Advertisement
retirement

Tennessee: #5 Best State to Retire in 2018

After rating all 50 states for retirement based on financial factors, Tennessee ranked fifth on our list of best states for retirees.

Personal preferences matter when it comes to picking where to retire. Do you prefer year-round warm weather or all four seasons? Do you want to be near the grandkids or far away from family? These are questions you need to answer for yourself. What we can help you with is whether a particular state fits your retirement budget. We ranked all 50 states for retirement based on a host of financial factors including cost of living, tax burdens on retirees and the affordability of health care. We also examined how economically healthy each state is, as well as the physical health of each state's population of residents age 65 and over. After crunching all of the numbers, Tennessee ranked fifth on our list of the best states for retirement. Take a look at why.

Tennessee: #5 Best State for Retirement

Population: 6.5 million

Advertisement - Article continues below

Share of population 65+: 15.0% (U.S.: 14.5%)

Cost of living: 12% below the U.S. average

Average income for 65+ households: $47,891 (U.S.: $53,799)

Average health care costs for a retired couple: Below average at $411,617 (U.S.: $423,523)

Tax rating for retirees: Tax Friendly

The Volunteer State is a good choice for budget-conscious retirees. According to data from the Council for Community and Economic Research, every major metro area offers below-average living costs in almost every category of expenses, including health care—among the biggest financial concerns for aging Americans. Plus, Tennessee does not levy state income taxes, so your retirement income can stretch even further. And being economically healthy, Tennessee should have no issues maintaining its tax-friendliness; it ranks eighth of all states for fiscal soundness, according to a recent report from the Mercatus Center.

Learn more about how we ranked all 50 states for retirement including our methodology and data sources.

Advertisement
Advertisement

Most Popular

18 Things You Can't Return to Amazon
Smart Buying

18 Things You Can't Return to Amazon

Before tossing these items into your virtual shopping cart, be sure to read Amazon's return policy first.
September 17, 2020
Election 2020: Joe Biden's Tax Plans
taxes

Election 2020: Joe Biden's Tax Plans

With the economy in trouble, tax policy takes on added importance in the 2020 presidential election. So, let's take a look at what Joe Biden has said …
September 18, 2020
Insurance for Long-Term Care at Home
retirement

Insurance for Long-Term Care at Home

In the wake of COVID-wracked nursing homes, increasingly more people are looking at options to age in place with long-term care insurance.
September 17, 2020

Recommended

Child Tax Credit Would Go Up Under Biden Proposal
Politics

Child Tax Credit Would Go Up Under Biden Proposal

Some families would see their tax credit jump from $2,000 to $3,600 per child under Joe Biden's plan. But there are a couple of important catches.
September 18, 2020
Most-Overlooked Tax Breaks for the Newly Divorced
tax deductions

Most-Overlooked Tax Breaks for the Newly Divorced

Filing taxes after a divorce can add yet another problem to an already long list of challenges. But here are some tips to make your return to single l…
September 18, 2020
Insurance for Long-Term Care at Home
retirement

Insurance for Long-Term Care at Home

In the wake of COVID-wracked nursing homes, increasingly more people are looking at options to age in place with long-term care insurance.
September 17, 2020
Medicare Basics: 11 Things You Need to Know
Medicare

Medicare Basics: 11 Things You Need to Know

There's Medicare Part A, Part B, Part D, medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare --…
September 16, 2020