Cheapest States to Retire In America See Where New Jersey Ranks?

Planning Your Retirement For The Future

Planning your retirement for the future is a vital part of your life "before" you retire. The time to plan for your golden years is well before you get there. There are many things to do and pay for when we are younger, but making a plan for retirement at a younger age helps accumulate the assets you need to live comfortably later in life.

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Top 5 Cheapest States To Retire In

#10. Arizona

#9. Arkansas

#8. Alabama

#7. Ohio

#6. Iowa

#5. Louisiana

#4. Pennsylvania

#3. West Virginia

#2. Mississippi

#1. Tennessee

According to RightLivin, New Jersey does not even finish in the Top 40, in fact, New Jersey finished in the bottom 10 states in America when it comes to the cheapest states to retire in. By the way, Florida ranks in the bottom 10 as well.

What makes Tennessee the CHEAPEST state to retire in? According to RightLivin, "Tennessee ranks as the cheapest state to retire in because of its amazing economic benefits. It’s one of the most tax-friendly places for retirees, and housing costs are approximately 18% lower than the national average. Seniors can also enjoy affordable necessities and recreational activities."

Top 5 Ways to Prepare for Retirement (U.S. Department of Labor)

5. Consider basic investment principles

4. Learn about your employer’s pension plan

3. Contribute to your employer’s retirement savings plan

2. Know your retirement needs

1. Start saving, keep saving, and stick to your goals

So are you under 30 and planning for your retirement? If you are not, you should. Planning now makes life easier later. According to Guardian Life, "As of 2022, the median household retirement savings for Americans under age 35 is $18,000. As of 2022, the median household retirement savings for Americans ages 65-74 is $200,000. In 2022, the average (median) retirement savings for American households was $87,000."