If you are planning your retirement and trying to decide where to settle down, Mississippi may be worth consideration. It has warm winters and an average cost of living that’s lower than the national average. It is also one the country’s most tax-friendly states for retirees.
Why is Mississippi not a good place to retire?
Mississippi Is a High Rainfall Area
If you dream of retiring in a sunny place where rain is rare, Mississippi may not be the best option for you. It has an average annual rainfall of 58 inches (147.32 cm), compared with the national average of only 38 inches (96.52 cm).
How much do you need to retire in Mississippi?
Because Mississippi has the lowest life expectancy of 74.50 years and the average retirement age is 63 years, one can expect to need about 11.50 years of retirement savings, which equates to about $617,661.
Do you pay taxes on retirement income in Mississippi?
Mississippi. Retirement Income: If you’re at least 59½ years old, the Magnolia State won’t tax your retirement income. However, the state will take its share of 401(k), IRA or pension income received by those who retire early. Social Security Benefits: Mississippi won’t tax your Social Security benefits.
What are the benefits of living in Mississippi?
Good Things About Living In Mississippi
- Low cost of living.
- Low cost of higher education.
- Plenty of comfort food.
- Pleasant southern hospitality.
- Mild winters.
What is winter like in Mississippi?
Winters in Mississippi are quite pleasant, though it tends to get even more precipitation. The average weather in January is 48°F, though the Gulf Coast is typically in the low 60s °F. Summer is the least comfortable time of year.
Is it cheaper to live in Tennessee or Mississippi?
Thanks to a low cost of living and inexpensive housing, Tennessee was second only to Mississippi in affordability, according to the MERIC data.
What is the best place to live in Mississippi?
Here are some of the best places to live in Mississippi.
- Hattiesburg. Nicknamed “The Hub City,” Hattiesburg is the cultural, shopping and health care center for residents throughout southern Mississippi.
- Southaven.
- Biloxi.
- Oxford.
- Jackson.
- Flowood.
- Meridian.
- Vicksburg.
What is a good monthly retirement income?
According to AARP, a good retirement income is about 80 percent of your pre-tax income prior to leaving the workforce. This is because when you’re no longer working, you won’t be paying income tax or other job-related expenses.
What is the average monthly pension?
In 2021, the average monthly retirement income from Social Security was $1,543. In 2022, the average monthly retirement income from Social Security is expected to be $1,657. Keep in mind, though, that your Social Security benefits could be smaller.
What is the most tax friendly state for retirees?
Delaware
1. Delaware. Congratulations, Delaware – you’re the most tax-friendly state for retirees! With no sales tax, low property taxes, and no death taxes, it’s easy to see why Delaware is a tax haven for retirees.
What is retirement age in Mississippi?
age 62
You may begin receiving retirement benefits as early as age 62, but waiting until “full” retirement age can mean increased benefits. That age is 65 for people born before 1938. Full retirement age for persons born in 1938 or later gradually increases until persons born in 1960 or later must reach age 67.
Which states have no state tax for retirees?
Nine of those states that don’t tax retirement plan income simply because distributions from retirement plans are considered income, and these nine states have no state income taxes at all: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
Why are houses so cheap in Mississippi?
Land availability, low rent prices and access to the Gulf and highways for shipping make Mississippi the least expensive place to live in the U.S., Cole said. According to Cole, rent prices in Mississippi are 37 percent lower than the other 49 states.
How much do you need to make to live comfortably in Mississippi?
This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings. The median necessary living wage across the entire US is $67,690. The state with the lowest annual living wage is Mississippi, with $58,321.
Does Mississippi have snow?
Mississippi State gets some kind of precipitation, on average, 100 days per year.
Climate Averages.
| Mississippi State, Mississippi | United States | |
|---|---|---|
| Snowfall | 0.2 in. | 27.8 in. |
| Precipitation | 100.4 days | 106.2 days |
| Sunny | 216 days | 205 days |
| Avg. July High | 91.5° | 85.8° |
Does it rain a lot in Mississippi?
Mississippi, Mississippi gets 57 inches of rain, on average, per year. The US average is 38 inches of rain per year. Mississippi averages 1 inches of snow per year. The US average is 28 inches of snow per year.
Is Mississippi muggy?
Record highs aside, let’s not forget that Mississippi’s humidity is what really determines who can make it or not in the sweltering summers. And according to the National Climactic Data Center, Mississippi has, on average, the highest humidity levels in the country at 91 percent.
Where do most people work in Mississippi?
The most common industries in Mississippi, by number of employees, are Elementary & secondary schools (84,985 people), Restaurants & Food Services (79,667 people), and Construction (70,329 people).
What is the best state to live in financially?
Overall ranking of best states for your finances
| Rank | State | Score |
|---|---|---|
| 1 | Tennessee | 4.33 |
| 2 | Utah | 4.45 |
| 3 | Idaho | 4.59 |
| 4 | Arkansas | 4.91 |
What is the cheapest and safest state to live in?
Here are the 10 most affordable states in the U.S.:
- Indiana. Average cost of living index: 90.57.
- Michigan. Average cost of living index: 90.40.
- Missouri. Average cost of living index: 89.75.
- Tennessee. Average cost of living index: 89.49.
- Georgia. Average cost of living index: 89.30.
- Arkansas.
- Alabama.
- Oklahoma.
