We think it’s safe to say most people are looking forward to retirement. The idea of having the luxury of time and resources to pursue whatever is enjoyable is pretty enticing, no doubt about it! Sadly, there are practical realities that affect retirement, and that means we might have to make some decisions about where we go to retire. We’ve already talked about retiring overseas, but what about here at home? A recent study tried to capture it for us, so let’s check it out!
Here are Five Fast Facts on where to retire comfortably:
- 💡 The Things That Matter - The study looked at the cost of food, homes, transportation, and health care, plus a 20% buffer to ensure that “comfy” factor in the golden years. No word on Lil Rascals being included.
- 😯 Huge Range - Turns out there’s a huge difference between the most and least expensive places to retire - $66k! Given that that’s an annual number, it could definitely be worth moving!
- 🤏 Budget Friendly - The lowest cost states for retirees are typically rural states. The best of the best are Mississippi (annual cost of $55k), Oklahoma, and Alabama (both just under $57k). Go small towns, yeah!
- 💰 Bank Busters - The most expensive states for retirees are Hawaii (annual cost of $121k, mostly because everything has to be imported and land being scarce), Washington DC ($100k), and Massachusetts ($98k). All that fancy doesn’t come cheap.
- ☀️ How’s The Weather There? - The last major component is weather. Most people want sunny days, lows above freezing, and highs below 90 degrees Fahrenheit. In that case, California and Florida win hands down, with 20 of the top 25 locations in the country. Just keep in mind it’s not all sunshine and rainbows - there’s still the potential for craziness like hurricanes or wildfires.
🔥Bottom line: Wherever you choose to spend your retirement – or wherever you’d LIKE to spend it – being armed with information about what to expect can be critical for setting up your ideal situation. It takes time to prepare, but knowing what you want is the first step toward getting it.
Where do you think the best place to retire is?
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