Best and worst states to retire rich

With little to nothing in savings, more than half of Americans could retire broke, GOBankingRates' 2017 Retirement Savings Survey found. In fact, most baby boomers might not even be able to retire — at least not in the traditional sense. To leave the 9-to-5, they'll need to take steps now to catch up on retirement savings.

However, soon-to-be retirees might be able to stretch their retirement savings far depending on the state where they choose to retire. That's because factors that affect how far your money can go — such as taxes and living expenses — vary greatly from state to state.

To help you find the best states to retire in, GOBankingRates surveyed all 50 states on these four factors:

  • Taxes: average state sales tax, state tax on Social Security benefits and average property tax
  • Living expenses: average home listing price, median home value and cost of living index
  • Banking: average savings account interest rate and average two-year CD account interest rate
  • Health and Social Security: average health insurance premiums, average Social Security benefits and Medicare spending per capita

Do you live in one of the best states for retirement?

Click through to see the best and worst states for retirees who want to keep more of their money and retire rich.

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Best and worst states to retire rich
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Best and worst states to retire rich

50. Hawaii

  • Average Social Security benefits: $1,361
  • Average health insurance premium: $347
  • Average Medicare spending per capita: $6,942
  • Average home listing price: $905,878
  • Cost of living index: 167.40

With the highest cost of living in our rankings, Hawaii is the worst state to retire rich. The average home listing price and median home value are higher here than in any other state — which means housing costs could consume a large portion of a retiree’s income. Although healthcare premiums are more manageable here than in many states, Hawaii has the lowest average Medicare spending per person.

On the plus side, the tax bite in the Aloha State is small. In addition to having low average state sales and property tax rates, Hawaii doesn’t tax Social Security benefits.

(philipdyer via Getty Images)

49. Vermont

  • Average Social Security benefits: $1,422
  • Average health insurance premium: $492
  • Average Medicare spending per capita: $7,883
  • Average home listing price: $295,063
  • Cost of living index: 122.40

Vermont ranks as the second-worst state to retire rich due to its high tax rates, cost of living and healthcare costs. It ranks as the fifth-most expensive state for healthcare premiums and has the fifth-highest average property tax rate. Plus, Vermont taxes Social Security benefits to the same extent the federal government does.

Property Taxes: 6 Things Every Homeowner Should Know

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48. Montana

  • Average Social Security benefits: $1,300
  • Average health insurance premium: $425
  • Average Medicare spending per capita: $7,082
  • Average home listing price: $304,703
  • Cost of living index: 100.80

Montana has the fifth-lowest Social Security benefit in our rankings. Plus, it taxes Social Security benefits. However, other factors also pull Montana down in the rankings.

It has the second-lowest Medicare spending per person, and the average health insurance premium is higher here than in most states. Plus, Montana has the lowest two-year CD interest rate. One benefit: There is no state sales tax.

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47. New Mexico

  • Average Social Security benefits: $1,304
  • Average health insurance premium: $258
  • Average Medicare spending per capita: $7,547
  • Average home listing price: $241,386
  • Cost of living index: 95.70

Thanks to relatively low housing costs and a low cost of living, incomes can go further in New Mexico. Unfortunately, Social Security income also is low. The average benefit in New Mexico is lower than in all but five states. Plus, the state taxes Social Security benefits; although, up to $8,000 of retirement income is exempt from taxation. New Mexico also levies an average 7.55 percent sales tax.

New Mexico also is pulled down in the rankings because average Medicare spending per person is among the lowest in the nation.

46. North Dakota

  • Average Social Security benefits: $1,354
  • Average health insurance premium: $331
  • Average Medicare spending per capita: $7,972
  • Average home listing price: $235,688
  • Cost of living index: 98.90

It’s hard to retire rich in North Dakota because taxes take a bigger bite out of retirement income. North Dakota taxes Social Security benefits to the extent they’re taxed on the federal level. Plus, the average savings account interest rate is a paltry 0.12 percent — the lowest in our rankings along with five other states with a rate this low.

