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Revealed: The most affordable state for retirement in 2024
West Virginia has been named as the cheapest state for retirement for the second year in a row.
That is according to an annual retirement report from Bankrate.
The report ranks each state according to affordability, healthcare quality, weather and the well-being of its residents.
The small state of West Virginia, situated in the tree-covered Appalachian Mountains, has a low cost of living, low property taxes and affordable homeowners insurance, it found.
Alongside West Virginia, the majority of the most affordable states for retirement are located in the South and Midwest.
West Virginia has been named as the cheapest state for retirement for the second year in a row
Housing costs in West Virginia are 20 percent lower than the national average, according to Bankrate, and its effective property tax rate of 0.49 percent ranks among the lowest in the country.
On average, the cost of living in the Appalachian state is 9 percent lower than in the rest of the country, according to property site RentCafe, which provides a boost for retirees on a fixed income.
The state will also phase out state-level taxes on income from Social Security benefits by 2026, NBC Los Angeles reported.
Withdrawals from retirement accounts such as 401(K)s, IRAs or government pensions will still be taxable, but residents over 65 can claim deductions up to $8,000 per person.
Mississippi was ranked the second most affordable state for retirement, followed by Indiana, Alabama and Georgia.
The Peach State has become significantly more affordable since last year, Bankrate said, because cost of living in the state has come down significantly and average homeowners insurance premiums have dropped slightly.
Tennessee ranked sixth for affordability, followed by Oklahoma, Wyoming, Missouri and Kansas.
Low costs of living and low property taxes were among the reasons that the states fell into the cheaper category for older Americans on a fixed income.
But while West Virginia topped the list for affordability, it fell to second place on Bankrate's ranking of the 'best' places to retire.
It fell in the middle of the pack for well-being, and scored the worst of all states in the quality and cost of health care category.
This was due to high health care costs, poor health system performance and fewer health care establishments per 100,000 residents than other states.
Instead Delaware was crowned the 'best' place to retire in the US overall.
West Virginia, which is among the smallest states in the US, is situated in the tree-covered Appalachian Mountains
Housing costs in West Virginia are 20 percent lower than the national average, according to Bankrate
While Florida has traditionally been seen as a hotspot for retirees, Delaware won the top spot for 2024 due to its reasonable cost of living, affordable but high-quality healthcare and low crime rate.
The so-called First State boasts no state or local sales tax and does not tax Social Security benefits.
Its property taxes are also lower than to the rest of country, averaging $1,940 annually.
'The state ranks well for racial and ethnic diversity, arts and entertainment establishments per 100,000 residents and overall well-being. Compared to its population, it also has a high share of residents who are 62 and older,' said Alex Gailey of Bankrate.
'Earthquakes, tornados, and hurricanes are also rare, and the climate is temperate. The state's weaker spots are its cost of living, crime, and cost of health care,' Gailey explained.
Alaska, meanwhile, was named the worst place for Americans to spend their retirement years for the second year in a row.
Meanwhile, another recent report outlined America's fastest-growing retirement hotspots - and none are in Florida.
Msea in Arizona last year was the top destination for seniors. Retired Darius McLintock is clear why life is fantastic in there: Crime is low, hospitals excellent, housing is cheap and it hardly ever rains.