Deciding where to retire is a significant choice that many individuals face, as it encompasses various critical factors such as affordability, climate, and the sense of community. This consideration is particularly relevant as the number of Americans approaching retirement age is on the rise.
In 2023, the United States is set to experience a milestone, with around 4.1 million people expected to reach the age of 65, marking the average retirement age. A growing number of retirees are depending heavily on Social Security as their primary income source, highlighting the importance of affordable living arrangements in retirement planning.
As noted by Bankrate analyst Alex Gailey, many Americans feel unprepared for retirement savings, making the search for affordable locations essential. “The reality is that most Americans feel behind on saving for retirement, which means affordability is critical,” said Gailey. Moving to a more budget-friendly area could help retirees make their savings last longer in these economic times.
In light of this trend, Bankrate conducted an analysis to identify the best and worst states for retirement, considering factors like affordability, overall well-being, healthcare quality and costs, climate, and crime rates. This information could be invaluable for soon-to-be retirees seeking to make informed decisions about their next chapter.
This focus on affordability and quality of life represents a proactive approach to retirement planning. By prioritizing these factors, retirees can hopefully find a fulfilling and sustainable lifestyle in their golden years.
Summary: The article discusses the growing number of Americans retiring this year and the importance of affordability in choosing a retirement location. With many relying on Social Security, moving to more affordable areas can help stretch retirement savings. Bankrate’s analysis outlines the best and worst states for retirees based on various important factors.