Thrifty Thinking - Best States to Retire on a Budget

A new study found Minnesota is the No. 16 best state to retire on a budget in 2024.

 

Seniors have the highest poverty rate of any age group at 14.1%, up from 9.5% in 2020 – according to the Census Bureau. After years of economic turmoil, higher prices for housing, gas, groceries, and electricity have impacted all Americans, but none more so than seniors. Inflation is cooling but the Social Security cost-of-living adjustment is just 3.2% in 2024, down from 8.7% in 2023.

 

Seniorly today released a study on the Best States to Retire on a Budget in 2024 using the most recent data from the Census Bureau, Bureau of Economic Analysis, Social Security Administration and Centers for Medicare and Medicaid Services.

 

A wide range of financial factors were analyzed in all 50 states and D.C. including housing, electricity, gas, groceries, taxes, social security payment, inflation, and Medicare spending. 

 

Key Findings:

 

·       Minnesota: No. 4 for groceries ($249 per month), No. 5 for Medicare spending (.92 of national average), No. 11 for electricity ($110 per month), No. 13 for Social Security payments ($627 per month), and No. 19 for rent ($1,500).

 

·       10 Best States: Iowa, New Mexico, Tennessee, Oklahoma, South Dakota, Idaho, Michigan, Wyoming, Pennsylvania, and Utah.

 

·       10 Worst States: California, New York, Massachusetts, D.C., Connecticut, New Jersey, Hawaii, New Hampshire, Nevada, and Maryland.