The 15 best states to retire for a low cost of living in your golden years

Hanneke Luijting/Getty Images

Low costs of living make for smooth sailing in retirement.

• For anyone thinking about relocating for retirement, affordability is a big consideration.
• According to data from Blacktower Financial Management, the best states for retirees based on cost of living are Mississippi, Oklahoma, and Arkansas.
• Other states to make the list include Texas, New Mexico, and Tennessee, which all offer retirees affordable homes and costs of living.
• Read more personal finance coverage.

Choosing a state for retirement can be a big challenge.

Financial management firm Blacktower gathered data on property prices, population demographics, and more to put together a list of US states where retirees will get the most from their retirement savings. Blacktower also looked at the cost of living index created by the Missouri Economic Research and Information Center, which includes costs of housing, groceries, utilities, transportation, and healthcare in relation to the median cost, calculated as 100. The lower the index number, the lower the cost of living.

Here are the 15 most affordable states for retirees, including their cost of living index along with the average home price and the percentage of senior population from the Census Bureau.