The Best States for Financially Savvy Retirement and How to Transform Your Lifestyle
- Arnett Evans
- Dec 11
- 4 min read
Retirement marks a major life transition, and where you choose to settle can have a huge impact on your financial health and quality of life. If you’re asking what state is best financially to retire to near Southaven, MS, or wondering about the best state to retire on a fixed income, this guide will help you make an informed decision. Moving to the right state can stretch your retirement savings, reduce your tax burden, and improve your day-to-day living experience.
This post explores the best states for retirement based on taxes, cost of living, and safety. You’ll also discover how making a move can transform your lifestyle, offering more comfort and peace of mind during your golden years.
What Makes a State Financially Smart for Retirement?
When you think about what state is best financially to retire to near Mississippi, several factors come into play:
Tax burden: States vary widely in how they tax retirement income, Social Security benefits, property, and sales.
Cost of living: Housing, utilities, groceries, and healthcare costs can make or break your budget.
Healthcare access: Quality and affordability of healthcare services matter more as you age.
Safety and community: Feeling secure and connected improves your overall well-being.
Climate and lifestyle: Weather and recreational opportunities affect your daily happiness.
By focusing on these areas, you can find the best states to retire in for taxes and cost of living that fit your financial and personal needs.
Top States for Retirees Near Mississippi
If you’re in or near Southaven, MS, you might want to stay close but still benefit from a better financial situation. Here are some states that stand out:
1. Tennessee
No state income tax on wages or retirement income, including Social Security.
Reasonable property taxes and moderate sales tax.
Lower cost of living compared to the national average.
Cities like Chattanooga and Knoxville offer affordable housing and good healthcare.
Mild climate with four distinct seasons.
Tennessee is often cited as the best state to retire on social security because it does not tax these benefits, which can save you thousands annually.
2. Florida
No state income tax, including on retirement income.
Popular for retirees due to warm weather and extensive senior services.
Higher property taxes in some areas but no estate or inheritance tax.
Large retiree communities with plenty of amenities.
Healthcare access is strong, especially in cities like Tampa and Sarasota.
Florida remains a top choice for those asking what is the best state to retire in on a fixed income because of its tax advantages and retirement-friendly lifestyle.
3. Texas
No state income tax.
Affordable housing in many cities outside major metro areas.
Property taxes can be higher but often balanced by no income tax.
Good healthcare facilities in cities like Austin and San Antonio.
Warm climate with plenty of outdoor activities.
Texas offers a balance of affordability and quality of life, making it a contender for what state has the lowest tax burden for retirees.
States to Approach with Caution
Not all states are friendly to retirees financially. Some have high taxes or costs that can erode your savings.
Worst States to Retire in for Taxes
California: High income and property taxes, plus a high cost of living.
New Jersey: High property taxes and taxes on retirement income.
Connecticut: Taxes Social Security and other retirement income, with high living costs.
If you’re wondering what state is best financially to retire to near Mississippi, these states are generally not recommended unless you have a very high income or specific reasons to live there.
How Moving Can Transform Your Retirement Lifestyle
Choosing the right state isn’t just about saving money. It can also improve your daily life in many ways:
Stretch Your Fixed Income
If you rely on a fixed income, like Social Security or a pension, moving to a state with lower taxes and cost of living means your money goes further. For example, switching from Mississippi to Tennessee could save you thousands in state income taxes alone.
Improve Healthcare Access
States with better healthcare infrastructure offer peace of mind. You can access specialists, hospitals, and wellness programs more easily, which is crucial as you age.
Enjoy a Safer Environment
Finding where is the safest and most affordable place to retire means looking at crime rates and community support. Safer neighborhoods reduce stress and allow you to enjoy your retirement years fully.
Embrace a New Lifestyle
Moving to a state with a climate and culture you enjoy can boost your happiness. Whether you prefer mild winters or vibrant cultural scenes, the right location can make retirement feel like a fresh start.
Practical Steps to Take Before Moving
If you decide to explore what state is best financially to retire to near Mississippi or elsewhere, follow these steps:
Research tax laws: Look at how each state taxes retirement income, property, and sales.
Visit potential locations: Spend time in the area to get a feel for the community and amenities.
Check healthcare options: Identify nearby hospitals and specialists.
Evaluate housing costs: Compare prices for buying or renting.
Consider climate and lifestyle: Make sure the weather and activities suit your preferences.
Consult a financial advisor: Get personalized advice based on your income and goals.
Summary
Choosing the best state for retirement near Southaven, MS, or anywhere else depends on balancing taxes, cost of living, healthcare, safety, and lifestyle. States like Tennessee, Florida, and Texas offer strong financial advantages for retirees, especially those on fixed incomes or Social Security. Avoid states with high tax burdens that can drain your savings.