This Midwestern U.S. State Is the Best Place to Retire for Affordable Cost of Living and No Income Tax

Financial planning is essential when deciding where to spend your retirement years. According to the Social Security Administration, the average benefit for January 2024 was $1,907, and the average spending was $4,345, so it's crucial to maximize your savings and get more bang for your buck. That includes moving to a state with reasonably priced housing, a low tax burden for seniors, and a cost of living that's ideally below the nation's average. And that state, according to a recent study by the financial website Insider Monkey, is South Dakota.