The Best States for The Southern Company Employees to Retire in 2023

Healthcare Provider Update: The Southern Company's healthcare provider is generally managed through an employer-sponsored health plan, which typically relies on insurers such as Aetna or Cigna, although specific arrangements can vary. As we approach 2026, significant healthcare cost increases are anticipated due to a multitude of factors affecting the Affordable Care Act (ACA) marketplace. With some states projecting premium hikes of over 60%, the expiration of enhanced federal subsidies is expected to push monthly costs for many enrollees up by more than 75%. This unprecedented rise in premiums combined with ongoing inflation in medical costs, driven by higher hospital and drug prices, creates a complex financial landscape for consumers navigating their health insurance options in the coming year. Employers like The Southern Company may need to strategize effectively to mitigate the impact of these escalating costs on their employees' healthcare coverage and overall well-being. Click here to learn more

And The Southern Company employees wanting to maximize their retirement outcomes may want to look beyond their traditional pension locations, says Paul Bergeron, of the Retirement Group at Wealth Enhancement Group. Meeting with an experienced financial advisor can help map out a personalized retirement strategy that fits your financial and lifestyle needs, 'said Miller.'

The fiscal nuances across the states are critical for The Southern Company employees planning a retirement, says Tyson Mavar with the Retirement Group, a unit of Wealth Enhancement Group. Talking to a financial advisor can give you peace of mind about putting together a retirement plan that balances tax efficiency with quality of life, 'said.'

In this article we will discuss:

1. Retirement Value Variability Across States: How Taxes, cost of living and climate determine whether a state is right for retirement.

2. The Role of Financial Advisors: The benefits of collaborating with financial advisors to build a robust retirement plan and increase financial security.

3. Assessing States Based on Retirement Benefits: An analysis of the states which give retirees the best deal in terms of tax policies, cost of living and quality of life.

The Southern Company employees are among many who hope to retire comfortably at any age, in any occupation or location. In response, retirement does not necessarily have the same value across states. The state determines taxes, expense of living and climate - making some The Southern Company locations more desirable and suitable for retirement. And income and purchasing power can also differ in value across regions of the country. We will review the best states for retirement.

Maybe the idea of retiring spontaneously in a country with desirable characteristics appeals to The Southern Company employees. Yet you should still work with a financial advisor to build a solid retirement plan. Working with a financial advisor makes people feel more comfortable with their finances and could save 15% more in retirement 1, so The Southern Company employees might want to meet with a financial advisor at the Retirement Group and get a free cash flow analysis of their retirement plans.

Best States to Reduce Taxes in Retirement:

The Southern Company employees must consider limiting their tax liability when considering a comfortable retirement. The following states have no state income tax, no tax on retirement income or have substantially reduced the retirement income tax burden. No state income tax, but favorable sales, property, inheritance and estate taxes.

Alaska Florida Georgia Mississippi Nevada South Dakota Wyoming

Should any of those states not appeal to you, check out the next rank of states with lower taxes. The following states do not tax social security income, although the benefits are less enticing than those above. Washington, for example, has no state income tax but a 6.5% state sales tax. So when considering retirement in another state, The Southern Company employees need to weigh the pros and cons of taxation but also need to find a comfortable home.

Kiplinger found that Colorado would be the best state for The Southern Company employees to retire in 2023. Cost of living, tax friendliness, healthcare quality and quality of life were considered. Colorado ranked high for scenic beauty, outdoor recreation and favorable tax policies. It also has excellent healthcare facilities and a thriving cultural scene - a draw for retirees. Other top states for retirement in 2023 are Idaho, Utah, New Hampshire, and Virginia. These states combine affordability, low taxes and desirable amenities for a relaxing retirement.

Alabama Arkansas Colorado Delaware Idaho Illinois Kentucky Louisiana Michigan New Hampshire Oklahoma Pennsylvania South Carolina Tennessee Texas Virginia Washington West Virginia

Retiring in a new state is like traveling to unknown territory. As explorers pick their destination, so must The Southern Company employees pick the state where they will anchor their retirement. Consider this your quest for the perfect treasure trove. Good tax policies and a high quality of life in certain states are gems waiting to be mined. And each gem shines differently - in Colorado or Florida. As an explorer might consult maps and get insights, so too can a financial advisor be the compass you need to navigate this journey and find the treasures of retirement. They can help you navigate to the state that best combines financial benefits, lifestyle luxuries and fulfillment for your retirement years.

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Sources:

1. Rethinking65 Editorial Team. 'WalletHub Release 2023 Best and Worst States to Retire.'  Rethinking65 , 23 Jan. 2023,  www.rethinking65.com/wallethub-release-2023-best-and-worst-states-to-retire .

2. The Motley Fool Editorial Team. '13 Most Tax-Friendly States to Retire In 2023.'  The Motley Fool , 2023,  www.fool.com/retirement/2023/tax-friendly-states .

3. Taylor, Heather. '10 Best States To Retire in for Affordability in 2023.'  GOBankingRates , 5 June 2023,  www.gobankingrates.com/retirement/planning/best-states-retire-affordability-2023 .

4. Kiplinger Editorial Team. 'Best Places to Retire in the U.S.'  Kiplinger , 2025,  www.kiplinger.com/retirement/best-places-to-retire-in-the-us .

5. Coughlin, Daniel. 'Best and Worst US States for Retirement in 2023.'  Lovemoney.com , 27 Apr. 2023,  www.lovemoney.com/guides/83139/best-worst-us-states-for-retirement-2023 .