Finding the right place to live out your retirement years isn’t easy. There’s a lot to consider, such as the cost of living, access to healthcare and taxes. Besides financial concerns, you’ll want to select a place that suits your lifestyle and offers activities that appeal to you, such as golf or the arts.
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Some states are more retiree friendly than others. If you’ll receive a pension or Social Security, consider whether your chosen state taxes your benefits. If you plan to buy a new home or already own one, compare property tax rates. You’ll find that your money stretches farther in some states than others.
Another factor is access to healthcare. If you have a medical condition, look for a location that provides the treatment you need. As you age, you may need additional medical care, including assisted living or nursing home services. Costs for healthcare needs may differ significantly from state to state.
GOBankingRates analyzed all 50 states across several financial factors, including state sales tax rates, property tax, home values, annual healthcare spending, cost of living and average Social Security benefits. Here are the 30 most expensive states for retirees, according to the findings.
Also see the worst states to retire if you have no more than $500,000 saved.
California
- State Sales Tax: 8.85%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.75%
- Median Home Value: $802,223
- Average Annual Healthcare Spending: $8,181
- Cost of Living Index: 138.5
- Average Social Security Benefits: $1,883
Vermont
- State Sales Tax: 6.36%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 1.83%
- Median Home Value: $384,416
- Average Annual Healthcare Spending: $7,992
- Cost of Living Index: 115.3
- Average Social Security Benefits: $2,045
Rhode Island
- State Sales Tax: 7%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 1.40%
- Median Home Value: $462,130
- Average Annual Healthcare Spending: $8,121
- Cost of Living Index: 110.7
- Average Social Security Benefits: $2,018
Hawaii
- State Sales Tax: 4.5%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.32%
- Median Home Value: $993,855
- Average Annual Healthcare Spending: $9,282
- Cost of Living Index: 180.3
- Average Social Security Benefits: $1,942
Connecticut
- State Sales Tax: 6.35%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 1.79%
- Median Home Value: $419,568
- Average Annual Healthcare Spending: $8,196
- Cost of Living Index: 112.8
- Average Social Security Benefits: $2,171
New Mexico
- State Sales Tax: 7.62%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 0.67%
- Median Home Value: $300,959
- Average Annual Healthcare Spending: $7,487
- Cost of Living Index: 94
- Average Social Security Benefits: $1,789
New York
- State Sales Tax: 8.53%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.40%
- Median Home Value: $436,305
- Average Annual Healthcare Spending: $8,023
- Cost of Living Index: 125.9
- Average Social Security Benefits: $1,931
New Jersey
- State Sales Tax: 6.6%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 2.23%
- Median Home Value: $529,436
- Average Annual Healthcare Spending: $7,487
- Cost of Living Index: 113.9
- Average Social Security Benefits: $2,139
Massachusetts
- State Sales Tax: 6.25%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.14%
- Median Home Value: $633,964
- Average Annual Healthcare Spending: $8,513
- Cost of Living Index: 146.5
- Average Social Security Benefits: $2,080
Colorado
- State Sales Tax: 7.81%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 0.55%
- Median Home Value: $561,299
- Average Annual Healthcare Spending: $7,570
- Cost of Living Index: 105.1
- Average Social Security Benefits: $2,022
Texas
- State Sales Tax: 8.2%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.68%
- Median Home Value: $304,538
- Average Annual Healthcare Spending: $7,080
- Cost of Living Index: 92.7
- Average Social Security Benefits: $1,836
Alaska
- State Sales Tax: 1.82%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.04%
- Median Home Value: $367,805
- Average Annual Healthcare Spending: $11,167
- Cost of Living Index: 125.2
- Average Social Security Benefits: $1,875
Kansas
