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Miami
Miami is generally loved for its warm weather, beaches, entertainment and culture.
However, Miami has a high cost of living.
Its roughly 21% higher than the national average.
It also attracts arelatively young demographicseeking its nightclub and party scene.
That could make many retirees feel out of place.
While housing costs are extremely high, so are taxes, healthcare and almost everything else.
San Francisco
San Francisco and the Bay Area are notorious for having expensive real estate.
While Hawaii doesnt tax Social Security benefits, it does tax other retirement income sources.
Plus, many retirees might not enjoy its high 9.25% sales tax.
For example, you might want to be closer to family.
If thats the case, its crucial that youve saved enough and that you budget your expenses carefully.
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