10 of the Cheapest States Where You Should Retire in 2018

Alabama

Overall retirement ranking: #6

Population: 4.8 million

Share of population 65+: 15.3%

Cost of living: 13% below the U.S. average

Average income for 65+ households: $44,934

Average health care costs for a retired couple: Below average at $404,922

Tax rating for retirees: Tax Friendly

Frugal retirees are sure to love the Heart of Dixie. You can get many of Florida’s retirement attractions—warm weather, nice beaches and plenty of golf—all at a lower price. The low living costs extend to health care, for which retirees can expect to spend 4.4% less than the average retired American couple. Taxes are easy on the budget, too, with income tax rates ranging from just 2% to 5%, and Social Security benefits being exempt.

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