Where is the cheapest and warmest place to retire? (2023)

Where is the cheapest warmest place to live?

For those of us who want to retire in the U.S., there are nine states that have no state income taxes: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

According to various studies, including International Living, Portugal is ranked as the best country for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, safety records, and affordable cost of living are all big draws for retirees.

Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents.

The best states to retire in 2022. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Alaska, on the other hand, held last place in our ranking.

It's no wonder that Portugal has topped the charts for the best places to retire through the years. This tiny country in the southwest corner of Europe has something for everyone.

Where is the best place to live to start over?

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

Panama offers a dry, warm climate year round and a very low cost of living–with beach views. You can retire comfortably on $1,300 per month, and it's one of the best countries for quality of life. What's more, English is widely spoken, and you can use your US money anywhere across the country.

Iowa. Iowa ranks as the most affordable overall state for those living on a Social Security check, with low rent as one of the prime contributors.

South Dakota. When it comes to assisted care living, South Dakota is among the most inexpensive states. It has a stable economy and the lowest tax rate in the nation hence it is the go-to state for most seniors.

Costa Rica

Climate, environment, and costs vary throughout the country, but the overall cost of living is about 38% lower than in the United States, and housing is 72% lower on average, based on June 2022 data.

Where can I live for 600 a month in USA?

States That Don't Tax Retirement Income

Those eight – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax wages, salaries, dividends, interest or any sort of income.