Starting the search for the best place for retirement? See how many years your savings can fund the average annual expenditures required to live there (based on a Cost of Living Index).
What State Fares Best?
Ready to start planning your retirement? There are many places to choose from in your search. However, which state offers the best place for retirement? Let’s compare:
In Hawaii, $1 million savings can only last about 13 years due to a high Cost of Living Index (166.4). However, a similar amount of savings in Mississippi and Arkansas can last almost twice as long. This is due to a relatively low Cost of Living Index that stands at 85.5 and 87.4 respectively. Check out the full infographic at HowMuch.net.
For a “just right” sweet spot, consider states that are in the green. States such as Minnesota, Virginia, and Colorado present a more moderate, middle of the road retirement solution.
Which State Works Best For You?
These comparisons are based on a Cost of Living Index and provide a great starting point for seeking out the best places to spend your golden years. However, as always, you should utilize the City vs City cost of living calculator to see exactly what your unique spending habits would cost in another U.S. city!
Nowhere is this more true than when it comes to taxes. The typical Cost of Living Index looks at a number of expenses. However, not all states are created equal, and often state and local taxes are not a factor in such indexes.
Thankfully, City vs City DOES consider state and local taxes in our powerful cost of living calculator. Simply enter your current zip code and compare your cost of living to your prospective state.
As you look for the best place for retirement, you’ll no doubt look at several sources. For an accurate, detailed look at what you can expect; make City vs City one of those tools!