(nutraveller via Getty Images)

45. Colorado

  • Average Social Security benefits: $1,402
  • Average health insurance premium: $313
  • Average Medicare spending per capita: $8,020
  • Average home listing price: $502,283
  • Cost of living index: 102.10

The relatively high cost of living makes it hard to retire rich in Colorado. It has the fourth-highest median home value and fifth-highest average home listing price in our rankings. Colorado also has an average 7.5 percent sales tax.

The state also taxes Social Security benefits. However, up to $20,000 can be excluded if you’re younger than 65, and $24,000 can be excluded if you're 65 or older.

44. Maine

  • Average Social Security benefits: $1,292
  • Average health insurance premium: $341
  • Average Medicare spending per capita: $8,059
  • Average home listing price: $261,395
  • Cost of living index: 112.00

A relatively high cost of living and low average Social Security benefit make Maine one of the worst states to retire rich. In fact, Maine has the fourth-lowest average Social Security payout, which would make retiring on Social Security alone a struggle. Fortunately, the state doesn’t tax Social Security benefits. But homeowners are hit with a hefty average 1.2 percent property tax rate.

(SeanPavonePhoto via Getty Images)

43. Alaska

  • Average Social Security benefits: $1,338
  • Average health insurance premium: $904
  • Average Medicare spending per capita: $8,417
  • Average home listing price: $260,122
  • Cost of living index: 131.60

Several factors drag Alaska down in the rankings — most notably, its high healthcare costs. It has the highest average health insurance premium at $904.

Alaska also has the fifth-highest cost of living index and the ninth-highest median home value at $266,600. However, Alaska has one of the lowest sales tax rates and doesn’t tax Social Security benefits.

(Chilkoot via Getty Images)

42. California

  • Average Social Security benefits: $1,348
  • Average health insurance premium: $258
  • Average Medicare spending per capita: $10,376
  • Average home listing price: $670,717
  • Cost of living index: 134.80

California’s high cost of living makes it hard to retire rich in this state. It has the third-highest cost of living index and second-highest median home value at $497,500. California also has one of the highest average sales tax rates at 8.25 percent.

On the plus side, health insurance premiums are among the lowest in the nation, and Medicare spending per person is among the highest. Although California doesn’t tax Social Security benefits, the average payout is lower than in most states.

41. Rhode Island

  • Average Social Security benefits: $1,434
  • Average health insurance premium: $261
  • Average Medicare spending per capita: $9,698
  • Average home listing price: $391,834
  • Cost of living index: 122.10

Rhode Island ranks among the top 10 states with the highest average home listing price and highest cost of living index. The state’s high average property tax rate of 1.46 percent is another reason it’s one of the worst states to retire rich.

However, Rhode Island does have a few things in its favor. It has the fourth-highest average two-year CD interest rate and fifth-highest average savings account interest rate at 0.24 percent. Plus, the state’s average health insurance premium is among lowest in the nation.

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40. South Dakota

  • Average Social Security benefits: $1,325
  • Average health insurance premium: $448
  • Average Medicare spending per capita: $7,858
  • Average home listing price: $233,184
  • Cost of living index: 102.80

It’s hard to retire rich in a state where the cost of living is higher than the national average, but Social Security benefits are among the lowest in the nation. Plus, the average health insurance premium in South Dakota is higher than in most states. Average Medicare spending per person is among the lowest in the U.S.

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39. West Virginia

  • Average Social Security benefits: $1,360
  • Average health insurance premium: $419
  • Average Medicare spending per capita: $8,260
  • Average home listing price: $170,928
  • Cost of living index: 95.70

The average Social Security payout in West Virginia is lower than in half of the states. Medicare spending per person also ranks in the bottom half of states. Low savings rates also pull West Virginia down in our rankings. It has the second-lowest average two-year CD interest rate and a low average savings account rate of 0.16 percent.

Fortunately, the cost of living is below the national average. And retirees can save money on housing, given that the median home value of $100,500 is the lowest in the nation.

