5. Mississippi
Cost of living: 15 below U.S. average
Population: 3.0 million
Best city: Hide-A-Way Lake
PRO: Mississippi is cheaper for everyday items, and it also gives some nice tax breaks. Social Security and other retirement incomes are exempt from taxes in this state, as well as the lowest property taxes in the country.
5. Mississippi
CON: Although Mississippi is quite tax-friendly and living costs are low, according to the United Health Foundation it ranks pretty low for senior health, as well as having a 13.4 percent poverty rate for seniors, the highest in the country.
NEXT: This state is where Abraham Lincoln lived as a child.
4. Indiana
Cost of living: 15 percent below U.S. average
Population: 6.6 million
Best city: Meridian Hills
PRO: Living costs in Indiana are 15 percent lower than the national average, making everyday expenses much more affordable than states such as Hawaii or California.
4. Indiana
CON: Indiana is best if you have a decent amount of savings in your bank account as the annual income here is 21.4 percent below the national average, and retirement income is taxable at ordinary rates. That being said, however, with day-to-day costs being so low, it may all even out.
NEXT: A man from the next state was responsible for the patent for Voicemail.
