Cost of living: 12 percent above the U.S. average
Best city: Hartford
PROS: The Green Mountain State provides good healthcare for its seniors. Retirees who love nature will enjoy the natural beauty of this state, full of trees, water, wildlife, and amazing scenery.
CONS: The home state of Ben & Jerry’s ice cream is known as one of the “Least Tax-Friendly.” That and the cost of living, which is somewhat higher than the national average, may make it hard for retirees on a budget to live well.
Cost of living : 16 percent below U.S. average
Population : 3.97 million
Best city : Nichols Hills
PROS: With one of the lowest costs of living in the country, retirees with savings can stretch their money much further in Oklahoma. There is also no tax on Social Security benefits and up to $10K of retirement income can be excluded. It also has no state estate tax and property taxes are low. The winters are mild and there is sunshine during most days of the year.
CONS: The low cost of living comes with low incomes. Senior health is ranked as the third-worst in the nation. There are also high levels of smoking and physical inactivity and a deficiency in proper nursing home and general geriatric care to address the health issues.
Cost of living: 17 percent above U.S. average
Population: 6.2 million
Best city: Chevy Chase Village
PROS: The average income per household for people 65 and over in Maryland is the second highest in the nation, an average of $70,874. Plus, Maryland is home to the thriving metropolitan city of Baltimore and quite close to the sights and monuments of Washington D.C.
CONS: The income in this state may be high in comparison to the rest of the country, but it is also highly taxed. Social Security is exempt, but distributions from individual retirement accounts are not. Maryland also has an inheritance and estate tax.
Cost of living : 17 percent below U.S. average
Population : 1.784 million Best city : Lewisburg PROS: With a cost of living that is 17 percent less than the national average, The Mountain State can be quite affordable. It also has beautiful mountains and forests, luxurious resorts, a rich history and much more, according to USA Today.
CONS: West Virginia is not very tax-friendly for retirees. It's lowly ranked for its fiscal soundness by the Mercatus Center at George Mason University. Average incomes are low and healthcare for seniors is below-average.
Cost of living : 12 percent below U.S. average
Population : 10.2 million
Best city : Farmington
PROS: Michigan is appealing for retirees due to its low poverty rate and extremely low cost of living. The Great Lakes State also doesn’t tax Social Security benefits. If you love water sports or just looking at some beautiful scenery, you can enjoy the Great Lakes during spring and summer.
CONS: Michigan went through some tax changes which made things tricky for retired folks. Residents who are 67 and over have to choose between deducting Social Security income or a set amount from all their income sources: $20K for singles, $40K for couples.