(StanRohrer via Getty Images)

38. Missouri

  • Average Social Security benefits: $1,353
  • Average health insurance premium: $310
  • Average Medicare spending per capita: $8,844
  • Average home listing price: $199,249
  • Cost of living index: 90.80

Retirees can stretch their income further in Missouri thanks to low healthcare and living costs. In fact, the state has the 10th-lowest cost of living index value and 10th-lowest median home value in our rankings. However, the average Social Security benefit in the state is also low — as is Medicare spending per capita.

But Social Security income is not taxed for single taxpayers with an adjusted gross income less than $85,000 and married taxpayers with an adjusted gross income less than $100,000.

Read More: Best Places to Live on Only a Social Security Check

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37. Nebraska

  • Average Social Security benefits: $1,419
  • Average health insurance premium: $368
  • Average Medicare spending per capita: $8,548
  • Average home listing price: $223,820
  • Cost of living index: 91.30

Housing costs can be manageable for retirees in Nebraska, given that the median home value of $148,500 is the 15th-lowest in our rankings. However, Nebraska’s average property tax rate of 1.65 percent is among the highest. Other strikes against the state are its relatively high average health insurance premium and relatively low Medicare spending per capita.

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36. Oregon

  • Average Social Security benefits: $1,382
  • Average health insurance premium: $312
  • Average Medicare spending per capita: $7,416
  • Average home listing price: $395,733
  • Cost of living index: 115.40

Oregon’s high cost of living is a big factor in its low ranking. The average home listing price and median home value are among the top-10 highest in the U.S. Retirees could have a hard time covering housing and living costs, considering that the average Social Security payout here is lower than in half of the states.

Low taxes and affordable healthcare costs keep Oregon from ranking even lower. It has no state sales tax and doesn’t tax Social Security benefits. And the average health insurance premium of $312 is lower than in most states.

(AndreyGatash via Getty Images)

35. Minnesota

  • Average Social Security benefits: $1,481
  • Average health insurance premium: $366
  • Average Medicare spending per capita: $8,446
  • Average home listing price: $287,086
  • Cost of living index: 101.10

Minnesota has the fifth-highest average Social Security payout in our rankings. However, the state taxes Social Security benefits to the extent they’re taxed at the federal level. Average state sales and property tax rates also are relatively high. And Minnesota has one of the lowest two-year CD interest rates at 0.63 percent.

(Davel5957 via Getty Images)

34. Kansas

  • Average Social Security benefits: $1,439
  • Average health insurance premium: $361
  • Average Medicare spending per capita: $8,658
  • Average home listing price: $184,403
  • Cost of living index: 90.40

Low housing costs and living expenses are a plus for retirees in Kansas. And the average Social Security benefit here is higher than in nearly three-quarters of the states. Social Security benefits are exempt from state income tax for taxpayers with a federal adjusted gross income of less than $75,000.

However, Kansas has a high average state sales tax of 8.62 percent and relatively high property tax rate of 1.3 percent. The average health insurance premium also is higher here than in most states.

33. Utah

  • Average Social Security benefits: $1,422
  • Average health insurance premium: $292
  • Average Medicare spending per capita: $8,075
  • Average home listing price: $447,544
  • Cost of living index: 92.80

There a couple of big benefits for retirees in Utah: a low cost of living index and a low average health insurance premium. Plus, it has the highest savings account rate at 0.38 percent.

However, there are several strikes against the state that pull it down in the rankings. Utah’s average home listing price is the seventh-highest in the U.S. Medicare spending per person is relatively low. And Social Security benefits are taxed by the state — but some retirees may qualify for retirement-income tax credit.

(AndreyKrav via Getty Images)

32. Arkansas

  • Average Social Security benefits: $1,288
  • Average health insurance premium: $314
  • Average Medicare spending per capita: $8,062
  • Average home listing price: $187,218
  • Cost of living index: 88.50

Retirees in Arkansas can get by on less because the state has the fourth-lowest cost of living index in our rankings. The average health insurance premium also is low. But so is the average Social Security payout — which is the third-lowest of all 50 states. Medicare spending per capita also is lower in Arkansas than in most states.

