The 10 cheapest U.S. states to retire in—Florida barely makes the list (via CNBCMakeIt)
While affordability can be an important aspect to consider when deciding where to retire, there are many other elements to factor in as well.
"The state that you live in should be a place that meets your new goals for this period of life," Dawn Carr, a professor and faculty associate at Florida State University's Pepper Institution on Aging and Public Policy, says in WalletHub's study.Dawn CarrIf you've always hated cold weather, you may be drawn to somewhere warmer. Or your top priority may be relocating to be closer to family.
Before permanently moving to a new locale, try spending a few days there at multiple points in the year to gain a better sense of what it would be like to live there. Retirees should also acknowledge how a state's political and religious orientations, cultural opportunities and weather conditions may substantially detract from an otherwise favorable financial environment, Stephen Golant, a professor at the University of Florida, says in WalletHub's study.
"Although it is helpful to distinguish states by whether they offer favorable cost-of-living opportunities, the quality of life found in its different urban and rural locales will not necessarily be consistent with overall state portrayals," he says.
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