What if you’re not exactly on track to take off at a pre-determined age for a life of travel or volunteering or doing whatever the heck you want? What if the whole “when and where” is hazy and uncertain? According to a survey by the Employee Benefit Research Institute (EBRI), 24 percent of those surveyed said they can’t afford to retire when they’d like to because of inadequate finances. Over half cited cost of living and daily expenses as interfering with their ability to save — or save more — for retirement. So what can you do?
Before you consider great places to retire overseas or choose from a list of top cities for retiring in the US, you have to get to retirement itself. And between now and retirement, there’s an in-between action plan you might want to consider: moving now, or soon, to a new place in the US where you can up your game right now in planning and saving for the future. The idea is to choose a place where you can earn as well as or better than you do now, spend less, live well, and sock away more funds for later. With this in mind, LifeHealthPro has come up with 10 of the best cities to pre-retire in the US. Factors that were considered to make the cut: cost of living, job prospects for workers aged 65 and older, the availability of recreational activities, and a couple dozen more. Check out their findings in their article, “10 of the best cities to retire in the U.S.”
Of course, it goes without saying that shared housing is another interim action you might take. That would allow you to cut many costs, and with shared household chores and responsibilities, you could even free up extra time for more earning hours if you were so inclined.