10 of the Cheapest States Where You Should Retire in 2018

Iowa

Overall retirement ranking: #13

Population: 3.1 million

Share of population 65+: 15.8%

Cost of living: 12% below U.S. average

Average income for 65+ households: $41,194

Average health care costs for a retired couple: Below average at $399,991

Tax rating for retirees: Not Tax Friendly

Low living costs are the big advantage for retirees in the Hawkeye State. Health care costs are especially affordable, at 5.6% below the U.S. average, based on what a 65-year-old retired couple can expect to pay for the rest of their lives. That should help the below-average household income for seniors stretch further. But the tax situation may be burdensome: While Social Security benefits are untaxed, some retirement income may get hit by the high top rate of 8.98%. On the plus side, people age 55 or older can exclude up to $6,000 if single ($12,000 for joint filers) of taxable retirement income.

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