Choosing a retirement location is a crucial decision that impacts many aspects of life. Factors such as affordability, climate, and community play essential roles in this choice, particularly for those who are relocating.
The trend of Americans entering retirement is on the rise, with an estimated 4.1 million people reaching the age of 65 this year—the average retirement age. With many retirees depending on Social Security for their primary income, the cost of living has become a significant consideration when selecting a new place to call home.
Bankrate analyst Alex Gailey highlights that many Americans feel they are behind in their retirement savings. “The reality is that most Americans feel behind on saving for retirement, which means affordability is critical,” Gailey noted. Relocating to a more affordable area can be a strategic move, allowing soon-to-be retirees to make their savings last longer in today’s economic environment.
Bankrate has evaluated various factors, such as overall well-being, healthcare costs and quality, weather, and crime rates, to identify the best and worst states for retirement. This analysis serves as a valuable guide for those contemplating retirement, offering insights into optimal locations that can enhance the quality of their golden years.
As more people approach retirement, there lies an opportunity to find a fulfilling and financially sustainable lifestyle in new places. The information gathered by Bankrate can empower retirees to make informed choices that enhance their overall well-being and financial security.