At least, it was before this Southern state was named one of the best places for retirees who have less than a million dollars saved up for their next chapter. Curious to see which state made the top of the list? Keep reading to find out more.
According to Kiplinger, Mississippi is the state to be in for retirees looking to live on a budget. That's because the Magnolia State has a median property tax of just $1,215 a year, which is perfect for retirees who are looking to buy a new home when they move.
Related: 10 States Are Temporarily Closing Social Security Offices. Is Your State on the List?
There are Some Downsides to Retiring in Mississippi
While it's clear that there are a lot of upsides to retiring in the Magnolia State—music lovers will be especially tickled to spend time here, since there's so much history associated with the region when it comes to Elvis Presley and the blues—Kiplinger notes that there are also some tradeoffs to be wary of.
Secondly, and perhaps more importantly for risk-adverse retirees, the state is vulnerable to severe weather. According to Summer House Senior Living, people living in Mississippi are more likely to experience inclement weather like:
TornadoesTropical stormsHurricanesAnd while that may not seem like a big deal, since other retirement hot spots also see similar weather (like Florida), it's worth keeping in mind if you're looking to make a move to the state.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
Hence then, the article about this southern state with no retirement tax allows couples to retire comfortably without 1 million in savings was published today ( ) and is available on Parade ( Saudi Arabia ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( This Southern State With No Retirement Tax Allows Couples To Retire Comfortably Without $1 Million in Savings )
Also on site :