Choosing a retirement location is a significant decision that requires careful consideration. Factors such as affordability, climate, and community play crucial roles for retirees, particularly those planning to relocate.
In the United States, the number of individuals nearing retirement age is on the rise, with 2023 expected to witness a staggering 4.1 million people reaching 65 — the typical age of retirement. As many Americans depend on Social Security for their primary source of retirement income, the cost of living has become increasingly important.
Bankrate analyst Alex Gailey emphasizes the importance of affordability, noting, “Most Americans feel behind on saving for retirement, which means affordability is critical. A move to a more affordable location could help soon-to-be retirees make their savings last longer in today’s economy.”
In light of these considerations, Bankrate recently analyzed various states to identify the best and worst places for retirement based on key factors like affordability, overall well-being, healthcare costs and quality, weather conditions, and crime rates.
As retirees seek financial stability and a peaceful lifestyle, it is hopeful that this trend toward moving to more affordable states can lead to a more fulfilling retirement. For those navigating this journey, the right choice could enhance their quality of life significantly during their golden years.