Wondering whether it makes sense for you to relocate when you retire?
Many clients dream about moving to a place where the pace is slower, taxes are lower, and the family is closer.
Reporters at 24/7 Wall Street and USA Today looked at how far your dollars will stretch in each state.
Generally, they conclude, “states in the Northeast and the West tend to be more expensive places to retire, while those in the Midwest and South are less expensive.”
You can see how each state ranks by clicking on the article here.
Living comfortably in California or Hawaii will require the biggest retirement nest egg. On the other hand, you can make do in Arkansas and Mississippi with the slimmest retirement savings.
Florida places 9th from the top in terms of what it takes to pay a lifetime of retirement bills, but for a surprising reason, say the study’s authors.
“The high retirement costs in Florida are driven primarily by the high average life expectancy in the state. A 65 year old in the state is expected to live another 20.3 years on average – nearly a year longer than the national life expectancy at 65.”
Since retirees tend to live longer than average in the Sunshine State, they’ll need to start with a little bit extra in their retirement savings accounts to make sure the money lasts.
Mercer Global Advisors Inc. is registered with the Securities and Exchange Commission and delivers all investment-related services. Mercer Advisors Inc. is the parent company of Mercer Global Advisors Inc. and is not involved with investment services.