A recent study by smartasset.com named Wyoming as the best state for an early retirement. The only other states in the Mountain West to land on the top ten were North and South Dakota, at numbers 10 and 4, respectively. Nevada was the only other western state on the list, trailing in at number 8.
The study recommended working in the northeast – where you’ll find some of the highest paying jobs in the country, as well as highest cost of living – and retiring in the South, where five of the top ten states for early retirement are located.
The study warned that retirement in general is not cheap – and that the average combined costs of health insurance, housing and other expenses average more than $33,000 across the top ten best places for early retirement. If you want to retire somewhere more expensive, like Connecticut, you can expect to pay $45,00 annually.
Wyoming beat out the competition to snag the top spot for the second consecutive year, with our zero state tax rate as the main draw, and low property and sales taxes as well. In fact, all of Wyoming’s taxes landed in the top ten lowest. Wyoming also had the third-lowest cost of living.
Counting against Wyoming (though not enough to knock it from the top spot) was our relatively high cost of health care, paying an average of $12,742 per year for a sliver health insurance plan. Only people living in Alaska (No. 14) pay more.
The study also showed that “you won’t get bored living in Wyoming” as the data showed Wyoming having the fifth-highest rate of entertainment establishments in the nation, with 73 arts, entertainment and recreation establishments per 100,000 people.
The study was conducted using information from the U.S. Census Bureau’s 2016 1-Year American Community Survey and 2016 Business Patterns Survey, the Kaiser Family Foundation, and the Tax Foundation (information as of January 2017).
source: Wyoming Business Report