Massachusetts’ Worst Place to Retire
If you or a loved one is looking to retire in the coming months or years, you may want to know which Massachusetts cities are the best and worst for retirees. One of the biggest factors that goes into making a city great for retirees, of course, is cost of living. People who are retired often lived on fixed incomes and savings, so a lower cost of living is much better for them. But, there are other factors, too, such as having a community that’s welcoming to older people. So, let’s get into the best and worst cities for retirees in the state.
Best and Worst Cities to Retire in Massachusetts
Yahoo Finance has a feature up about the best and worst cities to retire in each state. So, let’s get right into it. For Massachusetts, the best city is the lovely Wakefield. Here, the average monthly total cost of living is $1,919, which is reasonable compared to other areas of the state. The town also have a livability score of 88, which is good. The worst city is Cambridge with an average monthly total cost of living of $2,257. So, if you or a loved one is looking to relocate for retirement, that may not be your best spot.
So, when does the average person retire? According to Empower, “The average age for men to retire is 65 while the average age for women to retire is 63, but “there are many factors that can influence retirement age.” When it comes to those factors, Empower notes that “perhaps the biggest factor is how much money you have saved up for retirement to meet your retirement living expenses.” Of course, the more money you have saved, the earlier you could be able to retire.
How much do people have in savings when they retire? According to Guardian Life, the median household retirement savings for people aged 65 to 74 is $200,000, and the average is $609,230, so that’s obviously a big difference. They also give a tip, stating, “Many tend to overestimate how much of their retirement expenses will be covered by Social Security benefits or pensions. As a result, underestimate how much they’ll need to save,” so they urge Americans to save enough. Reach out to me with your retirement tips, and I may use them in an upcoming story.
