We spend our entire career working toward a common goal: retirement. While retirement is all about enjoying life and relaxing, it can also be quite stressful financially. We go from an annual salary to relying on a limited pool of money which is why retirees are constantly looking for ways to stretch their dollars. One of the best ways to do this is by choosing the right state and city to live in.
Not surprisingly, some places in America are cheaper to live than others. We’ve created a list of the cheapest states for aging seniors based on the latest data from various sources. For the most part, we’re looking at affordability based on overall cost of living, tax rates, accessibility to services, as well as the day-to-day cost of in-home and day care for seniors. From Ohio to South Carolina, here’s are look at the cheapest states for seniors to retire…
Everything is bigger and better in Texas, even for seniors! Texas lands in the Top 10 Most Affordable states to live in based on three categories: senior care, cost of living, and elderly and family caregiver support services. It ranks ninth for senior care, 19th for cost of living, and 23rd for support services, says Caring.com. Not too shabby! The average cost of a nursing home in Texas is $54,750 which is a whopping $31,025 less than the national average.
As usual, the immense size of Texas plays a big part in why this state is so affordable. Senior care Veteran and publisher of TheHelpingHome.com, Jason Biddle told the source that because of its size, you’re likely able to find an affordable county somewhere in this state. “I live in Houston, and the cost and availability of senior services here is going to be vastly different than in many other parts of the state,” says Biddle. “But if you live in Texas and you need to stretch your dollar, the good news is you could probably find a more affordable county without leaving the state.”
Business Insider lists Laredo, Brownsville, El Paso, and San Antonio as the best cities in Texas for retirees based on affordable taxes and health care costs.