5 great cities for early retirement
COVID-19 pandemic has changed retirement plans
Workers also contributing less to retirement funds; Fox Biz Flash: 5/27.
The coronavirus pandemic has put Americans in a tight spot, including those looking to retire.
Saving enough money to last after work can is hard enough on its own, made worse by the global health crisis. Living out retirement on what you’ve managed to save is no different.
And while the U.S. unemployment rate dropped to 11.1 percent in June, with employers adding 4.8 million jobs, many are still out of work. If they’re an older adult, it may make sense to retire early, assuming they have a large enough nest egg to last at least until the pandemic subsides.
Researchers at GOBankingRates analyzed the cost of necessities in 100 U.S. cities, which included the 50 largest cities and the 50 cities with the largest 65-and-older population. They then determined the top cities for early retirement considering the below factors:
Financial expert Chris Hogan discusses how to manage finances and retirement savings amid the coronavirus pandemic.
Bullhead City, Arizona
- 2019 median listing price: $254,471
- Annual mortgage cost: $13,620
- Annual grocery cost: $4,105.21
- Annual health care cost: $7,195.80
- Annual utilities cost: $3,606.29
- Annual transportation cost: $3,060.68
- Total annual necessities cost: $31,587.98
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Sebastian, Florida
- 2019 median listing price: $232,566
- Annual mortgage cost: $13,032
- Annual grocery cost: $4,011.46
- Annual health care cost: $6,499
- Annual utilities cost: $3,487.45
- Annual transportation cost: $4,419.69
- Total annual necessities cost: $31,449.60
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A couple uses a laptop to help organize their retirement plans.
Pahrump, Nevada
- 2019 median listing price: $235,755
- Annual mortgage cost: $13,452
- Annual grocery cost: $4,171.61
- Annual health care cost: $5,855.80
- Annual utilities cost: $3,784.57
- Annual transportation cost: $4,154.90
- Total annual necessities cost: $31,418.87
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Apache Junction, Arizona
- 2019 median listing price: $217,500
- Annual mortgage cost: $12,456
- Annual grocery cost: $4,105.21
- Annual health care cost: $7,142.20
- Annual utilities cost: $3,706.57
- Annual transportation cost: $3,960.20
- Total annual necessities cost: $31,370.18
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Jacksonville, Florida
- 2019 median listing price: $216,841
- Annual mortgage cost: $12,432
- Annual grocery cost: $3,777.10
- Annual health care cost: $6,499
- Annual utilities cost: $3,817.99
- Annual transportation cost: $4,563.77
- Total annual necessities cost: $31,089.86