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5 of the most affordable states for retirees

These five states ranked among the most affordable for retirees based on housing and cost-of-living factors

James Hose Jr. / Unsplash

Retirement can open the door to more freedom, but your money still has to cover the basics. Housing, groceries, insurance and other everyday expenses can add up quickly, especially when you’re living on a fixed income. That makes choosing where to retire an important part of stretching your budget.

For retirees who want to make their savings go further, some states simply offer more financial breathing room than others. One study reported by Reader’s Digest shows that affordability depends heavily on two key factors: cost of living and housing. The analysis also considers average homeowners insurance costs, since a lower-priced home doesn’t necessarily mean lower overall expenses.

The good news is that you don’t have to stick to the usual retirement hotspots to find an affordable place to settle down. Reader’s Digest’s list includes states across several regions, offering plenty of options for retirees who want to spend less on necessities and have more left over for the things they enjoy.

From housing costs to everyday expenses, these five states stand out for retirees looking to get more mileage from their retirement dollars.

West Virginia stands out for retirees who want to keep everyday expenses manageable, thanks in part to its low cost of living and relatively affordable........

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