Retirement Calculator for Mississippi (MS) — Free Calculator

Retirement Calculator for Mississippi

Mississippi's complete exemption of all retirement income from state tax is remarkable. Combined with the lowest cost of living in the US and low property taxes, a modest retirement nest egg can sustain a comfortable lifestyle. Gulf Coast communities like Biloxi and Ocean Springs are popular retirement areas.

Mississippi Retirement Data

Data Point	Value
Average Retirement Savings (55-64 age group)	$82,000
Median Household Income	$45,792
Mississippi Tax on Retirement Income	Mississippi is one of the most retirement-tax-friendly states in the country.

How Mississippi Taxes Your Retirement Income

Mississippi is one of the most retirement-tax-friendly states in the country. Mississippi does not tax any retirement income including Social Security, pensions, 401(k) and IRA distributions, and annuities. There is no tax on retirement income whatsoever.

How Much Do You Need to Retire in Mississippi?

The average Mississippi household nearing retirement (ages 55-64) has approximately $82,000 in retirement savings. Financial planners commonly recommend having 10-12x your final salary saved by retirement age. For the median Mississippi income of $45,792, that suggests a target of roughly $457,920 to $549,504.

Use CalcuWealth's retirement calculator to model your specific situation — including your expected Social Security, any Mississippi pension, and your investment portfolio — to find your personal retirement number.

Data: US Census Bureau ACS 2023, Zillow (2024), Vanguard How America Saves (2023), NCES. Updated 2024–2025. Figures reflect state averages — consult a licensed financial advisor for personalized guidance.

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Frequently Asked Questions

Does Mississippi tax retirement income?

Mississippi has its own rules regarding taxation of retirement income including Social Security benefits, pensions, and retirement account withdrawals. Some states fully tax this income while others exempt part or all of it. Check with a Mississippi tax professional for current rules specific to your situation.

What is the cost of living for retirees in Mississippi?

The cost of living in Mississippi varies by city and region. Housing, healthcare, transportation, and everyday expenses can differ significantly from the national average. Use cost of living comparisons to understand how far your retirement savings will stretch in different parts of Mississippi.

Are there senior tax exemptions in Mississippi?

Many states including Mississippi may offer property tax exemptions, income tax credits, or other benefits for senior citizens. These can include homestead exemptions, senior freezes on property assessments, and additional standard deductions for taxpayers over 65. Check Mississippi revenue department resources for current senior benefits.