US States Where Your Retirement Dollars Go Further
Americans are free to enjoy their golden years in any state, but a new study has 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 states to retire based on a range of criteria, according to Bankrate. The most affordable states to retire in 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 retirees, average temperature, crime rate and likelihood of natural disasters.
“Every retiree has different priorities, but Michigan’s combination of affordable living costs and low taxes make it a compelling choice for value-conscious retirees,” Bankrate analyst Jeff Ostrowski said in a statement. communicated.
And the worst ?
Alaska, Maine, California, New Mexico and Montana are the five worst states to retire, according to Bankrate, which said they had a high cost of living, higher relative crime rates high or adverse weather conditions for older Americans.
According to MagnifyMoney, Americans need more than $1 million in savings to live comfortably in retirement in 28 of the nation’s largest metropolitan areas. For those who can’t save that much, retirees can live comfortably on less than half a million dollars in McAllen, Texas; Jackson, TN; Danville, Ill.; and Brownsville, Texas, MagnifyMoney found.
Meanwhile, some Americans eligible for retirement are waiting to continue working, according to a Gallup poll.
About 2.4 million Americans retired early during the height of the coronavirus pandemic, according to analysis by the Federal Reserve Bank of St. Louis. The majority of them were baby boomers who had reached the age of 62 and were able to draw Social Security benefits.