What to do with 401(k) in a bear market
Americans are free to enjoy their golden years They're happy to state that a new study found that the ideal place to live on a retirement budget is in the South or Midwest.
According to Bankrate, Florida, Georgia, Michigan, Ohio, and Missouri are the top five best states to retire when you consider a variety of criteria. The most affordable states to retire to are Michigan, Tennessee, Missouri, Mississippi, and Kentucky.
Bankrate based its rankings on several factors, including state cost of living, tax rates, cultural life, percentage of retired population, average temperature, crime rate, and likelihood of natural disasters.
"Every retiree has different priorities, but Michigan's combination of affordable cost of living and low taxes makes it worthwhile." It has become an attractive option for aspiring retirees," Bankrate analyst Jeff Ostrovsky said in a statement.
And the worst?
According to Bankrate, his five states of Alaska, Maine, California, New Mexico, and Montana all have high costs of living, high relative crime rates, or unfavorable weather conditions for older Americans. said it was either.
MagnifyMoneyAccording to MagnifyMoney, an American needs at least $1 million in savings to live comfortably in retirement in the nation's 28 metropolitan areas. For those who can't throw away that much, retirees can live comfortably in McAllen, Texas for less than $500,000. Jackson, Tennessee. Danville, Illinois. And in Brownsville, Texas, we found MagnifyMoney.
Meanwhile, a Gallup poll found that some eligible Americans are forgoing retirement to keep working.
About 2.4 million Americans retired early at the height of the coronavirus pandemic, according to aanalysis from the Federal Reserve Bank of St. Louis.Most of them were baby boomers who turned 62 and were able to lower their Social Security benefits.
