As you approach your golden years, the question of where to retire becomes more pronounced. You want your nest egg to last as long as possible, which is why it is important to first weigh various factors before committing to one place.
For many seniors, the cost of living plays a massive role in their decision making. This varies greatly between states and cities, so in order to determine which were the best places to retire in the U.S., WalletHub compiled a report that ranked cities and towns according to their average cost of living.
Based on the data, Laredo, Texas, was the most affordable urban area for retirees to live in. Memphis and Knoxville, Tennessee, also made the list. On the opposite end of the spectrum, San Francisco, New York, and Pearl City, Hawaii, were ranked as some of the most expensive places to retire, according to MarketWatch.
To arrive at these findings, Wallethub considered several essentials costs such as housing and utilities, groceries, transportation as well as healthcare expenses. Commenting on the results, WalletHub analyst Jill Gonzalez told MarketWatch that the reason why Laredo was viewed as one of the cheapest places to retire in all of America was because it does not "tax Social Security or pensions, and does not have an inheritance or estate tax."
This is advantageous to seniors looking to retire anywhere in the state because their fixed incomes will stretch much further, Gonzalez said, adding that "Laredo also has the lowest annual cost of in-home services, and one of the lowest annual costs of adult day health care."
Here are nine of the cheapest places to retire in America, as listed by MarketWatch:
9. Toledo, Ohio
8. Oklahoma City, Oklahoma
7. Amarillo, Texas
6. San Antonio, Texas
5. Fort Smith, Arkansas
4. Huntington, West Virginia
3. Knoxville, Tennessee
2. Memphis, Tennessee
1. Laredo, Texas