What is the best state to live on Social Security?

Asked by: Thomas Wisozk  |  Last update: November 4, 2022
Score: 4.6/5 (33 votes)

Iowa. Iowa ranks as the most affordable overall state for those living on a Social Security check, with low rent as one of the prime contributors.

Does your Social Security change if you move to a different state?

No matter where in the United States you live, your Social Security retirement, disability, family or survivor benefits do not change. Along with the 50 states, that includes the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa and the Northern Mariana Islands.

What state pays the most in Social Security benefits?

10 States That Receive the Most Social Security
  1. 1. California. Total Social Security Received: $8.66 billion.
  2. Florida. Total Social Security Received: $6.94 billion. ...
  3. Texas. Total Social Security Received: $6.11 billion. ...
  4. New York. Total Social Security Received: $5.40 billion. ...
  5. Pennsylvania. ...
  6. Ohio. ...
  7. Michigan. ...
  8. Illinois. ...

What is the number 1 retirement state?

According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Alaska, on the other hand, held last place in our ranking. The state was dragged down by back-of-the-pack scores in affordability and weather.

What is the cheapest and safest state to retire in?

Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents.
...
Here are the seven most affordable states to retire, according to Bankrate:
  • Michigan.
  • Tennessee.
  • Missouri.
  • Mississippi.
  • Kentucky.
  • Oklahoma.
  • Georgia.

Top 20 Cities To Live With ONLY Social Security

32 related questions found

What state has the best low income senior housing?

1. Florida. Florida takes the top marks in the rankings, with relatively low costs of living and a high percentage of retirees to mingle with.

Where can I retire on $2000 a month in the United States?

Keep reading to discover 10 cities where you can retire on $2,000 per month.
...
The Best Cities To Retire on $2,000 a Month
  • Baytown, Texas.
  • Parma Heights, Ohio. ...
  • Des Moines, Iowa. ...
  • Florissant, Missouri. ...
  • Longview, Texas. ...
  • San Angelo, Texas. ...
  • North Royalton, Ohio. ...

What is the friendliest state for retirees?

The ten most tax-friendly states for retirement (in no particular order) are Alaska, Flroida, Georgia, Kentucky, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, and Wyoming.

What is the best state to live in financially?

Alaska is the top state for fiscal stability. It's followed by South Dakota, Tennessee, Idaho and Utah to round out the top five. Half of the 10 states with the best fiscal stability also rank among the top 10 Best States overall.

What states do not tax Social Security?

Nine of the 13 states in the West don't have income taxes on Social Security. Alaska, Nevada, Washington, and Wyoming don't have state income taxes at all, and Arizona, California, Hawaii, Idaho, and Oregon have special provisions exempting Social Security benefits from state taxation.

Where can I retire on $1300 a month?

Panama offers a dry, warm climate year round and a very low cost of living–with beach views. You can retire comfortably on $1,300 per month, and it's one of the best countries for quality of life. What's more, English is widely spoken, and you can use your US money anywhere across the country.

What state is the easiest to get Social Security?

Kansas
  • Kansas offers the highest chance of being approved for social security disability.
  • This state has an SSDI approval rate of 69.7% in 2020. It had the second-highest approval rate in 2019, with 61.3% of SSDI claims approved.
  • The average monthly benefit for SSDI beneficiaries is $1,228.

What is the average Social Security check?

Social Security offers a monthly benefit check to many kinds of recipients. As of June 2022, the average check is $1,542.22, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient.

How does your zip code affect your Social Security benefits?

Social security benefits are not impacted by geographic location but other federal benefits are.

Do you have to notify Social Security when you move?

Social Security provides retirement, disability, and survivor benefits to workers and their dependents. If you get benefits now but you've moved, you must change the mailing address you use for your benefits. If you've moved, even if you're not getting benefits now, you may still want to change your address.

How Much Will SSI checks be in 2022?

Effective January 1, 2022 the Federal benefit rate is $841 for an individual and $1,261 for a couple. Some States supplement the Federal SSI benefit with additional payments. This makes the total SSI benefit levels higher in those States.

What state has cheapest cost of living?

Mississippi

Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average. The median single family home costs around $140,818.

What state is #1 to live in?

Massachusetts topped 2022's list, touting a score of 62.65 out of 100. New Jersey came in second, dropping from the top spot last year. New York, Idaho and Virginia fill out the rest of the top five states to live in, in that order.

What is the 2 cheapest state to live in?

Alabama is the third cheapest state in the United States, with a cost of living index of 87.9. Housing in the state is the second cheapest, only behind Mississippi. The average single-family home in Alabama sells for $170,184.

What states do not tax seniors?

States That Don't Tax Retirement Income

Eight states have no state income tax. Those eight – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax wages, salaries, dividends, interest or any sort of income.

What states are retirees moving to?

Florida, South Carolina, and Arizona are the top three states people are retiring to. New Jersey had the greatest percentage of outbound moves last year at almost 71%. The Mountain West area is one of the most popular regions for retirees.

What state has the lowest property taxes for retirees?

#1: South Dakota

Tax-wise, South Dakota is one of the best states for retirees. In addition to no state income tax, retired homeowners may also qualify for the state's property tax relief programs.

Where is the cheapest place for seniors to live?

The 10 Best Affordable Places to Retire:
  • Daytona Beach, Florida.
  • Pensacola, Florida.
  • Lakeland, Florida.
  • Asheville, North Carolina.
  • Ocala, Florida.
  • Knoxville, Tennessee.
  • Scranton, Pennsylvania.
  • Myrtle Beach, South Carolina.

What is a good monthly retirement income?

A good retirement income is about 80% of your pre-retirement income before leaving the workforce. For example, if your pre-retirement income is $5,000 you should aim to have a $4,000 retirement income.

Where is the cheapest and warmest place to retire?

The 10 Sunniest, and Most Affordable, Cities for Retirees
  • Ely, Nevada. 73% chance of sunshine / 47.00% less expensive than national median new home price. ...
  • Amarillo, Texas. 73% chance of sunshine / -34.73% less than national median new home price. ...
  • Lubbock, Texas. ...
  • El Paso, Texas. ...
  • Yuma, Ariz. ...
  • Phoenix, Ariz. ...
  • Tucson, Ariz.