West Virginia is the least expensive state to retire in 2023, according to Bankrate’s “Best and Worst States to Retire” list. The state’s low cost of living and light tax burden make it an attractive option for retirees.
West Virginia is relatively tax-friendly towards retirees, partially taxing Social Security income and withdrawals from retirement accounts, but senior residents can claim a deduction on their taxes. It also ranks as Bankrate’s third-best overall state to retire in 2023, thanks to its high scores in the wellbeing, weather, and crime categories.
10 Least Expensive
- West Virginia
10 Most Expensive
- New York
- New Jersey
Florida, a popular destination for retirees, did not place among the cheapest states to retire for the second year in a row, ranking 35th for affordability this year. The influx of new residents has caused housing prices to soar in Florida. Personal finance expert Shang Saavedra emphasizes the importance of knowing how much you’ll have saved up in retirement, as it helps determine if you’re on track or if you need to reevaluate your spending.
In conclusion, West Virginia ranks as the least expensive state to retire in 2023, with its low tax burden and low cost of living making it an attractive option for retirees.