South Dakota has recently been hailed as the prime destination for retirees seeking an affordable cost of living and favourable tax conditions. According to a study conducted by the financial website Insider Monkey, South Dakota emerged as the top choice for retirees looking to maximize their savings and enjoy a comfortable lifestyle during their golden years.
The state's appeal lies in its combination of affordable housing, low tax burden for seniors, and a cost of living that falls below the national average. One of the standout features of South Dakota is its lack of state income tax, making it particularly attractive for retirees looking to stretch their retirement income further.
What does South Dakota have to offer?
In addition to its financial benefits, South Dakota boasts abundant natural beauty, including the majestic Black Hills, the rugged landscapes of Badlands National Park, and numerous lakes and rivers. This scenic backdrop provides ample opportunities for outdoor activities such as hiking, fishing, boating, and wildlife viewing, allowing retirees to maintain an active and fulfilling lifestyle.
With a population of just over 900,000 residents, South Dakota offers a sense of community and camaraderie, with approximately 18 per cent of its residents aged 65 or over. The state's cost of living index is the seventh lowest in the country, further enhancing its appeal for retirees seeking affordability without compromising on quality of life.
While larger metro areas in South Dakota may have slightly higher monthly expenses compared to rural areas, they remain significantly more affordable than the national average. The median home value in the state is notably lower than the national median, making homeownership more accessible for retirees.
Cost of Housing & Retirement Benefits
For those not interested in purchasing a home, South Dakota also offers affordable rental options, with the average cost of a one-bedroom apartment hovering around $759 per month.
Other states that ranked highly on Insider Monkey's list of best retirement destinations include Iowa, Wyoming, Florida, and Michigan. Each of these states offers unique advantages for retirees, ranging from affordable housing markets to tax-friendly policies.
Ultimately, South Dakota's blend of affordability, natural beauty, and tax benefits positions it as an ideal retirement destination for those seeking a fulfilling and financially secure lifestyle in their later years.
