This article takes a look at the 5 states for couples retiring on just social security in the US. If you wish to check out our detailed analysis on a couple’s guide to budget retirement living, you may go to 15 States for Couples Retiring on Just Social Security in the US.
5. West Virginia
Insider Monkey Score: 60
Cost of Living Index: 87.7
Tax Friendliness: Tax-Friendly
Health Index: 96.6
Average Rent (2-bedroom): $920
Coming in at 5th position is West Virginia. West Virginia boasts a cost of living that is 12.3% lower than the national average. The state also has low property and sales taxes, making it a tax-friendly state. It has been phasing out the tax on Social Security benefits as well. Presently, the state grants a tax deduction on all Social Security benefits for individuals with a federal adjusted gross income of less than $50,000 or married couples with a federal adjusted gross income below $100,000.
4. Arkansas
Insider Monkey Score: 61
Cost of Living Index: 89
Tax Friendliness: Tax-Friendly
Health Index: 87.5
Average Rent (2-bedroom): $857
Coming in at number 4 on our list is Arkansas. Arkansas is a tax-friendly state for retirees and boasts a cost of living that is 11% lower than the national average. The state also has low property taxes. Even though sales taxes are quite high, groceries are taxed at a lower tax rate in this state. Moreover, prescription drugs and durable medical equipment are exempt from taxes, a plus for seniors. Rents are also quite affordable, making this state ideal for couples to retire on just Social Security.
3. Wyoming
Insider Monkey Score: 67
Cost of Living Index: 92.4
Tax Friendliness: Very Tax-Friendly
Health Index: 100.1
Average Rent (2-bedroom): $1,116
Wyoming is another state that doesn’t tax Social Security income. Therefore, retirees can enjoy their Social Security benefits tax-free in this state. In fact, there is no state income tax in the state. This is good news for retirees, especially those who wish to take up work even after retirement. The cost of living in this state is 7.6% lower than the national average, while healthcare is above the national marks.
2. South Dakota
Insider Monkey Score: 71
Cost of Living Index: 92.4
Tax Friendliness: Very Tax-Friendly
Health Index: 97.9
Average Rent (2-bedroom): $1,028
Coming in second place, South Dakota boasts a tax-friendly environment, affordable cost of living, and a healthcare ranking that is close to national marks. Since there is no income tax in the state, all sorts of retirement income goes to retirees tax-free. Healthcare in the state is also decent, making the state a good choice for couples living on social security alone.
1. Mississippi
Insider Monkey Score: 72
Cost of Living Index: 86.3
Tax Friendliness: Very Tax-Friendly
Health Index: 98.4
Average Rent (2-bedroom): $999
Coming in at the top of our list, Mississippi stands out as an ideal choice due to its favorable combination of mild weather, reasonable living expenses, tax-friendliness, and overall affordability. The state is very tax-friendly and all sorts of retirement income are exempt from taxation in the state. However, the one thing that the state needs to improve is healthcare. For couples who require good quality healthcare, some of the best places to retire within the state include Jackson and Southaven.
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