Planning for retirement is more than just picking a number—it’s about understanding what your lifestyle will cost and making sure your savings and income align. If you live in Mississippi or plan to retire here, you’re in a good place: our state has a relatively low cost of living, affordable housing, and no state income tax on retirement income.
Still, retirement comes with real expenses. From groceries to medical bills, it’s important to plan ahead and know what you’ll need each month to live comfortably.
The Cost of Living in Mississippi
Mississippi consistently ranks among the most affordable states in the country. According to recent data, the overall cost of living is about 15% below the national average. Here's a look at key categories:
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Housing: Median home prices in Mississippi are significantly lower than national averages. Many retirees are able to own their homes outright or downsize affordably.
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Utilities & Essentials: Monthly utility costs are modest, and food, gas, and general goods are priced lower than in many parts of the country.
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Healthcare: While Mississippi offers lower healthcare costs than many states, out-of-pocket medical expenses still add up—especially in retirement.
Common Retirement Expenses to Plan For
Retirees in Mississippi typically need to budget for the following:
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Healthcare premiums and out-of-pocket costs
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Home maintenance and property taxes
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Medicare Supplement or Advantage plans
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Groceries, gas, and personal spending
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Travel, hobbies, and family support
Even in a low-cost area, unexpected expenses can strain your budget if you don’t have a strategy.
Budgeting Tips for Mississippi Retirees
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Track your spending now. Look at your current monthly expenses to estimate what might carry into retirement.
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Don’t forget healthcare. Include Medicare premiums, prescription costs, and long-term care possibilities in your plan.
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Be realistic about lifestyle. Whether you plan to travel, help family, or stay close to home, factor those goals into your monthly needs.
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Plan for inflation. Even with a fixed income, your expenses will rise over time.
Simple Retirement Planning Checklist
Use this list to start estimating your needs:
- Estimate your monthly fixed expenses (mortgage, utilities, food)
- Add projected healthcare costs (premiums, copays, prescriptions)
- Consider lifestyle costs (travel, entertainment, charitable giving)
- Factor in inflation (plan for 2–3% yearly increases)
- Subtract any income (Social Security, pensions, annuities)
- Calculate the gap—this is what your savings will need to cover
Local Advice Makes a Difference
Every retiree’s situation is different. Your income, savings, lifestyle, and health all play a role in determining how much you need.
That’s why working with a local advisor who understands the unique costs and opportunities in Mississippi can make all the difference.
At Capstone Insurance and Financial Group, we help people in Flowood, Jackson, and surrounding areas build retirement plans that fit real budgets, real goals, and real lives.
Ready to find out how much you really need? Schedule a retirement planning session with our team and take the first step toward clarity and confidence.