What are the best places to retire in the US in 2024?
Taking into consideration your preferences, needs, priorities, and finances, here are some places you might want to consider for retirement in the U.S.
Retiring is a complicated process, since one must prepare and take into account several factors- from choosing a savings plan to where to live. That is why it is helpful to know which places have a lower cost of living that will help make your money go even further.
Recently, GoBankingRates.com shared a report of the best small cities to retire in the United States, based on average rental and living costs, as well as crime rates and livability data, which includes area amenities, housing opportunities, transportation services, among others.
According to the analysis, Camp Hill in Cumberland County, Pennsylvania, may be the best small town in the United States for retirees because, although the monthly cost of living is higher than others in the list, it has high livability ratings with a lower crime rate.
Camp Hill is one of the most affordable places in the country. Residents there can expect to spend about $3,360 a month on living costs, including rent and other expenses, according to the report. Additionally, it has a livability index of 92 and a total crime rate per 1,000 residents of 9,386.
The cities that top the list for lowest cost of living are Maplewood, MO; Sharpsburg, PA; Brentwood, PA; Alamo Heights, TX, and Riverdale, UT.
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How much money do you need to retire? This is what Americans think
According to Northwestern Mutual’s 2024 Planning and Progress Study, a financial website, U.S. workers estimate they will need $1.46 million to retire comfortably. The result was obtained from a survey of 4,588 adults carried out at the beginning of the year.
The average amount is less than what some generations shared. For example, people belonging to Gen Z believe they would need $1.63 million to retire comfortably. On the other hand, Millennials estimate that they would need $1.65 million.
High-income earners also expressed a much higher amount, saying they would need $3.93 million by the time they stop working.