With the third-lowest non-housing cost of living and an effective tax rate of 0 percent on retirement income, moving to Wyoming is a really good choice for those who want to retire in their 50s or 60s.
SmartAsset ranked the best states for an early retirement, factoring in costs for housing, healthcare, entertainment, and property and retirement income taxes. Mainstays like Florida and Arizona made the list, along with a few other Rocky Mountain and southern states. Kentucky earned the second spot.
Particularly attractive for prospective early retirees are the low costs of living. Kentucky ranks fourth in average housing costs per year at $8,600 and fifth in non-housing cost of living. But early retirees in Kentucky may need to develop some personal hobbies. According to data from the Census, there are only 28 arts, entertainment and recreation establishments per 100,000 residents, 44th best in the country.
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