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 |
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This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
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