Although Social Security benefits escape state taxes, Arkansas levies a hefty 9.3 percent sales tax — the third-highest in our rankings.

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31. New York

  • Average Social Security benefits: $1,427
  • Average health insurance premium: $456
  • Average Medicare spending per capita: $10,897
  • Average home listing price: $584,137
  • Cost of living index: 135.20

Although the average Social Security benefit is New York is higher than in most states, the cost of living index is the second-highest in our rankings. In fact, retirees probably want to steer clear of New York City because the cost to live comfortably is higher here than in any other big city.

New York has the fourth-highest average home listing price. And the state’s average health insurance premium is among the highest in the U.S. It also has a high average sales tax rate of 8.49 percent and high average property tax rate of 1.38 percent

New York’s high Medicare spending per capita keeps it from ranking lower. Plus, it doesn’t tax Social Security benefits.

30. Idaho

  • Average Social Security benefits: $1,333
  • Average health insurance premium: $348
  • Average Medicare spending per capita: $7,643
  • Average home listing price: $316,552
  • Cost of living index: 89.60

Idaho has the fifth-lowest Medicare spending per capita. Plus, the average Social Security benefit is the 10th-lowest payout in the U.S. Fortunately, the state doesn’t tax Social Security benefits. Plus, Idaho’s sales and property tax rates are among the lowest in the nation. The cost of living index also is among the lowest.

See Why: Boise Is the Best Place to Retire on $1,000 a Month

29. Nevada

  • Average Social Security benefits: $1,306
  • Average health insurance premium: $282
  • Average Medicare spending per capita: $9,598
  • Average home listing price: $313,300
  • Cost of living index: 104.50

Nevada’s average Social Security benefit ranks among the lowest in the nation. Considering the cost of living here is slightly above the national average, retirees will have to budget Social Security benefits carefully to make the most of their small checks. Fortunately, though, benefits aren’t taxed. And, the average health insurance premium in Nevada is low, leaving residents with more money to cover other living costs.

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28. Arizona

  • Average Social Security benefits: $1,385
  • Average health insurance premium: $507
  • Average Medicare spending per capita: $8,623
  • Average home listing price: $315,852
  • Cost of living index: 98.10

Arizona has the third-highest average health insurance premium, after Alaska and North Carolina. Low savings account and CD interest rates, a relatively high home listing price and a relatively low average Social Security benefit also pull the state down in the rankings. On the plus side, Arizona doesn’t tax Social Security benefits.

(JacobH via Getty Images)

27. Connecticut

  • Average Social Security benefits: $1,558
  • Average health insurance premium: $404
  • Average Medicare spending per capita: $11,000
  • Average home listing price: $475,318
  • Cost of living index: 130.70

Connecticut has the highest average Social Security benefit of any state. However, retirees need a higher income because the cost of living and housing are high. Connecticut’s property taxes also are among the highest in our rankings.

Plus, Social Security benefits are subject to state income taxes for individual taxpayers with a federal adjusted gross income of more than $50,000 and married taxpayers with an AGI of more than $60,000.

(SeanPavonePhoto via Getty Images)

26. Washington

  • Average Social Security benefits: $1,478
  • Average health insurance premium: $238
  • Average Medicare spending per capita: $8,008
  • Average home listing price: $349,611
  • Cost of living index: 107.10

Retirees in Washington can prosper from having the seventh-highest average Social Security benefit in the U.S. Plus, the state doesn’t tax Social Security benefits. But retirees need a higher income to cover the state’s high cost of living. Washington has the fifth-highest median home value. Plus, sales taxes are among the highest in our rankings.

Although the average health insurance premium in Washington is among the lowest in the U.S., the state’s Medicare spending per capita is low, too.

