.Cheapest U.S. Cities for Early Retirement 2019
Cheapest U.S. Cities for Early Retirement 2019
By Stacy Rapacon, Online Editor Kiplinger| July 4, 2019
Early retirement can be more than just a daydream for those long Tuesday afternoons at work. With some smart planning, you can make leaving the workforce early a reality. You just have to keep in mind the unique challenges facing early retirees.
First of all, entering retirement at a relatively younger age means needing to stretch your nest egg further (hopefully). One way to do that is to find the right retirement destination for you. That's because where you live makes a big impact on your budget. After all, settling down in a place where the cost of living is below the national average means your retirement savings pack in more purchasing power.
With that in mind, we pinpointed 50 great places in the U.S. for early retirees—one in each state—focusing on living costs, median incomes and poverty rates for residents ages 45 to 64, as well as local tax environments and labor markets (just in case you want a second act to stretch your retirement savings further).
Of our 50 picks, these 31 destinations offer particularly low living costs, which heightens the chances of your money lasting through your extra-long retirement and beyond. The list is ordered alphabetically by state.
Total Population: 444,908
Share Of Population, Age 45 To 64: 27.8% (U.S.: 26.1%)
Retired Cost Of Living: 5.4% Below The National Average
Median Income, Age 45 To 64: $77,266 (U.S.: $69,909)
State's Retiree Tax Picture: Tax Friendly
As one of the 10 Cheapest States Where You'll Want to Retire, the Heart of Dixie boasts many great spots for affordable living. And Huntsville, in northern Alabama, is one of the best. It offers all the low-cost, low-tax advantages as the rest of the state, but adds more generous household incomes.
Home to NASA's Marshall Space Flight Center, the Redstone Arsenal and the Huntsville campus of the University of Alabama, the city offers a robust economy and a highly educated population.
You can also find plenty of cultural attractions, from a sculpture trail to a symphony orchestra, as well as opportunities for outdoor recreation (think bass fishing). In fact, Alabama at-large offers many of Florida's popular retirement attractions—warm weather, nice beaches and plenty of golf—all at a typically lower price.
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