Living in California, Hawaii, or Washington, D.C. on Social Security retirement payments can be financially challenging. California, often viewed as a picturesque state with diverse attractions, is also notorious for its high cost of living, being the third-most expensive state in the country. With expenses nearly 38% above the national average and housing prices soaring 94% higher, it becomes an impractical choice for those relying solely on Social Security.
Hawaii, despite its tropical paradise allure, is the most expensive state in the U.S. Living costs in Hawaii are a staggering 84% above the national average, translating to over $10,000 per month on basic expenses. Similarly, Washington, D.C., renowned for its political and cultural significance, comes with a hefty price tag. Though not a state, residing in the nation’s capital would cost approximately 50% more than the national average, reaching close to $110,000 annually. Not so possible an affordable retirement there, right?
What to Consider for Retirement When Picking a Place to Live
Choosing a place to live in retirement is a big decision. You’ll want to consider a variety of factors to ensure you’re selecting the perfect spot for your golden years. The finances are likely the most crucial factor. Consider the cost of living in different areas, including housing, taxes, groceries, and healthcare. You’ll also want to factor in your retirement income and savings to ensure you can comfortably afford your desired lifestyle.
Access to quality healthcare is essential, especially as you age. Research the availability of hospitals, doctors, and specialists in your desired location. Is there a specific healthcare provider you want to stay connected with? Do you prefer warm weather year-round or distinct seasons? Consider your personal preferences and how the climate might affect your health and well-being.
What kind of lifestyle do you envision in retirement? Do you want to be in a bustling city, a quiet beach town, or somewhere in between? Consider your interests and hobbies, and choose a place that offers opportunities to pursue them. Look for a community with a low crime rate and good emergency services. If you have any mobility limitations, consider the walkability and accessibility of the neighborhood. Having all those factors in mind, we’ve found one state inside the United States where you’ll be able to retire and live solely on Social Security checks.
The Right US State to Live on Social Security Payments
Delaware has emerged as a popular choice for retirees seeking a comfortable and financially secure lifestyle. The state boasts several advantages that contribute to this appeal. Firstly, Delaware offers a tax-friendly environment for retirees. Unlike many other states, Delaware has no sales tax, meaning everyday purchases are not burdened by additional costs. Additionally, social security benefits are exempt from state income tax, further increasing disposable income. Property taxes in Delaware are also generally lower compared to other regions, contributing to overall affordability.
The state’s strategic geographical location is another attractive feature. Delaware offers easy access to major East Coast cities, making it convenient for retirees to explore cultural and recreational opportunities. The state’s moderate climate, with mild winters and pleasant summers, appeals to those seeking a more temperate weather experience in their retirement years.
Delaware’s small-town charm and friendly communities create a welcoming atmosphere for retirees. The state is known for its safety, well-maintained neighborhoods, and a range of housing options, including active adult communities designed to cater to the needs and preferences of retirees.