Lowest Cost States: Should We Move to Reduce Costs in Retirement?

Financial media love to create lists of the “best” and “lowest cost” states to retire in.  This week we answer a question about the differences between Tennessee, Texas, and Florida as retirement destinations, and what you should consider when relocating in retirement.

 

Show Notes

[01:56] Market update – Market update for the month of July.

[03:34] Article of the week – Grant shares an article on 401(k) balances from the Center for Retirement Research at Boston College.

[06:01] Financial success – Grant explains how continuously putting money into your retirement plan can lead you to long-term financial success.

[09:00] Lowest Cost States – Grant shares why it’s not a good idea to relocate based on the lists provided by financial media on lowest cost states for retirement.

[14:22] Trial run – Grant explains the first step you need to take if you are hoping to relocate.

[20:00] Blue Zones – Grant shares the places around the world where people have longer and happier life spans.

 

 

Resources

The best and lowest cost states to retire in 2024 – Ranked

moneywise.com/retirement/best-states-to-retire-in

 

The Lowest Cost States to Retire in 2024

fool.com/retirement/relocation/cheapest-states-to-retire/

 

A Strong Year for 401(k) Balances Masks the Truth About Long-Term Performance

crr.bc.edu/a-strong-year-for-401k-balances-masks-the-truth-about-long-term-performance/