Choosing a retirement location is a significant decision for many individuals, taking into account factors such as affordability, climate, and community. As the number of Americans reaching retirement age continues to rise, 2023 is set to mark a historic milestone with approximately 4.1 million people turning 65, which is considered the typical age for retirement.
With many retirees increasingly dependent on Social Security as a primary income source, the cost of living has become a crucial consideration. According to Alex Gailey, an analyst at Bankrate, many Americans are concerned they do not have enough savings for retirement, making the choice of a budget-friendly location essential. “A move to a more affordable location could be an effective way for soon-to-be retirees to stretch their retirement savings in this economy,” Gailey explained.
Bankrate has conducted an analysis to determine the best and worst states for retirement, focusing on key aspects such as affordability, general well-being, healthcare quality and costs, climate, and safety concerns.
In summary, as more Americans prepare for retirement, evaluating living expenses along with quality of life becomes increasingly important. By making informed choices about where to retire, individuals can enhance their financial stability and overall happiness in their golden years. This shift could pave the way for better living conditions and peace of mind for many retirees as they embark on this new chapter of life.