NASHVILLE, Tenn. (WKRN) – Thinking of retirement? Well it turns out, Tennesseans are in a really good place to retire, and retire early. That’s according to a study by Smart Asset.
Tennessee comes in as the sixth best state in the country to retire early.
There’s a low cost of living, which means you can ease into retirement with less of a cushion than other states.
We also have a 0 percent average effective income tax. There is one concern, though, and that’s that sales tax in Tennessee is pretty high, and everyday items can be expensive.
Smart Asset analyzed data on eight factors: the effective income tax rate, sales tax rates, effective property tax rates, median annual housing costs, non-housing costs of living, healthcare costs and the number of entertainment establishments, and doctors’ offices.
The No. 1 state to retire early is Wyoming, and Kentucky and Mississippi tie at No. 2. The worst state is Minnesota.