(Art Wager via Getty Images)

25. Tennessee

  • Average Social Security benefits: $1,348
  • Average health insurance premium: $419
  • Average Medicare spending per capita: $8,686
  • Average home listing price: $249,341
  • Cost of living index: 89.80

Tennessee doesn’t have a state income tax, so Social Security benefits escape state taxes. However, the state has a high 9.46 percent sales tax rate.

Related: States With No Sales Tax

24. South Carolina

  • Average Social Security benefits: $1,367
  • Average health insurance premium: $404
  • Average Medicare spending per capita: $8,586
  • Average home listing price: $284,520
  • Cost of living index: 100.5

South Carolina doesn’t tax Social Security benefits, which is a big plus in a state where the average Social Security benefit is relatively low. Plus, it has one of lowest average property tax rates in our rankings.

However, the average health insurance premium is high. And retirees won’t see much of a return on their savings because savings account and two-year CD interest rates are low in South Carolina.

(Kirkikis via Getty Images)

23. Wisconsin

  • Average Social Security benefits: $1,433
  • Average health insurance premium: $379
  • Average Medicare spending per capita: $8,102
  • Average home listing price: $217,254
  • Cost of living index: 96.90

Wisconsin ranks among the top half of states that are the best places to retire rich because of its low cost of living and relatively high average Social Security payout — which isn’t subject to state income taxes. Retirees also benefit from a low average health insurance premium and one of the lowest sales tax rates.

However, the state’s property tax rate of 1.74 percent is among the highest. And Medicare spending per capita is low, which pulls Wisconsin down in the rankings.

(Ron_Thomas via Getty Images)

22. North Carolina

  • Average Social Security benefits: $1,369
  • Average health insurance premium: $572
  • Average Medicare spending per capita: $8,633
  • Average home listing price: $270,790
  • Cost of living index: 94.20

The tax bill in North Carolina is relatively low for retirees because their Social Security benefits aren’t taxed, and sales and property tax rates are low. A lower-than-average cost of living also is a plus in this state.

However, high healthcare costs pull North Carolina down in the rankings. Its average health insurance premium of $572 is the second-highest in the nation after Alaska. A relatively low average Social Security payout also makes it a little harder to retire rich in North Carolina.

(SeanPavonePhoto via Getty Images)

21. Illinois

  • Average Social Security benefits: $1,403
  • Average health insurance premium: $291
  • Average Medicare spending per capita: $9,770
  • Average home listing price: $265,685
  • Cost of living index: 95.50

The average health insurance premium is lower in Illinois than in most states. Plus, Medicare spending per capita is high. Retirees also benefit from the state’s lower cost of living index and relatively low median home value of $169,400. Also, Illinois doesn’t tax Social Security benefits.

However, the state’s property tax rate of 1.98 percent is the third-highest in our rankings. And Illinois has a high 8.64 percent sales tax rate.

(Davel5957 via Getty Images)

20. Iowa

  • Average Social Security benefits: $1,413
  • Average health insurance premium: $301
  • Average Medicare spending per capita: $7,869
  • Average home listing price: $183,904
  • Cost of living index: 91.7

A low cost of living, low housing prices and a low average health insurance premium can help you retire rich in Iowa. However, the average Social Security benefit is relatively low — although it isn’t taxed. What drags Iowa down in the rankings is Medicare spending per capita, which is among the lowest in the nation.

(Davel5957 via Getty Images)

19. Kentucky

  • Average Social Security benefits: $1,305
  • Average health insurance premium: $229
  • Average Medicare spending per capita: $8,689
  • Average home listing price: $208,310
  • Cost of living index: 90.80

Although the average Social Security benefit is low in Kentucky, so is the cost of living. The state’s cost of living index number is the 10th-lowest in the nation, and the median home value is the 11th-lowest in our rankings. Plus, Kentucky has the lowest average health insurance premium in the nation — along with Ohio.

Retirees’ Social Security benefits also can go further because the state doesn’t tax them. Kentucky also has a low average 6 percent sales tax.

