Many people fear that retirement will mark the end of their financial security, and others worry they might never actually get to retire.Living in the right place after you retire can make your money go a lot further.
Donald Dutkowsky, professor emeritus of economics, says the most common mistake that retirees make when choosing where to live is not saving enough. "Base your retirement decision in part on the amount in your plan relative to a target level you come up with, based on your projected household's needs in retirement," he says.
When choosing a state for retirement, Dutkowsky says retirees should consider, "first and foremost, housing costs.What will it do to my household wealth if I buy a house outright in that area (including selling my own house)?Alternatively, what would be the monthly mortgage (including property taxes) or apartment rent cost for the structure in which I would plan to live and how well could my household afford that expense?"
Read more in the WalletHub article, "Best and Worst States to Retire (2024)."
