The Cheapest States to Retire: Concerns about saving enough for retirement are prevalent, especially with economic challenges like inflation. A Bankrate survey reveals that 55% believe they’re not saving enough, while 35% are significantly behind. For them, relocating to a state with a lower cost of living post-retirement might be beneficial. But other factors, such as weather and healthcare quality, also play a role in deciding where to retire.
To rank states on retirement affordability and attractiveness, Bankrate considered:
Affordability (40%)
Overall well-being (25%)
Healthcare quality and cost (20%)
Weather (10%)
Crime rates (5%)
Data sources include the 2023 cost-of-living index, 2023 tax rates, the U.S. Census Bureau, the Commonwealth Fund, NOAA for weather, and the FBI’s 2019 Crime report. Deciding where to retire requires weighing costs with personal preferences.
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