One of the best places to retire in Tennessee on a budget is Knoxville, TN. Its advantages are affordable cost of living, no state income tax, quality and accessible healthcare, plenty of affordable leisure and recreation, and cost-conscious senior care.
According to NerdWallet, the average retirement savings for those 65 to 74 is $609,230. And for those 75 and older, it's even less at $462,410.
This may seem like a lot of money at first glance, but you have to think decades into the future regarding retirement.
If you're searching for the best places to retire in Tennessee on a budget, then you should know that one of them is Knoxville, TN.
Yes, it is! In fact, Tennessee is considered one of the best states for retirees because of the following reasons:
There are many cities that have excellent healthcare centers, as well as vibrant cultural scenes and recreational opportunities. Plus, there's a variety of living environments, from peaceful mountain towns to lively urban centers.
As for the weather, Weather Spark says it rarely goes below 30°F or above 90°F. It also gets four distinct seasons, so if you like variety in your weather, you'll love it here.
Now that Tennessee is on your radar for your golden years, the next thing is to zoom in on affordable retirement towns. For budget-friendly aging, you should consider Knoxville. Here's why.
According to Payscale, the cost of living in Knoxville is 14% lower than the national average. Here are some other stats compared to the national average:
In addition, if you want to own property, the property taxes are low in Tennessee compared to other states.
So it's easy to see why Knoxville consistently ranks among the most affordable cities in the US! When you don't have to spend as much on necessities, you have more money to spend on things you love instead. You can live a comfortable lifestyle without financial strain.
Chances are, you won't be working anymore in your later years. But retirement disbursements are counted as income, and in most cases, they're taxed.
But that's not the case in Knoxville, TN. The state doesn't tax earned income, Social Security benefits, or retirement income. This means that more money will stay in your pockets, and you'll have more of a financial cushion.
If you're prioritizing budget stability, then Knoxville definitely is the ideal environment for you.
Access to quality healthcare is of the utmost importance in retirement, and luckily, Knoxville delivers on this front. There are several top-rated hospitals here, including the University of Tennessee Medical Center. There are also numerous clinics, wellness centers, and specialists in the local area.
What this means is you'll have both accessible and affordable healthcare. There's exceptional healthcare, and there won't be high out-of-pocket costs either.
You won't have to spend much money in Knoxville to stay fit and engaged. Here are examples of low-cost or free recreational activities you can do:
As for the cultural scene, there are:
Most of the above are affordable or free! And since there's mild weather in Knoxville, you can stay active and social all year long without having to spend much.
If you're searching for senior living in Knoxville, TN, you'll find it at The Pointe at Lifespring. We offer memory care and assisted living in Tennessee, and it's all very affordable.
We have pet-friendly accommodations, so you won't have to relocate your animal companion. And in our base rent, there are tons of amenities and activities included, such as:
The amount of money you need to retire comfortably in Tennessee will depend on your:
With that said, if you want to live a moderate lifestyle, aim for $45,000 to $55,000 per year ($3,750 to $4,500 per month). Tennessee's overall low cost of living can help you stretch your retirement savings further, as well as its lack of income tax on retirement income.
Otherwise, if you want to enjoy more leisure or travel, aim for a bigger budget of $60,000 to $70,000 per year ($5,000 to $5,800 per month).
Knoxville is one of the cheapest and safest cities to live in Tennessee. Not only is there a low cost of living, but there are also many neighborhoods where there's a strong reputation for safety.
Tennessee is fantastic for retirees with its affordable living and scenic beauty. However, like pretty much all other states, there are drawbacks to consider.
The main downfall of living here is the high sales tax rate. Tennessee has one of the highest rates in the US.
One of the best places to retire in Tennessee on a budget is Knoxville, TN. The cost of living is very low here, and there's no state income tax either. There's also mild weather and plenty of recreational activities that are low-cost or free.
Most importantly, you have affordable senior living options here, including The Pointe at Lifespring. This ensures that you can live a comfortable retirement while getting the care you need.
The Pointe at Lifespring has full-time concierge staff so that all your questions or concerns can be addressed promptly at your convenience. Get in touch with us now if you'd like to hear more about senior living in Knoxville, TN.