Best and worst cities for early retirement

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Most of us are planning to retire at 65, and maybe at 62, if we are lucky. But if you have been actively saving money for the past 30 years to retire early and become a happy retiree in 50 years, where would you go?

Contrary to popular belief, Florida is not the only option. Yes, it has warm weather all year round and plenty of golf courses. However, this state cannot be called the best from a financial point of view. In the Midwest and South of the country, for example, it is cheaper to live, while in the Northeast there is a higher quality of life. As for the West Coast, it's not even worth considering.

MagnifyMoney identified the best and worst places to live after an early retirement. Three main criteria were taken into account: cost of living, quality of life and employment. Factors such as unemployment, income tax rates, daily commuting, housing prices, weather, and access to entertainment were also taken into account.

Note that the cost of living has played a great role in the compilation of the list, since those who retire early should be very careful in managing their money.

The list starts with the best places in America, and 10 ends with the worst.

10. McAllen, Texas

According to MagnifyMoney, in McAllen, Texas, the lowest cost of living in America. Its southern location in Rio Grande has a number of pros and cons. Here, year-round temperature averages 75,6 degrees Fahrenheit, but a rather meager choice of entertainment.

9. Evansville, Indiana

This city received an 90 score from 100. If you retired, but sometimes you want to work and actively spend your leisure time, then Evansville will suit you. The city is located in southern Indiana, near the border with Kentucky.

8. Hattiesburg, MS

Just head south to get to the third best city for retirement at 50. If you are not afraid of the heat, then you can find a profitable job in the city and evaluate the low cost of living.

7. Cleveland Tennessee

According to MagnifyMoney, Cleveland, Tennessee, has a slight advantage over the previous cities from the list because of more profitable employment opportunities. According to the Bureau of Labor Statistics, the city completed the 2016 year with an unemployment rate of 4,4%. In addition, if you love nature, Cleveland is for you.

6. Jonesboro, AR

The average housing price in Jonesboro is $ 170 000, according to Zillow. In addition, the state raised the minimum wage in this city to 8,50 dollars per hour. Here you can easily find part-time work.

5. Wichita Falls, Texasс

This city boasts a pleasant climate and beautiful nature. Professional athletes like JT live here. Barrett and Mia Hamm. Here, low-cost life and the average price of a house is lower than the national average, and is about 100 000 US dollars, according to Zillow.

4. Benton Harbor, Michigan

Benton Harbor, Michigan, is located on Lake Michigan. The city is small, you do not need a car here. Good place for lovers of fishing and boating. The minimum wage is $ 8,90 per hour.

3. Sherman, Texas

This city is part of the Texom region. It is located south of the Oklahoma border, about an hour from the northern border of Dallas. In Sherman, Texas, the average annual temperature is 63 degrees Fahrenheit. This is a good place for lovers of the south.

2. Memphis, Tennessee

Memphis, Tennessee, boasts the highest employment rating among all cities, according to MagnifyMoney, but there is a rather low quality of life. However, the city may attract attention by the fact that there is no income tax. Here the so-called Hall-Tax is valid - 5% for interest and dividends.

1. Knoxville, Tennessee

The list of best cities for early retirement closes another city in the state of Tennessee. There is the same tax as in Memphis. Pensioners will also be able to appreciate Knoxville's beauty. It is located in East Tennessee, surrounded by beautiful mountains and rivers.

This was the 10 best place to settle after early retirement. The following is a list of 10 worst cities.

10. Anchorage, Alaska

According to MagnifyMoney, there is a very high standard of living due to the fact that the city is isolated and located outside the continental state of the United States. Be prepared to spend most of your monthly benefit only on basic expenses. Here, even fishing is very difficult.

9. San Diego, CA

San Diego has a good climate. But very dear life. Especially will stand in a pretty penny spending associated with transport and products.

8. Bakersfield, CA

MagnifyMoney says that life in Bakersfield will be difficult for budget retirees. In addition, retirees who prefer an active lifestyle, will have to accept the fact that the city is not adapted for this.

7. Chicago, IL

Chicago is more than just hot dogs, pizza and games Cubbies. According to Chicago Tribune, in Chicago is more expensive than living in Tokyo. This is the seventh most expensive city in the world, so it is not surprising that Chicago gets bad points in the ranking of the cost of living.

6. Denver

Denver cannot boast of both good employment opportunities and a high standard of living. Life of a pensioner in this city can be difficult.

5. Stockton, California

Stockton, California, filed for bankruptcy back in the 2012 year and has not yet fully recovered. The same can happen with your retirement savings if you move to Stockton. MagnifyMoney rated the quality of life in 14 points from 100.

4. Honolulu, Hawaii

This island is known as the perfect place for a holiday, but living here can be expensive all the time. You have to spend a lot on food and shelter. The average price for a house here is about 645 000 dollars.

3. Fairbanks, Alaska

The only difference between Fairbanks and Anchorage is that Fairbanks is landlocked. This city may be attractive to those who enjoy an average annual temperature of 27 degrees Fahrenheit and secluded living.

2. Washington DC At first glance, the metropolis may seem like a good option for retirement. The minimum wage in Washington, DC is 11,50 USD and is increasing annually. However, according to MagnifyMoney, there are very high costs for basic goods necessary for life.

1. Arlington, VA

MagnifyMoney Assigned 25 points from 100 to the city. Here we will have to face the same financial difficulties as in Washington, and add toll roads here.

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