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CEOWORLD magazine - Latest - Special Reports - Ranked: The most and least expensive US states to retire in 2024

Special Reports

Ranked: The most and least expensive US states to retire in 2024

most and least expensive US states to retire

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 rankStateQuality/cost of healthcare rankWell-being rankCrime rank
1West Virginia502616
2Mississippi494622
3Iowa113112
4Alabama464044
5Missouri283242
6Oklahoma424842
7Indiana485022
8Kansas253835
9Wyoming38167
10Arkansas334446
11Michigan242926
12Georgia354229
13Nebraska183721
14Tennessee413645
15Kentucky474911
16Louisiana444148
17Illinois342125
18Delaware37236
19Wisconsin162112
20Ohio453520
21South Dakota432422
22North Carolina293432
23South Carolina321946
24New Mexico192150
25Pennsylvania221412
26North Dakota403918
27Utah44318
28Texas364738
29Nevada231740
30Virginia15329
31Minnesota72517
32Idaho3456
33Montana81229
34Maine17102
35Florida21327
36Arizona101841
37Oregon5928
38New Hampshire3181
39Vermont1474
40Rhode Island2057
41Colorado12837
42New Jersey26133
43Alaska382749
44Connecticut954
45Hawaii12132
46Maryland122029
47Washington23034
48Massachusetts271110
49California61538
50New York30415

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CEOWORLD magazine - Latest - Special Reports - Ranked: The most and least expensive US states to retire in 2024
Rajnish Karan
Digital news editor for the CEOWORLD magazine. Business journalist cutting through the jargon to make sense of stories that matter. Pushing for progressive forms of storytelling and leadership.My goal in leadership is to help people realize their potential and equip them with the tools to reach it. I believe honest and empathetic conversations are the key to successful relationships in business and beyond. I channel this passion for people into the stories I curate. I start each day seeking stories that represent diverse experiences and communities.