The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 5 November 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should you move to reach FIRE? And if so, where to? In this episode, we’re pulling back the curtain and revealing the best places to retire in the US in 2024. Living in one of these states could help fast-track financial freedom, and moving there for retirement could help your nest egg go further and improve your quality of life! Welcome back to the BiggerPockets Money podcast! Alex Gailey, a lead data reporter at Bankrate, has ranked all fifty states for retirement based on five weighted “buckets” made up of dozens of crucial data points. Today, she joins the show to share her findings with us. Whether you’re looking to put down roots in a low-cost-of-living area or find a location that delivers your ideal retirement lifestyle, this list of states is a useful launching point for one of the most important life decisions you’ll ever make! In this episode, you’ll learn how changing your address could accelerate your financial independence timeline and allow you to retire early. Alex will break down the five factors people value most in retirement—affordability, well-being, cost and quality of healthcare, weather, and crime. Stay tuned to find out which states came out on top and which states you might want to avoid. The results even surprised us! In This Episode We Cover Breaking down Alex’s list of best (and worst) states to retire in the US How to accelerate your FI timeline simply by changing your address The top five “buckets” that make up an ideal retirement destination The most crucial factors to consider when choosing where to retire How to take advantage of unique opportunities in high-cost-of-living areas And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group Support Today’s Show Sponsor, Connect Invest, the Alternative Way to Earn Passive Income Through Real Estate Best and Worst States for Retirement Alex’s Twitter/X Buy Scott’s Book “Set for Life” Find an Investor-Friendly Agent in Your Area How to Get PAID to Live in an Affordable City & Fast-Track Financial Freedom (00:00) Intro (01:26) Alex’s Criteria (05:05) Best and Worst Places to Retire (11:38) Biggest Surprises (22:32) Retiring in an Expensive Area (29:10) Connect with Alex! (29:43) Accelerate Your FI Timeline! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-578 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	People looking to achieve early retirement often focus on when they should retire, but they rarely focus on where they should retire.
0:08.6	Should you relocate for financial independence?
0:11.0	What's the impact?
0:12.4	And what should you consider before making the move?
0:15.2	That's what we are going to be covering in today's episode.
0:18.3	Hello, hello, hello, and welcome to the Bigger Pockets Money podcast.
0:21.7	My name is Mindy Jensen. And with me as always is my finally back in Denver so he can record a show with me,
0:27.0	co-host Scott Trench. Thanks, Mindy. Great to be here. And I'm always amazed at your ability to come up
0:31.1	with a mountain of intro statements like that. So thank you so much. Bigger Pockets has a goal of creating one million millionaires. You're in the right place if you want to get your financial house in order because we
0:40.1	truly believe financial freedom is attainable for everyone, no matter when or where you're starting.
0:44.5	Although it's a lot easier if you end in one of the places we'll discuss today. Today we're going
0:49.0	to discuss the best and worst places to retire in 2024. We're going to talk about how that decision might help you retire earlier if you can
0:57.6	or want to relocate.
0:59.8	And we're going to talk about what factors to consider before making the move.
1:02.3	To discuss all of this, we're so excited to be joined by Alex Galey, a lead data reporter at
1:07.0	Bankrate.
1:08.0	Alex writes about the numbers behind consumer finance and economic trends.
1:11.6	She's crunched the numbers and looked at the data for the best and worst places to retire in
1:15.3	2024 so you don't have to. Alex, we're so excited to have you join us today. Thank you so much
1:19.7	for being here on Bigger Pockets Money. Oh, thank you for having me here. I'm really excited to talk
1:24.3	about this very important topic today. This is a very important topic because it
1:28.2	can be so easy to kind of just stay where you are. And what is actually the case is sometimes
	...

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