The 7 Best States to retire with $500k in 2023

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To be able to retire on $500,000 isn't a lot of money. Here are the 7 best states to retire in:

#7: Arizona - A lot of people retire here for the weather. No tax on social security & retirement income.

#6: Mississippi - 14th lowest cot of living than national average. Plus social security & retirement income are tax exempt.

#5: Michigan - Specifically Ann Arbor which is popular with retirees. They have quality health care, affordable cost of living and a lot of entertainment opportunities.

#4: Georgia - Has a low cost of living, no tax on social security benefits and a lot of tax exemptions for retirement income.

#3: South Carolina - Has low housing costs and low expenses.

#2: Alabama - Has no tax on retirement income, has low sales tax and also has property tax exemptions for retired residents.

#1: Florida - 20% of residents are retired. No state income tax on retirement income like social security benefits, pensions and 401k distributions.

There you go, your 7 best options for states to live in with just $500,000 along with your retirement income.

You may put them in a different order based upon what's most important to you. That's common. We all have specific things we're looking for in a state to retire in.