10 of the Cheapest States Where You Should Retire in 2018

South Dakota

Overall retirement ranking: #1

Population: 851,058

Share of population 65+: 15.2%

Cost of living: 4% below the U.S. average

Average income for 65+ households: $43,712

Average health care costs for a retired couple: Below average at $415,297

Tax rating for retirees: Most Tax Friendly

The Mount Rushmore State might not be the first place that comes to mind when you dream of where to retire, but it’s first place in our overall ranking of all 50 states for retirement. Affordability is the main factor pushing it to the top spot. In addition to low living expenses, including for health care, South Dakota is one the 10 Best States for Taxes on Retirees. And you can be confident it’ll stay that way. The state ranks third in the country for fiscal soundness, according to a recent report from George Mason University’s Mercatus Center, which indicates high confidence that it can keep up with short-term expenses and long-term financial obligations.

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