When it comes to retirees looking to stretch their budget, there are a few states you probably already know to avoid (I'm looking at you, New Jersey and California). However, hunting down the perfect retirement destination that will not only meet your needs during your golden years by giving you access to things like warmer weather and health care while also keeping your budget on track can be tricky.
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.
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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.
Not only that, but the state doesn't charge any taxes on retirement, and it only charges a 1 percent flat tax rate on all other types of income that you may bring in. And even better, you can get by on way less than a million dollars when you move here, according to Kiplinger, which estimates that the retirement savings you'll need to live comfortably here is just $730,000.
Related: 10 States Are Temporarily Closing Social Security Offices. Is Your State on the List?
Additionally, the state has access to beaches and mild winters, making it ideal for retirees looking to balance a low cost of living with other retirement perks.
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.
First, the state is not known for having great healthcare access. It also ranks lower than most other states in healthcare performance. That means if you are already experiencing some health concerns or know that you'll need to account for an increase in healthcare needs as you age, this state is probably not for you.
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 stormsHurricanesRelated: 5 of the Most Dangerous Cities to Retire In
And 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.
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