The last chapter of the famous American dream seems very far-fetched, especially in this day and age, so we need to reconsider our choices depending on the cost of living we can afford.
In fact, Goldman Sachs Asset Management completely agrees with it, showing that 75% of retirees nowadays are falling short of their retirement goals.
Moreover, a shocking 25% of them are able to save 70% of their incomes throughout their career. The rest end up simply as empty nesters, dooming themselves to a downgraded lifestyle in their golden periods.
The financial vortex we’re currently dealing with is the number one reason why so many people can’t save too much for retirement, but that’s not all: we also have inflation and recession to blame.
Since Social Security and Medicare funds are forecasted to be completely depleted in the near future, some retirees will have a hard time getting through their retirement years.
When it’s extremely difficult to live a decent life, the first thing that you need to reconsider is the place that you’re currently living in. So we thought it might be useful to reconsider living in some of the following states and analyze the cost of living in each one of them:
Why wasn’t Hawaii included? It’s more expensive to survive there than in San Francisco! After the wildfire on 8-8-23 wiped out Lahaina on Maui, one family faced having to pay $9K a month to rent a 4-BR house!
Military retirement is not taxed in CT. Future tax pans are expected to reduce tax on other retirement income and social security is taxed on a sliding scale. CT is a very good state for retirees