Is It Cheaper To Retire In South Dakota Or Minnesota?
Best this, best that. Competition or not, you will always want to find what works better for you. From banking to healthcare. Saving money on groceries. Driving across town for your favorite burger. What part of town to live in? The list is endless.
As you begin the late innings of your life, are you content to settle for your current surroundings? Can you afford to live where you are now? Or, would it be in your best interest to retire in a more economically friendly state?
Hold on! If you live in South Dakota, you won't find too many more states that are retirement friendly. Figuring affordability, health-related factors, and overall quality of life, WalletHub found that the Rushmore state came in just ahead of Minnesota at number seven. Nebraska and Iowa were number 25 and 26 respectively.
However, Minnesota gets much higher marks in health care and quality of life.'
According to the most recent numbers, the average price of goods in local currency terms surged by 8.1% in 2022.
Not all of us can retire at that magic number. Using the current state of the economy, your investments, and your health it may be in your best interest to delay turning in your office key fob.
The best advice would be to discuss your future with a qualified financial advisor. Be prepared so you can enjoy those later innings of your life.