- State Sales Tax: 8.65%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 1.34%
- Median Home Value: $224,241
- Average Annual Healthcare Spending: $7,306
- Cost of Living Index: 87.1
- Average Social Security Benefits: $1,996
Montana
- State Sales Tax: 0%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 0.74%
- Median Home Value: $458,022
- Average Annual Healthcare Spending: $7,367
- Cost of Living Index: 102.9
- Average Social Security Benefits: $1,824
Illinois
- State Sales Tax: 8.86%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 2.08%
- Median Home Value: $262,741
- Average Annual Healthcare Spending: $7,163
- Cost of Living Index: 92.1
- Average Social Security Benefits: $1,947
Minnesota
- State Sales Tax: 8.04%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 1.11%
- Median Home Value: $337,425
- Average Annual Healthcare Spending: $8,234
- Cost of Living Index: 94.1
- Average Social Security Benefits: $2,109
Washington
- State Sales Tax: 9.38%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.87%
- Median Home Value: $605,770
- Average Annual Healthcare Spending: $9,078
- Cost of Living Index: 116
- Average Social Security Benefits: $2,082
Maine
- State Sales Tax: 5.5%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.24%
- Median Home Value: $389,059
- Average Annual Healthcare Spending: $7,759
- Cost of Living Index: 109.9
- Average Social Security Benefits: $1,868
Utah
- State Sales Tax: 7.25%
- State Tax on Social Security Benefits: Yes
- Median Property Tax Rate: 0.57%
- Median Home Value: $528,822
- Average Annual Healthcare Spending: $6,861
- Cost of Living Index: 103.2
- Average Social Security Benefits: $2,035
Ohio
- State Sales Tax: 7.24%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.59%
- Median Home Value: $225,256
- Average Annual Healthcare Spending: $7,382
- Cost of Living Index: 94.7
- Average Social Security Benefits: $1,836
Louisiana
- State Sales Tax: 9.56%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.56%
- Median Home Value: $200,071
- Average Annual Healthcare Spending: $7,442
- Cost of Living Index: 91
- Average Social Security Benefits: $1,684
Nevada
- State Sales Tax: 8.24%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.59%
- Median Home Value: $448,674
- Average Annual Healthcare Spending: $6,914
- Cost of Living Index: 101
- Average Social Security Benefits: $1,779
Florida
- State Sales Tax: 7%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.91%
- Median Home Value: $415,201
- Average Annual Healthcare Spending: $7,276
- Cost of Living Index: 100.7
- Average Social Security Benefits: $1,859
Mississippi
- State Sales Tax: 7.06%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.67%
- Median Home Value: $177,510
- Average Annual Healthcare Spending: $7,419
- Cost of Living Index: 86.3
- Average Social Security Benefits: $1,659
Georgia
- State Sales Tax: 7.38%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.92%
- Median Home Value: $329,225
- Average Annual Healthcare Spending: $7,563
- Cost of Living Index: 90.8
- Average Social Security Benefits: $1,818
Wisconsin
- State Sales Tax: 5.7%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 1.61%
- Median Home Value: $298,247
- Average Annual Healthcare Spending: $8,467
- Cost of Living Index: 95.1
- Average Social Security Benefits: $1,977
Arkansas
- State Sales Tax: 9.45%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.64%
- Median Home Value: $202,829
- Average Annual Healthcare Spending: $6,598
- Cost of Living Index: 89
- Average Social Security Benefits: $1,715
North Carolina
- State Sales Tax: 7%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.82%
- Median Home Value: $330,655
- Average Annual Healthcare Spending: $8,151
- Cost of Living Index: 95.3
- Average Social Security Benefits: $1,900
Oklahoma
- State Sales Tax: 8.99%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.89%
- Median Home Value: $204,508
- Average Annual Healthcare Spending: $6,982
- Cost of Living Index: 86.2
- Average Social Security Benefits: $1,815
North Dakota
- State Sales Tax: 7.04%
- State Tax on Social Security Benefits: No
- Median Property Tax Rate: 0.98%
- Median Home Value: $258,005
- Average Annual Healthcare Spending: $8,384
- Cost of Living Index: 94.6
- Average Social Security Benefits: $1,908