Soon-to-be retirees might be able to stretch their retirement savings far depending on the state where they choose to retire. That’s because factors that affect how far your money can go—such as taxes and living expenses—vary greatly from state to state, explains GOBankingRates.
The firm analyzed all 50 states on these four factors:
- Taxes: average state sales tax, state tax on Social Security benefits and average property tax;
- Living expenses: average home listing price, median home value and cost of living index;
- Banking: average savings account interest rate and average two-year CD account interest rate; and
- Health and Social Security: average health insurance premiums, average Social Security benefits and Medicare spending per capita.
The results showed Delaware is the best state to live in to stretch your retirement income. This is followed by Michigan, Maryland, Indiana and New Jersey. The worst state is Hawaii, followed by Vermont, Montana, New Mexico and North Dakota.
More data on each of the 50 states can be found here.