"Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably, WalletHub analyst Chip Lupo said. As a result, the best states for retirees are those that have low taxes and a low cost of living to help retirees' budgets stretch as far as possible."
"Wyoming earned the highest overall score largely due to affordability and tax friendliness. Adjusted for retirees' needs, its cost of living falls within the more affordable half of states. Wyoming also has no estate or inheritance tax, and it ranks among the lowest in the nation for annual homemaker service costs, helping seniors maintain independence. Beyond finances, Wyoming scored well on safety and community measures."
Retirement often places people on fixed incomes that may be insufficient for comfortable living, increasing stress. The best retirement states combine low taxes and low cost of living to stretch retirees' budgets. Access to quality medical care and affordable homemaking services is crucial, especially for those not retiring near family. States with higher living costs can still rank well if healthcare access or quality-of-life measures score highly. Wyoming ranked first for affordability, tax friendliness, no estate or inheritance tax, low homemaker service costs, safety, community engagement, low elderly poverty, and substantial federal aging funding. Florida ranked second with no estate, inheritance, or income taxes, high per-senior Older Americans Act funding for services, and strong lifestyle amenities.
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