Retiring in Mississippi: The Best of What South Has To Offer!

Considering an early retirement? Mississippi might just be the perfect destination for you!

Retirement is a deeply personal decision, usually influenced by factors desired lifestyle and financial security. However, one way to achieve early retirement is by relocating to areas where your retirement savings can stretch further.

Mississippi offers an inviting option for those seeking warmth and affordability in their golden years. Its friendly ambiance, adorned with beautiful magnolias and rich Delta Blues heritage, promises an easy and exciting living experience.

What Mississippi has to offer?

Mississippi, commonly known as The Magnolia State, is a lesser known yet attractive destination for seniors to consider for retirement.

Here are some really interesting facts about the state that you shouldn’t miss out:

1. Magnolias: The magnolia flower is the state flower of Mississippi.
2. Elvis Presley and Oprah Winfrey Birthplace: These two global icons hail from Mississippi.
3. Delta blues: The Mississippi Delta is synonymous with blues music. The state remains a pilgrimage site for blues enthusiasts after artists like Charley Patton and Howlin’ Wolf shaped the genre.
4. Catfish: Mississippi is famous for its delicious fried or grilled catfish. Catfish farms thrive in the state’s freshwater ponds.
5. Cotton: Large-scale cotton plantations were made possible by the state’s rich soil, and the enterprise had a profound cultural impact.
6. Mississippi River: The river itself, with its course, historic bridges, and vistas, is a powerful symbol of Mississippi.

Famous Mississippi foods:

• Po’Boys
• Barbecue
• Gulf Shrimp
• Fried Okra
• Comeback Sauce
• Mississippi Mud Pie
• Hot Tamales
• Crawfish
• Corn Bread
• Fried Catfish

An Important factor to retire in Mississippi

With a population of around 2.9 million, over 15% of whom are over 65, Mississippi is among the states with the highest percentage of retirement residents.

Even though potential retirees start to save earlier, one should be aware of all the factors involved in planning for the ideal retirement.

The average cost of retirement communities in Mississippi

The Magnolia State’s program lists 21 certified retirement communities that have passed a rigorous certification process.

Mississippi’s annual expense has been estimated at $49,723 without any buffer. However, with a 20% “comfort buffer” of $12,431, the total “comfortable retirement cost” is $62,154.

• Memory Care: $4,979
• Assisted Living: $3,914
• Independent Living: $1,920
• Nursing Home (Semi-Private Room): $7,832

**These are the state average monthly costs of the senior living options. Numbers may vary depending on the city or town.

Tax situation:

Mississippi is very tax-friendly toward seniors who are about to retire.

No tax on withdrawals from retirement accounts like 401(k)s and IRAs.

No state income tax on any retirement income (Social Security, 401(k), IRA), plus points for seniors with low income.

Low property taxes.

Age requirements:

The state has no specific retirement age by law. Meaning you are free to retire whenever you desire as long as you can financially support yourself.

Working eligibility:

Discriminating between employees or job applicants based on their age in case of any work setting is considered an illegal activity by employers.

Social Security benefits:

Social Security benefits are exempt from state income taxes, such as income from public and private pensions.

Earliest age of receiving benefits is 62.

Full retirement age (FRA) is between 65 and 67.

Delaying taking benefits can increase your monthly payments.

Medicare eligibility:

Eligibility starts at age 65, regardless of whether you are retired or not.

If you retire before 65, keep alternative healthcare coverage until you are eligible for Medicare.

Retirement savings:

Regardless of retirement age, it is important to understand why one should not enter retirement without enough savings at hand and start planning for retirement as early as possible. Recommend saving is at least 15% of your income for retirement.

Pros and Cons of Retiring in Mississippi

For many retiring individuals, moving seems like the best possible option. One state that has become popular amongst retirees for its affordable cost of living is Mississippi.

However, like any state, there are both pros and cons to retiring in the state.

The pros:

• A subtropical climate with warm summers and mild winters.
• Southern charm and hospitality with friendly locals, a slower pace of life, and a sense of community.
• Numerous state parks, national forests, and beaches provide outdoor activities like hiking, camping, and fishing.
• Affordable cost of living; generally lower than the national average.
• Housing and healthcare costs are comparatively lower.
• Strong emergency management systems to mitigate and respond to emergencies.

The cons:

Limited cultural scene compared to some other states.

• Limited job opportunities for retirees who want to work part-time or continue their careers in retirement.
• Natural disasters prone state experiencing hurricanes, floods, and tornadoes.
• Poor quality of infrastructure, internet, and transportation.

Nevertheless, those with both bigger and smaller nest eggs would find this state a blessing to retire to. If you’re still unsure about how to plan to retire here, it’s wise to seek expert advice for a personalized retirement plan.