Thinking about retiring soon? Well, we have some good news for you. If you’re in North Carolina, then you are in the right place. North Carolina was recently listed as one of the top states with the lowest cost of living for retirees. If living expenses are important to you during retirement, then this list is just for you!

Money Talks News reports that most people are on a fixed income during retirement, so controlling their expenses is more important than ever. Most people in their retirement want to relax and living somewhere with a low cost of living surely does sound relaxing to me. Wallet Hub conducted a study of “2022’s Best States for Retirees” to help some figure out their next move. Money Talks News took the full study to break down which states were the top 10 most affordable for retirees. Of Course, North Carolina made the list. But, so did South Carolina. Guess the Carolinas really are a great place to be. Check out the top 10 states with the lowest cost of living for retirees.

• 10. North Carolina

  Although North Carolina was No. 26 in Wallet Hub’s quality of life ranking it is deemed as one of the most affordable states to be in as a retiree. Some of those reasons include the fact that the state does not tax Social Security benefits and has a flat income tax rate of 5.25%, now how does that sound for retirement life?

  View this post on Instagram

  A post shared by Carolina Living Choices (@carolinalivingchoices)

• 9. Virginia

  Head to Virginia for your retirement and enjoy all it has to offer. It was voted No. 2 for Wallet Hub’s overall ranking for best state to retire in but No. 9 when it comes to most affordable.

  View this post on Instagram

  A post shared by Richmond, VA (@richmondecondev)

• 8. Georgia

  According to Wallet Hub, Georgia has one of the lowest percentages of people age 65 and older, but is still very affordable for those in retirement. Become a Georgia Peach in your retirement phase of life.

  View this post on Instagram

  A post shared by Winnwood Retirement (@winnwoodretirega)

• 7. Louisiana

  Louisiana ranked pretty well for affordability, because social security benefits are exempt from state taxes which many retirees would prefer to have.

  View this post on Instagram

  A post shared by Atria Senior Living (@atriaseniorliving)

• 6. Delaware

  Head to Delaware for your retirement and enjoy a state with one of the highest populations of those 65 and older, according to Wallet Hub. Another bonus is that the state does not tax Social Security benefits, do we have a winner!

  @.aliciav

  What it’s like living in a retirement community at the age of 25. #fyp #retirement #party

  ♬ My Crown - XoBrooklynne

• 5. Nevada

  Head to Nevada, I am sure you may have not thought about this one. Maybe Vegas during your retirement? Nevada does not tax Social Security benefits and has no personal income tax. Obviously, that gives you some great affordability as a retiree.

  View this post on Instagram

  A post shared by Vineyard Henderson (@vineyardhenderson)

• 4. Florida

  Of course, Florida is on the list. Shocker? Probably not. Florida is one of the most famous places for retirees, so its no surprise they have such a high population of adults age 65 and older. In Florida, retirees will not have to worry about taxes on Social Security benefits or personal income.

  View this post on Instagram

  A post shared by Rising Oaks Assisted Living (@rising_oaks)

• 3. South Carolina

  As a Charleston girl, I can say this does not surprise me whatsoever. South Carolina is home to so many activities, small towns, and things that people seem to enjoy during their retirement phase. But, on the downside, South Carolina is ranked as one of the top states for spam phone calls, so prepare for those during your retirement.

  View this post on Instagram

  A post shared by SCPEBA (@s.c.peba)

• 2. Tennessee

  Enjoy Tennessee in your retirement phase of life and save tons of money on living! Tennessee does not tax any kind of income anymore which helped it gain the No. 2 spot on this list!

  View this post on Instagram

  A post shared by Senior Home Transitions - TN (@seniorht_nashville)

• 1. Alabama

  Get the most bang for your buck in Alabama! Now, Wallet Hub did give the state the lowest ranking for health care, but it is the most affordable for living. The state has some of the lowest property taxes in the country and no taxes on Social Security benefits. Plus, retirees will also get access to other sources of income. Talk about affordable!!

  View this post on Instagram

  A post shared by Legacy at Cary Creek (@legacyatcarycreek)

Sign me up for the Fox Sports Charlotte email newsletter!

Make sure that you’re not missing out on anything at Fox Sports Radio Charlotte and get exclusive insights into sports news and tons of extra perks!

Email *

Subscribe

By clicking "Subscribe" I agree to the website's terms of Service and Privacy Policy. I understand I can unsubscribe at any time.