FREE NEWSLETTER
ThinkAdvisor has a list of the 12 cheapest states for retirees to live a comfortable retirement. The estimated income needed ranges from about $63,000 to $58,000 a year.
Their report defines “comfortable “as individual’s spending on housing, groceries, transportation and health care in each of the 50 states to determine the average retirement income necessary for a comfortable retirement lifestyle.
There is no single definition of comfortable retirement. Alabama is one of the states on the list. Having lived off base in Alabama for 18 months while in the army, I can attest I would not be comfortable there. Others would love it i suspect and be aghast at living in NJ.- definitely not on the list.
Is a comfortable retirement any different than a comfortable life? I don’t think so. Also, I’m pretty sure that “comfortable” includes more that just money. You can have sufficient money but not be comfortable where you live or with the people around you.
I’d like to add minimum stress and worries as part of being comfortable, but not sure that’s realistic.
The real question is not where you live, but how. I tried getting Gemini AI to define “comfortable” and it went in circles.
My simple definition is to live in retirement as you did before with little or no required compromises, no long-term financial concerns and no need to worry about paying bills or limiting desired activities- travel, dining out, attending events, whatever you fancy.
And I don’t want to move to Alabama to do it.
Am I asking too much?
Dick Quinn, nice job defining comfortable for the masses, overall an impossible job. My wife and I decided on two things to be most comfortable, being near our daughter for later years, and we decided on a CCRC for Independent Living with, Assisted Living, Skilled Nursing and Memory Care when needed. My daughter is 20 minutes East of us. At first, I just wanted to stay where we were, but after reviewing 10 CCRC’s in St Louis County we decided on a nice place in Kirkwood, MO. This CCRC is like being on a Cruise ship, but no seasickness on land, and activities galore, and the friendliest people in 234 apartments. This of course is not for everyone, but if you can, check it out. We are very comfortable spending down our nest egg. Thanks to Dick and all of you who made comments, as this is what helps the masses.
Nice to hear you made the right choice for you. Enjoy!
I lived in Alabama for 10 years and New Jersey for 12 years. Alabama has great weather and low taxes. New Jersey had the nicest, friendliest people, (Yes, not a typo,) is o]an hour from anything you want to do, and a high cost of living. I moved from Alabama the day I retired and didn’t look back. I would return to NJ if I could afford it.
Now I live in small town Iowa which offers a slower pace at the price of limited choices. Located a two hour drive from a major airport, 35 miles to the nearest Home Depot, and a Chick Fil A is the best new restaurant in town, so we are talking rural.
All three were comfortable in their own place and time. Comfortable is not just about money or things, but the people in your life, the rewards emotionally, and the peace of mind that it brings.
Very true, but not have the stress over finances helps too.