10 of the Cheapest States Where You Should Retire in 2018


Overall retirement ranking: #20

Population: 6.1 million

Share of population 65+: 15.4%

Cost of living: 10% below U.S. average

Average income for 65+ households: $43,540

Average health care costs for a retired couple: Below average at $408,746

Tax rating for retirees: Mixed

The Show Me State has little to tell in the way of retirement advantages other than a cheap cost of living—and even that comes with a caveat. The low living expenses go hand in hand with relatively low household incomes. And the tax situation is moderate: If your adjusted gross income is less than $85,000 for single filers ($100,000 for couples filing jointly), your Social Security benefits are not taxed and you can deduct a portion of your public retirement benefits. But distributions from individual retirement accounts, 401(k)s and other employer retirement plans are taxable at ordinary income tax levels, which hits the top rate of 6% on more than just $9,000 of taxable income.

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