Iowa
Iowa also has living costs that lies 12 percent below the U.S. average and it has a population of 3.1 million. You should check out Iowa City, a UNESCO “City of Literature” that has a great cultural scene. Social Security is not taxed and pension income also has a state income tax break. Unfortunately, taxes are not that lenient since retirement income might be taxed as high as 8.89 percent! However, people who are 55 years old and above have the option to exclude in their taxable retirement income as much as $6,000.
Iowa
Alabama
Alabama has living costs that are 13 percent lower than the national average and a population of 8 million. Orange Beach seems to be the go to place for retirees! This state is budget-friendly for retirees since senior healthcare costs 4.4 percent less than average. Income taxes are from 2 to 5 percent but Social Security is tax-exempt. Alabama gets intense storms during the spring and in November, and expect hot summers since it is located in the South.
Alabama
