Saving up a retirement fund is important, but money is not the only factor that will impact how you spend your golden years. Depending on where you end up living, your location will decide just how far your money goes and how much you can earn. For many, this is all they need to know to convince them to relocate to another state entirely. If you have a modest retirement fund—or want to make it last as long as possible—consider moving to one of these states where saving $1 million for retirement is easiest. As for those who still have years to go before they can enjoy their nest egg, living in one of these low-cost places will help you save at a responsible rate.
- Utah. This wonderful state is the highest-ranking option. That’s right—it’s the cream of the crop when it comes to states where saving $1 million for retirement is easiest. How well does is it hold up? The income tax is 5 percent and the cost of living index stands at 95.7.
- Washington. This seaboard location is growing and growing, becoming more and more of an economic powerhouse. Many people have already flocked over to the Evergreen State. Enjoy an income tax of zero percent and a cost of living index at 107.1.
- Louisiana. For a state filled with diverse culture—and amazing food—this is the place to go. As for the income tax, it’s 4 percent. Meanwhile, the cost of living index is 94.4.
- Wyoming. Wyoming has a lower population than most states, but that doesn’t mean that it doesn’t offer high savings. What about those numbers?? The income tax is stable at zero percent while the cost of living index is 95.6.
- Texas. People love to joke that everything is bigger in Texas! Well, that goes for the savings too. The income tax is zero percent, and the cost of living index is 91.2. The only drawback? It sure gets hot there!
- Florida. Seniors love the idea of Florida retirement, but did you know that it’s also a great place to save up your nest egg? If you’re wondering about the stats, the income tax is zero percent, and the cost of living index is 99.3. Plus, all those beaches don’t sound so bad!
- Mississippi. You don’t want to “miss” an enjoyable life in this state. Plus, it has an income tax of 5 percent and the cost of living index is 85.1.
- Colorado. If you like nature, heading down the trails, and national wonders this state has everything you need—and then some. Out in scenic Colorado, the income tax is 4.63 percent and the cost of living index is 102.3. Who wouldn’t want to take a hike here?
- Alabama. For a comfortable Southern lifestyle, head to Alabama. It’s called “Sweet Home Alabama” for a reason! There, the income tax is 5 percent and the cost of living index is 90.3.
- Nevada . Rounding out the list at number 10 is the Silver State. This cool place has cool savings too: an income tax of zero percent and a cost of living index at 104.7.
Luckily for Americans, there are many states where saving $1 million for retirement is easy. Where will you put down roots? Whether you like sandy beaches, exposure to many cultures, or a place out in the country, there’s an affordable option for you. Before you know it, you’ll have enough for retirement thanks to the low costs of living in these beautiful states.
There’s another way to grow your money, too. Call the experts from Ty J. Young Inc. at 877-912-1919 to begin growing your money in a protected fund. Finally, if you want more insight into planning your future, take a look at our Retirement You Earned Blog.