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That said, there are still some states where you could retire younger than that.
If youre planning on retiring a little early, see to it youve got your finances sorted.
Once you do that, the next step might be to figure out where you want to retire.
Annual costs include groceries, housing, utilities, transportation and healthcare.
The cost of living indexes come from the Missouri Economic Research and Information Center data.
Take a closer look at these places where you might be able to retire sooner.
Tennessee is a great option for retirees due to its low cost of living, especially in housing.
There are also no state income taxes on wages.
Those who want to enjoy an early retirement have amuch better chanceof achieving this goal there.
Arkansas is a great choice for retirees due to its low cost of living, Morris said.
Retirees can enjoy Arkansas natural beauty, relaxed lifestyle and friendly communities.
Mississippi
Mississippi is ideal for retirees due to its low cost of living, Morris said.
Annual expenses are lower on everything, especially housing.
Oklahoma is a great spot for retirees, Morris said.
Some areas, like Madison, are more expensive.
But much of the state is still very affordable especially when it comes to healthcare and housing.
Its also an ideal place to retire for those who love beaches and the heat.
Georgia
Georgia is another affordable option and a solid choice for those looking to retire early.
Housing is especially affordable, though healthcare, utilities and the like are also lower than the national average.
Kentucky
Last but not least, Morris suggested Kentucky as a go-to state for early retirees.
Housing is particularly cheap, he said.
This combined with the states rich history and beautiful landscapes make it another great option for retirees.
Depending on your situation, having some flexibility in your retirement date or location could help.
One critical consideration is healthcare costs, which can vary widely across the country.
DiManno also suggested looking into overall housing affordability and choosing an area with low property taxes.
You might also want to allocate a larger annual sum toward retirement say, $40,000 to $60,000.
That way, you might live comfortably and handle anything that comes up.
For example, say you have $1 million and are planning for a 30-year retirement.
Thatd only give you $33,000 a year.
All 50 states and the District of Columbia were then ranked with No.
1 being the state where $1,000,000 will last the longest and No.
51 being the state where it will run out most quickly.
All data was collected on and up to date as of April 23, 2024.
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