio: 1.12

Average Hourly Earnings: $32.20        

Average Social Security Payout: $1,917.53 

Estimated After Tax Total Income: $3,040

Cost of Living Index: 90.6    

Adjusted Cost of Living: $2,718

Number 2 on our list of best states to retire in the US financially is Michigan. The cost of living in the state of Michigan is 9.4% lower than the national average. For a retiree who works part-time, the average take-home income after receiving SS benefits is an estimated $3,040.