These Are the 10 States Where Retirees Need the Most Income
The choice of where to live in retirement can have a huge effect on your quality of life. That's not just because some places have far more activities for seniors or make life easier in your later years thanks to easy access to healthcare services. Where you live can affect your retirement in a profound way because some places are a lot more expensive for seniors than others.
If you live in a high cost-of-living area or a place where you'll face substantial taxes on your retirement income, you'll likely need to withdraw more from your savings accounts to have the same standard of living as someone who lives in a cheaper area. This can put you at risk of running out of cash unless your account balance is particularly hefty.
To make sure you preserve your nest egg, you may want to think about relocation if you live in an expensive place -- unless you're sure you can afford to sustain yourself there throughout the entirety of your retirement. But, which places are the most costly for seniors to live in? This list will help you figure that out.
Source Fool.com
