5 Best States to Retire in The US Financially

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1. Minnesota

IM Retiree Affordability Ratio: 1.14

Average Hourly Earnings: $36.99       

Average Social Security Payout: $1,902.69 

Estimated After Tax Total Income: $3,219

Cost of Living Index: 94.1    

Adjusted Cost of Living: $2,823

The best state to retire in the US financially is Minnesota. While Minnesota is another state that taxes Social Security in 2024, most retirees don’t have enough income to have their Social Security benefits taxed. From the tax year 2023, seniors having a taxable income up to $78,000, or $100,000 for a couple, are exempt from paying state taxes on their benefits.

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