As we get older and near the age of retirement, many of us think about spending our golden years in a different state, one which we have always dreamt of. Some places are appealing due to a more affordable cost of living, better health benefits and more advantageous tax laws, while others offer a more temperate climate or are closer to family.
We have complied a list of 35 states, going from the highest cost of living to the lowest, with information on healthcare costs, annual income and tax breaks. All the data was taken from the Kiplinger, Milken Institute, the National Association of Realtors, the Bureau of Labor Statistics and others. Read on to find out if your preferred retirement zone is on the list.
Cost of living: 87 percent above U.S. average
Population: 1.4 million
Best city: Maunawili
PRO: According to Niche.com, Maunawili on the island of Oʻahu is the most recommended city for retirees in the Aloha State. It features a golf course, beautiful hiking trails and is close to the Hawaii capital of Honolulu. Hawaii is widely known for its beautiful landscapes and abundant water sports.
CON: Hawaii is expensive! The cost of living is a whopping 87 percent above average. That is even higher than the pricey California. According to Kiplinger, the average income for people 65 and over is above $71K, so that is something to consider. It is also expensive to get off the island, so visits to the grandchildren may become infrequent.