(Davel5957 via Getty Images)

18. Ohio

  • Average Social Security benefits: $1,335
  • Average health insurance premium: $229
  • Average Medicare spending per capita: $9,565
  • Average home listing price: $179,921
  • Cost of living index: 93.00

Ohio is tied with Kentucky for the lowest average healthcare premium on our list. However, you have a better chance of retiring rich here thanks to the state’s higher average Social Security payout and higher average Medicare spending per capita. Ohio also has one of the lowest median home values. However, the average property tax rate is a high 1.58 percent.

17. Massachusetts

  • Average Social Security benefits: $1,460
  • Average health insurance premium: $247
  • Average Medicare spending per capita: $10,602
  • Average home listing price: $584,509
  • Cost of living index: 134.70

A key reason Massachusetts is a good state to retire rich is that the average Social Security benefit is among the highest in our ranking — and it’s not taxed on the state level. Medicare spending per person also is high, but the average health insurance premium in Massachusetts is the fifth-lowest in the U.S.

However, the high cost of living and housing are big strikes against Massachusetts. It has the fourth-highest cost of living index, third-highest average home listing price and third-highest median home value in our ranking.

(SeanPavonePhoto via Getty Images)

16. Georgia

  • Average Social Security benefits: $1,340
  • Average health insurance premium: $286
  • Average Medicare spending per capita: $8,944
  • Average home listing price: $289,992
  • Cost of living index: 91.40

A low cost of living, low healthcare costs and relatively low taxes make Georgia one of the better states to retire rich. However, low Medicare spending per capita and a low average Social Security payout pull the state down in our ranking. Fortunately, the state doesn’t tax Social Security benefits.

Plan Ahead: What Social Security Will Look Like in 2035

(SeanPavonePhoto via Getty Images)

15. Alabama

  • Average Social Security benefits: $1,345
  • Average health insurance premium: $492
  • Average Medicare spending per capita: $8,459
  • Average home listing price: $209,505
  • Cost of living index: 91.20

Alabama retirees benefit from a low cost of living and low taxes — the state’s average property tax rate is the second-lowest in the nation and Social Security benefits aren’t taxed by the state. However, the average Social Security payout is low.

Medicare spending per capita also is relatively low in Alabama, while its average health insurance premium is among the highest in the U.S.

14. Oklahoma

  • Average Social Security benefits: $1,347
  • Average health insurance premium: $493
  • Average Medicare spending per capita: $9,005
  • Average home listing price: $198,237
  • Cost of living index: 88.60

A big reason Oklahoma is one of the best states to retire rich is that the cost of living is so low. Not only is the cost of living index value among the lowest in our ranking, but also Oklahoma has the third-lowest median home value. Oklahoma also boasts solid savings account and CD interest rates.

However, the average Social Security benefit is relatively low. Oklahoma’s high average insurance premium of $493 also pulls it down in the ranking.

(Ron_Lane via Getty Images)

13. Louisiana

  • Average Social Security benefits: $1,268
  • Average health insurance premium: $373
  • Average Medicare spending per capita: $10,287
  • Average home listing price: $228,482
  • Cost of living index: 94.40

High Medicare spending per capita, as well as a low cost of living and low housing costs help make Louisiana one of the best states to retire. Plus, it has one of the highest savings account interest rates at 0.30 percent.

However, Louisiana has two big strikes against it: It has the highest sales tax rate at 9.98 percent, and it has the lowest Social Security benefit of any state. One strategy retirees can use to maximize Social Security income is to delay collecting benefits past full retirement age.

(SeanPavonePhoto via Getty Images)

12. Texas

  • Average Social Security benefits: $1,349
  • Average health insurance premium: $288
  • Average Medicare spending per capita: $10,572
  • Average home listing price: $326,506
  • Cost of living index: 90.70

It’s easier to retire rich in Texas than most states because it has no state income tax, so Social Security benefits escape taxes. Plus, benefits go further thanks to the state’s low cost of living and low average health insurance premium. Texas also has the fifth-highest Medicare spending per capita in the U.S.

