Worried your retirement savings will run out? These 5 states offer both adventure and affordability

Worried your retirement savings will run out? These 5 states offer both adventure and affordability

After working for decades, retirement should be all about relaxing and getting some well-earned peace and quiet.

But with interest rates and inflation both rising and the stock market tumbling, 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.

More: Best states to retire in

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How we calculated the cheapest states

To determine the cheapest states to retire in, we looked at the typical home value of Zillow’s home value index for May of 2022, the Missouri Economic Research and Information Center’s Cost of Living Index for the first quarter of 2022, per capita personal consumer expenditures, and the average cost of Medicare. We also looked at the national population of people 65 years and over.

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

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