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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