However, the average home listing price is higher here than in other low-cost-of-living states. Plus, Texas levies a hefty average 8.19 percent sales tax.

(f11photo via Getty Images)

11. Mississippi

  • Average Social Security benefits: $1,275
  • Average health insurance premium: $352
  • Average Medicare spending per capita: $9,448
  • Average home listing price: $191,812
  • Cost of living index: 86.00

Even with the second-lowest average Social Security payout, Mississippi retirees can stretch their income further thanks to the state's low cost of living. In fact, Mississippi has the lowest cost of living index value of any state in the country and the seventh-lowest average listing price. Plus, Medicare spending per capita is relatively high. And, Mississippi has the second-highest savings account interest rate at 0.36 percent.

10. Florida

  • Average Social Security benefits: $1,328
  • Average health insurance premium: $306
  • Average Medicare spending per capita: $10,708
  • Average home listing price: $395,554
  • Cost of living index: 99.00

Low healthcare costs help Florida crack the top 10 states to retire rich. Plus, Medicare spending per capita is among the highest in the nation. Although the average home listing price is high, the median home value of $206,200 is lower than the median value in nearly half of the states.

The average Social Security payout also is relatively low — but it escapes state taxes. The cost of living here also is slightly below the national average.

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9. Virginia

  • Average Social Security benefits: $1,456
  • Average health insurance premium: $296
  • Average Medicare spending per capita: $8,290
  • Average home listing price: $345,121
  • Cost of living index: 100.20

The average Social Security benefit in Virginia is among the highest in the nation, which is a key reason why the state is one of the best places to retire. Plus, this income isn’t taxed by the state, which also has low average sales and property taxes. To top it off, the average health insurance premium is low. One drawback to retiring in Virginia are relatively high home prices.

8. Wyoming

  • Average Social Security benefits: $1,423
  • Average health insurance premium: $464
  • Average Medicare spending per capita: $7,806
  • Average home listing price: $268,744
  • Cost of living index: 91.70

Wyoming jumps in our ranking from the No. 25 spot in 2016 to No. 8 in 2017 thanks to an increase in Social Security payouts and savings rates. The average Social Security benefit climbed by about $100 from 2016 to 2017, giving Wyoming one of the higher payouts among the states. Plus, the average savings account interest rate climbed from 0.03 percent in 2016 to 0.36 percent in 2017. Average two-year CD rate also rose from 0.598 percent to 0.66 percent.

A low cost of living also makes Wyoming a good place to retire rich. However, the state has a relatively high average health insurance premium and low per-capita Medicare spending.

(DenisTangneyJr via Getty Images)

7. New Hampshire

  • Average Social Security benefits: $1,525
  • Average health insurance premium: $267
  • Average Medicare spending per capita: $8,428
  • Average home listing price: $301,086
  • Cost of living index: 119.20

It’s easier to retire rich in New Hampshire than most states because it has the third-highest average Social Security benefit in our ranking. Plus, retirees don’t have to pay state income tax on Social Security benefits. New Hampshire also doesn’t have a state sales tax.

However, the property tax rate is among the highest in the nation. Housing prices and the cost of living also are high.

(Getty Images/iStockphoto)

6. Pennsylvania

  • Average Social Security benefits: $1,444
  • Average health insurance premium: $418
  • Medicare spending per capita: $9,692
  • Average home listing price: $222,926
  • Cost of living index: 102.80

The average health insurance premium is higher in Pennsylvania than all but one of the top 10 best states to retire. However, the state’s high per-capita Medicare spending helps offset high insurance costs. Relatively low housing costs also help boost Pennsylvania in the ranking, along with a relatively high average Social Security benefit that the state doesn’t tax.

