Best States to Move to When Retiring From General Mills

A comfortable retirement is a lifelong goal common to people of almost any age, in any profession, and from every state.

But that isn’t to say retirement has equal value across state lines. Taxes, cost of living, and even climate give certain states an upper hand when it comes to retirement; the same income and investments can have much different values in different parts of the country. Today, we’re ranking the top states that can be ideal for retirement.

Before making any plans, we recommend speaking with a financial advisor, who can help you find the state that makes the most sense for your financial situation. Our free quiz can match you with up to three fiduciary advisors in just a few minutes, each obligated to work in your best interest.

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns. However, research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.1

Best States for Minimizing Taxes in Retirement
If shrinking your tax liability is high on your list of priorities, a few states stand out. The winners on our list below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. But that’s just the start.

While several additional states have no state income tax, the states that made our list also have favorable sales, property, inheritance, and estate taxes.

Alaska
Florida
Georgia
Mississippi
Nevada
South Dakota
Wyoming
If those seven locations aren’t ideal, consider the next tier of tax-friendly states. Tax benefits aren’t quite as high as those above, but they do stand out in one specific category: no taxes on social security income.

That’s not to say they don’t make up for it in other areas, however. Washington State, for example, has no state income tax, but does have a 6.5% state sales tax. Still, it’s always beneficial to avoid income tax when possible.

Alabama
Arkansas
Colorado
Delaware
Idaho
Illinois
Kentucky
Louisiana
Michigan
New Hampshire
Oklahoma
Pennsylvania
South Carolina
Tennessee
Texas
Virginia
Washington
West Virginia

Other Statistics you may find interesting

Life Expectancy

Highest

1. Hawaii
2. California
3. Minnesota
4. New York
T-5. Massachusetts
T-5. Washington

Lowest

46. Louisiana
47. Kentucky
48. Alabama
49. West Virginia
50. Mississippi

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Adjusted Cost of Living

Lowest

1. Alabama
2. Mississippi
3. Oklahoma
4. Kentucky
5. Arkansas

Highest

46. Alaska
47. New York
48. California
49. Massachusetts
50. Hawaii

Annual Cost of In-Home Services

Lowest

1. West Virginia
2. Louisiana
T-3. Alabama
T-3. Mississippi
5. Arkansas

Highest

T-45. New Hampshire
T-45. Oregon
47. California
48. Colorado
49. Washington
50. Minnesota

% of Population Aged 65 & Older

Highest

1. Maine
2. Florida
3. West Virginia
4. Vermont
5. Delaware

Lowest

46. Colorado
47. Georgia
48. Texas
49. Alaska
50. Utah

Best State vs. Worst State: 2x Differe

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

General Mills offers both a defined benefit pension plan and a defined contribution plan. The defined benefit plan calculates benefits based on years of service and compensation. The defined contribution plan allows for personal and employer contributions to retirement savings.

Restructuring and Layoffs: General Mills is implementing a restructuring plan that includes laying off approximately 700 employees globally. This move aims to reduce costs and improve operational efficiency (Source: General Mills). Financial Performance: The company reported a strong financial performance in Q3 2023, with net sales increasing by 8% year-over-year (Source: General Mills). Strategic Adjustments: The restructuring is part of General Mills’ broader strategy to focus on its core businesses and enhance profitability (Source: General Mills).

General Mills provides stock options (SOs) and Restricted Stock Units (RSUs) as part of its compensation packages to employees. Stock options allow employees to purchase company stock at a fixed price after a specified vesting period, while RSUs vest over a few years based on performance or tenure. In 2022, General Mills enhanced its equity compensation programs with performance-based RSUs to retain talent and align employee incentives with corporate goals. This continued in 2023 and 2024, with broader RSU programs and performance-linked stock options. Executives and middle management receive substantial portions of their compensation in stock options and RSUs, fostering long-term alignment with company performance. [Source: General Mills Annual Report 2022, p. 45; General Mills Annual Report 2023, p. 47; General Mills Annual Report 2024, p. 49]

General Mills has been focusing on enhancing its employee healthcare benefits to address the evolving economic, investment, tax, and political environment. In 2022, the company made significant updates to its healthcare plans, which included options for high and low deductibles, comprehensive wellness programs, and expanded mental health resources. These changes were part of General Mills' broader strategy to ensure the well-being of its employees, recognizing that a healthy workforce is crucial for maintaining productivity and morale in a competitive market. Additionally, the company invested in initiatives to support diverse and inclusive work environments, which further underscores its commitment to employee welfare. In 2023, General Mills continued to refine its healthcare offerings by implementing more personalized care options through partnerships with local healthcare providers. This approach aimed to enhance preventive health services and chronic disease management, aligning with the company's goal of fostering a healthier, more resilient workforce. The 2024 Global Responsibility Report highlights these efforts, emphasizing the importance of comprehensive healthcare benefits in attracting and retaining top talent amid economic uncertainties. By focusing on robust healthcare and wellness programs, General Mills aims to create a supportive environment that enables employees to thrive, which is essential for sustaining long-term business success.