It's a scary time for those who don't have enough income. That is everybody who doesn't have a job or doesn't have a good enough paying job -- not just retirees. We used to joke about living under a bridge. I wonder how many retired seniors face poverty living past 60 into their 70s and 80s and 90s? It is frightening.
Today, for many couples, the projected $1,800 monthly income from social security barely covers the mortgage. Moving to some place that costs less is essential. Some hope that selling your home will provide the money you need to pay down or pay off any debt you have. But where will you live?
Best Place to Live in Retirement
Money-Rates.com tries to use objectivity to determine what otherwise is a very individualized life choice. The finance website looked at a number of factors to come up with a list of the 10 best states for retirement. The criteria include climate, crime rate, life expectancy and economic conditions such as cost of living, job opportunities and taxes.
According to these criteria, the No. 1 State, Texas, outranked all other states with its outstanding scores for economic factors and climate. Kentucky and Oklahoma came in second and third, thanks to a below average crime rate and favorable economic factors.
With the help of our highly qualified home inspector son, we did a search for low-cost housing in Texas last year. We found broken properties that would take a bundle of money to make livable. It was depressing.
Lately, we searched for mobile homes. Yes, the mobile home can be affordable, but the lot fees are $600 and up per month. That's not a big savings from our current situation. Some mobile home communities have less pricey lot fees, but who wants to live there? It's under-the-bridge type living conditions. Unfortunately. We may not have a choice. I see a pattern that affects more and more people.
What are you willing to do right now -- in order to retire in your home sweet home? Tick tock. Don't think for a minute that it's too far away to worry about. Act now to secure your future.