5. New Jersey

  • Average Social Security benefits: $1,543
  • Average health insurance premium: $353
  • Average Medicare spending per capita: $11,203
  • Average home listing price: $359,073
  • Cost of living index: 121.00

New Jersey has the highest Medicare spending per capita of any state, and the average health insurance premium is relatively low. It also has the second-highest average Social Security benefit, after Connecticut. Unlike Connecticut, New Jersey doesn’t tax Social Security benefits.

However, it does have the highest property tax rate at 2.11 percent. And the average home listing price and median home values are higher than in most states, which is why New Jersey doesn’t rank even higher.

4. Indiana

  • Average Social Security benefits: $1,428
  • Average health insurance premium: $286
  • Average Medicare spending per capita: $9,213
  • Average home listing price: $184,537
  • Cost of living index: 87.90

Indiana has the lowest average Social Security benefit among the top 10 best states for retirees. However, Indiana’s cost of living index is the second lowest in the U.S. The average listing price and average health insurance premium also are among the lowest on our list — which makes Indiana one of the best places to retire rich.

(DenisTangneyJr via Getty Images)

3. Maryland

  • Average Social Security benefits: $1,512
  • Average health insurance premium: $309
  • Average Medicare spending per capita: $11,044
  • Average home listing price: $353,892
  • Cost of living index: 125.00

Low taxes, low healthcare costs and a high Social Security payout make Maryland the third-best state to retire rich. It has the second-highest Medicare spending per capita and fourth-highest average Social Security benefit — which isn’t subject to state income taxes. The state’s high cost of living and high home prices keep it from ranking higher.

Also See: Best and Worst Things to Do When Looking for a Place to Retire

2. Michigan

  • Average Social Security benefits: $1,451
  • Average health insurance premium: $237
  • Average Medicare spending per capita: $10,064
  • Average home listing price: $201,259
  • Cost of living index: 88.20

Michigan retirees benefit from a winning combination of a relatively high average Social Security benefit, low home prices and the third-lowest cost of living index in our ranking. Plus, Michigan has the second-lowest health insurance premium and among the highest per-capita Medicare spending.

One drawback for retirees living in Michigan is the state’s high property tax rate of 1.46 percent.

(Pawel Gaul via Getty Images)

1. Delaware

  • Average Social Security benefits: $1,497
  • Average health insurance premium: $423
  • Average Medicare spending per capita: $9,905
  • Average home listing price: $291,161
  • Cost of living index: 102.60

Delaware is the best state to retire rich because retirees can hang onto more of their money. The state has no sales tax, a low property tax rate and doesn’t tax Social Security benefits.

Although the cost of living is slightly higher than the national average, Delaware’s average Social Security payout is among the highest in our ranking. The state’s high Medicare spending per capita also helps Delaware claim the top spot.

Up Next: 50 Cheapest Places to Retire

(DenisTangneyJr via Getty Images)

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Methodology: GOBankingRates ranked all 50 states based on four main factors affecting retirees: taxes, living expenses, banking and healthcare and Social Security. These four factors were broken down into sets of data points.

In the taxes category, we examined: (1) average state sales tax rates, sourced from The Tax Foundation; (2) average property tax rates, sourced from The Tax Foundation; and (3) state taxes on Social Security benefits, sourced from Kiplinger and weighted twice as much as other tax factors.

In the living expenses category, we examined: (1) the average home listing price, sourced from Trulia the week ending May 10, 2017; (2) median home values, sourced from Zillow's April 2017 data; and (3) each state's cost of living index value, where the U.S. average is 100, sourced from the Missouri Economic Research and Information Center, which was weighted twice as much as average listing price and four times as much as median home value.

In the banking category, we examined: (1) savings account interest rates, sourced from GOBankingRates' database; and (2) 2-year CD account interest rates, sourced from GOBankingRates' database, with both data points weighted one-quarter as much as other factors.

In the health and Social Security category, we examined: (1) average health insurance premiums, sourced from the Kaiser Family Foundation; (2) average Social Security benefits, sourced from the Social Security Administration; and (3) Medicare spending per capita, sourced from the Kaiser Family Foundation.

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