U.S. states where your retirement dollars stretch further

Americans are free to enjoy their golden years in any state they please, but a new study found that the ideal places to live on a retirement budget are in the South or the Midwest. 

Florida, Georgia, Michigan, Ohio and Missouri are the top five best states to retire when factoring in a range of criteria, according to Bankrate. The most affordable states to retire are Michigan, Tennessee, Missouri, Mississippi and Kentucky.

Bankrate based its ranking on several factors, including a state's cost of living, tax rate, cultural life, percentage of retiree population, average temperature, crime rate and the likelihood of natural disasters.