Whether retirement is years away or just around the corner, you’re undoubtedly preparing for it.
But did you know, even if you do everything right, the average amount saved over a lifetime only amounts to $228,900?
And depending on where that money is saved, a chunk of it can still end up back in the government’s hands before it even reaches your pocket.
Just to put it in perspective, that’s only enough to support you for 5 years. And if you want to retire at 65, or even 75, that just isn’t enough time.
Before you panic, I have a way to decrease your living expenses AND ensure that less of your hard earned savings are stolen away.
The answer is just one move away.
When I say move, I do mean it literally. Because depending on where you are living, you could be losing thousands on a higher than average living and housing costs.
Not to mention the amount you pay in income taxes.
But you don’t have to let the system suck you dry.
Did you know that some states don’t have an income tax? They are Florida, Tennessee, South Dakota, Wyoming, Texas, Nevada, and Washington State.
Of those states, Tennessee and Texas are ranked in the top 10 least expensive states to live in, and South Dakota is in the top 20.
Not to mention in Florida, Wyoming, Nevada, and Washington there are a number of cities that dip far below the average cost of living.
For example, if your dream is to retire in the Sunshine State, you might want to consider Clearwater, Delray Beach, or Jacksonville, which are 15%, 18%, and 29% below the national average costs of housing.
You can find a home minutes away from the beach in Jacksonville for as little as $176,000!
Plus, don’t forget that you won’t have to worry about income taxes cutting down on your retirement savings as you use them.
If you have $228,900 saved and withdraw the national average of $45,756 a year, that’s $5,490 taken out of your pocket and put into the system in the form of income taxes each year.
But, in a state with no income tax, that money stays safely in your hands, increasing the longevity of your retirement savings.
If you combine that with a lower than average cost of living, you can drop that average cost of living as low as around $2,500 a month, which amounts to only $30,000 a year!
That extends your savings to last an extra 3 years!
As long as you are smart with those savings and put away some of your social security payments each month, not only will you be able to retire without the fear of debt, but you will also be able to enjoy retirement.