After working for decades, retirement should be all about relaxing and getting some well-earned peace and quiet.
But with interest rates rising, the stock market tumbling and inflation remaining stubbornly high, you may be wondering if you’ll be able to afford that peaceful life you’ve been working for.
Without an income, you’ll have to rely on your 401(k), IRA and other retirement savings to fund your golden years. A good rule of thumb from the American Association of Retired Persons (AARP) is to anticipate you’ll need 80% of your annual income to live comfortably.
That might sound like a lot, but maybe the problem isn’t how you plan to spend your retirement, but where you plan to spend it. Relocating after retirement can not only be an exciting way to start a new chapter in your life — it might help you stretch your retirement savings.
Here are five of the cheapest states to retire in, where you can make your hard earned retirement money go further.
5. West Virginia
Cost of living index: 9.5% less than national average
Personal expenditures: $37,206
Typical house cost: $136,675
Average medicare premiums: $59.74
Percent of population 65+: 20.48%
The Mountain State offers a low average combined sales tax of 6.52%, and starting this year, the state tax on Social Security benefits for seniors has been eliminated.
West Virginia has the lowest typical house…
#retirement #savings #distance #states #offer #oodles #excitement #exorbitant #expenses