Best States to Retire in 2023

Regardless of age, profession, or current residence, many people share the ultimate goal of retiring comfortably. It's crucial to understand that the value of retirement may vary across different states, influenced by factors such as taxes, cost of living, and climate. Thus, certain states may appear more desirable and fitting for retirement than others. Furthermore, income and purchasing power can differ significantly in various locations of the country. In this article, we will rank the top states that are ideal for retirement.

The idea of moving to a different country with favorable retirement conditions may seem appealing. However, it is essential to consider working with a financial advisor to increase your likelihood of success and form a solid financial plan catering to your retirement needs. Research suggests people who work with financial advisors feel more at ease about their finances and could end up with about 15% more money to spend in retirement. With that in mind, consulting with an advisor from The Retirement Group for a complimentary cash flow analysis could provide valuable insights into your future retirement prospects.

Best States for Reducing Taxes in Retirement

When contemplating a comfortable retirement, recognizing the importance of reducing tax liability is a top priority. The states listed below either have no state income tax, no tax on retirement income, or offer a substantial discount on taxes levied on retirement income. These states also boast no state income tax and have favorable sales, property, inheritance, and estate taxes.

• Alaska

• Florida

• Georgia

• Mississippi

• Nevada

• South Dakota

• Wyoming

If these states don’t seem appealing, you might want to consider the subsequent tier of states with reduced taxation. While the tax benefits may not be as extensive as those previously mentioned, the following states have no taxes on social security income. For instance, Washington has no state income tax but imposes a 6.5% state sales tax. Therefore, while it's essential to weigh the pros and cons of taxation when considering retirement in another state, it's also crucial to find a home that suits your comfort and needs.

• Alabama

• Arkansas

• Colorado

• Delaware

• Idaho

• Illinois

• Kentucky

• Louisiana

• Michigan

• New Hampshire

• Oklahoma

• Pennsylvania

• South Carolina

• Tennessee

• Texas

• Virginia

• Washington

• West Virginia

Securities through FSC Securities Corporation, member FINRA/SIPC and investment advisory services offered through The Retirement Group, LLC, a registered investment advisor not affiliated with FSC Securities Corporation. Office of Supervisor Jurisdiction: 5414 Oberlin Dr #220, San Diego CA 92121. 800-900-5867

The Retirement Group is not affiliated with nor endorsed by your company. We are an independent financial advisory group that focuses on transition planning and lump sum distribution. Neither The Retirement Group or FSC Securities provide tax or legal advice. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

The Retirement Group is a Registered Investment Advisor not affiliated with FSC Securities and may be reached at www.theretirementgroup.com.