Additional Coverage:
- 12 Unexpected Reasons West Virginia Could Be the Best Place to Retire (financebuzz.com)
West Virginia: A Retirement Haven?
For retirees seeking a budget-friendly lifestyle, West Virginia might be the perfect fit. A recent Cost of Bills Index by Doxo reveals that West Virginians enjoy the lowest average bill payments in the US, a significant 25% below the national average. Let’s explore what makes this state so appealing for retirees.
Affordability is Key
West Virginia boasts the lowest cost of living in the nation, according to the Doxo report. This includes typical household expenses such as utilities, rent, mortgage, insurance, and even cable and phone bills.
With an average monthly household expense of $1,596, retirees can stretch their dollars further. This affordability extends to housing as well, with an average mortgage payment of $961, less than half the national average, and average rent even lower at $846.
Utility costs are equally attractive, averaging $178.61 per month, less than half the national average.
Tax Breaks and Safety
Retirees will appreciate West Virginia’s low tax rates. While pensions and retirement account income are taxed, Social Security benefits are exempt.
The state also boasts no estate or inheritance tax. Beyond finances, West Virginia offers a sense of security with a lower crime rate compared to the national average.
Mountain Majesty and Rural Charm
Nature lovers will thrive in West Virginia, the only state entirely within the Appalachian Mountains. Opportunities for outdoor recreation abound, from hiking and skiing to fishing and camping.
However, the state’s rural nature may not suit everyone. Access to major metropolitan amenities may require a drive.
Challenges to Consider
While West Virginia offers many advantages, potential downsides include a limited job market with lower wages and cold winters. These factors, along with the rural setting, may be deterrents for some.
Financial Planning Tips for Everyone
Regardless of where you choose to retire, sound financial planning is essential. Prioritize paying off debt, explore options for extra income, and identify areas to cut expenses. These steps can significantly improve your financial well-being, whether you’re navigating retirement or simply seeking greater financial stability.
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- 12 Unexpected Reasons West Virginia Could Be the Best Place to Retire (financebuzz.com)