New York has been identified as the most expensive state for retirees in America, according to the latest data from CEOWORLD magazine. The high cost of living is mainly due to skyrocketing housing prices in New York City, where most of the state’s population resides. To determine the affordability of each state, CEOWORLD magazine conducted a thorough analysis of various public and private datasets, including property and income tax rates from the Tax Foundation and cost of living information from the Council for Community and Economic Research.
It’s a relief to know that the bustling city of New York is quite accommodating for retirees regarding taxes. While retirement income from 401(k)s, IRAs, and pensions is subject to taxation, those aged 59½ or older may be eligible for a deduction of up to $20,000. Furthermore, residents can enjoy the benefit of not having their Social Security benefits taxed.
California continues to hold the title of the second-most expensive state to retire in for the second year in a row. Although the sunny weather and access to beaches may be alluring for retirees, their savings may not stretch very far in this state. While California doesn’t tax Social Security benefits, they impose income taxes on withdrawals from other sources.
The most and least expensive US states to retire in 2024
| Affordability rank | State | Quality/cost of healthcare rank | Well-being rank | Crime rank |
|---|---|---|---|---|
| 1 | West Virginia | 50 | 26 | 16 |
| 2 | Mississippi | 49 | 46 | 22 |
| 3 | Iowa | 11 | 31 | 12 |
| 4 | Alabama | 46 | 40 | 44 |
| 5 | Missouri | 28 | 32 | 42 |
| 6 | Oklahoma | 42 | 48 | 42 |
| 7 | Indiana | 48 | 50 | 22 |
| 8 | Kansas | 25 | 38 | 35 |
| 9 | Wyoming | 38 | 16 | 7 |
| 10 | Arkansas | 33 | 44 | 46 |
| 11 | Michigan | 24 | 29 | 26 |
| 12 | Georgia | 35 | 42 | 29 |
| 13 | Nebraska | 18 | 37 | 21 |
| 14 | Tennessee | 41 | 36 | 45 |
| 15 | Kentucky | 47 | 49 | 11 |
| 16 | Louisiana | 44 | 41 | 48 |
| 17 | Illinois | 34 | 21 | 25 |
| 18 | Delaware | 37 | 2 | 36 |
| 19 | Wisconsin | 16 | 21 | 12 |
| 20 | Ohio | 45 | 35 | 20 |
| 21 | South Dakota | 43 | 24 | 22 |
| 22 | North Carolina | 29 | 34 | 32 |
| 23 | South Carolina | 32 | 19 | 46 |
| 24 | New Mexico | 19 | 21 | 50 |
| 25 | Pennsylvania | 22 | 14 | 12 |
| 26 | North Dakota | 40 | 39 | 18 |
| 27 | Utah | 4 | 43 | 18 |
| 28 | Texas | 36 | 47 | 38 |
| 29 | Nevada | 23 | 17 | 40 |
| 30 | Virginia | 15 | 32 | 9 |
| 31 | Minnesota | 7 | 25 | 17 |
| 32 | Idaho | 3 | 45 | 6 |
| 33 | Montana | 8 | 12 | 29 |
| 34 | Maine | 17 | 10 | 2 |
| 35 | Florida | 21 | 3 | 27 |
| 36 | Arizona | 10 | 18 | 41 |
| 37 | Oregon | 5 | 9 | 28 |
| 38 | New Hampshire | 31 | 8 | 1 |
| 39 | Vermont | 14 | 7 | 4 |
| 40 | Rhode Island | 20 | 5 | 7 |
| 41 | Colorado | 1 | 28 | 37 |
| 42 | New Jersey | 26 | 13 | 3 |
| 43 | Alaska | 38 | 27 | 49 |
| 44 | Connecticut | 9 | 5 | 4 |
| 45 | Hawaii | 12 | 1 | 32 |
| 46 | Maryland | 12 | 20 | 29 |
| 47 | Washington | 2 | 30 | 34 |
| 48 | Massachusetts | 27 | 11 | 10 |
| 49 | California | 6 | 15 | 38 |
| 50 | New York | 30 | 4 | 15 |
Have you read?
Study: These are the Most Popular Tourist Attractions of America.
Study: Wealthiest Americans of All Time.
Revealed: The Biggest Beer Companies in the World, 2023.
Ranked: Most Popular Dog Breeds in the U.S. of 2023.
Revealed: Countries With the Highest Suicide Rates, 2023.
Ranked: These Are The Most Dangerous Jobs in the World, 2023.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
