How can clients minimize expenses in retirement? Many baby boomers think moving to a less expensive place to live is the answer, and it very well may be for some. At an rate, this list of the cheapest place to retire from GoBankingRates may be one that you want to review with them.
To come up with its list, GoBankingRates developed a formula to predict annual expenditures in each city by using cost-of-living indexes from Sperling’s Best Places and U.S. Bureau of Labor Statistics data on average annual expenditures for adults 65 and older. The top 10 cheapest places to live on the list follow:
10. Montgomery, Ala.
Annual expenditures: $36,971
Annual amount spent on housing: $7,149
Annual amount spent on health: $5,335
9. Akron, Ohio
Annual expenditures: $36,147
Annual amount spent on housing: $5,401
Annual amount spent on health: $5,514
8. Cleveland
Annual expenditures: $36,056
Annual amount spent on housing: $4,448
Annual amount spent on health: $6,474
7. Augusta, Ga.
Annual expenditures: $35,781
Annual amount spent on housing: $6,672
Annual amount spent on health: $5,574
6. Brownsville, Texas
Annual expenditures: $35,461
Annual amount spent on housing: $6,513
Annual amount spent on health: $5,694
5. Toledo, Ohio
Annual expenditures: $35,095
Annual amount spent on housing: $4,925
Annual amount spent on health: $6,174
4. Memphis, Tenn.
Annual expenditures: $33,859
Annual amount spent on housing: $6,354
Annual amount spent on health: $5,694
3. Jackson, Miss.
Annual expenditures: $33,676
Annual amount spent on housing: $4,925
Annual amount spent on health: $5,514
2. Detroit
Annual expenditures: $33,356
Annual amount spent on housing: $3,177
Annual amount spent on health: $5,994
1. Birmingham, Ala.
Annual expenditures: $33,219
Annual amount spent on housing: $5,242
Annual amount spent on health: $4,915
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