The Best U.S. Cities to Retire

Eufemia Didonato

Even if you plan to stay in your current location when you retire, there’s a lot to consider. Can you afford it on a fixed income? Are there enough activities and opportunities to keep you happy and purposeful after you leave the workforce? Will the healthcare be good enough and available enough as you age?

It’s also highly unlikely things will get less expensive as the years go by. Rents or property taxes will rise, the cost of health care has been on an upward trajectory for decades, and thanks to inflation, prices of most everything else continue to rise.

While a commonly-used rule of thumb for spending in retirement is to plan to spend 80% of what you earn at work, one of the the biggest mistakes that people make when planning their retirements is assuming they’ll be spending less, says Paul Klontz, an associate professor of practice of financial psychology and behavioral finance at the Heider College of Business at Creighton University. Klontz recommends you should plan for 100% of that income, plus an average of 3% cost of living increase each year.

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