Retirement
might be the end of the line, but it doesn’t have to be the end of financial
security or life satisfaction. Timing is often a primary concern with
retirement, as it generally coincides with the age at which we become eligible
to draw Social Security or pension benefits. Hopefully the choice will be ours
and not dictated by our circumstances — the unfortunate case for
nearly a third of nonretirees who haven’t put away a single penny for
retirement, though not necessarily through any fault of their own.
But
in addition to when you want to retire, a good question to ask is where, which
can be difficult to answer if you haven’t adequately planned for your golden
years. Even in the most affordable areas of the U.S., most retirees cannot rely
on Social Security or pension checks alone to cover all of their living
expenses. Social Security benefits
increase progressively with local inflation, but they replace only about 40
percent of the amount you earned if you were an average worker, according to
the Center on Budget and Policy Priorities.
If
retirement is still a big question mark for you because of finances, consider
relocating to a state that lets you keep more money in your pocket without
requiring a drastic lifestyle change. To help you find that permanent,
affordable place to call home, WalletHub’s analysts compared the 50 states and
the District of Columbia across 31 key indicators of retirement-friendliness.
Our analysis examines affordability, health-related factors and overall quality
of life. Read on for our findings, expert commentary and a full description of
our methodology.
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