This week, I’m talking about how to grow your income in retirement.

Today, I’m talking about how you can grow your income in retirement in an unexpected way. It’s not something that comes to mind first, because it’s more about cutting expenses that finding new or growing sources of income...but it’s just as impactful.

And that is moving to a lower cost state. I live in Oregon, which is a pretty expensive place to live. Housing is expensive here and the state income tax is pretty high as well. Food, gas and other essentials vary, but I ran the numbers and if I moved to Boise, Idaho, my cost of living would drop by about 10%. For a family making $100,000/year, taxes in Boise are lower by 12%, housing is 16% lower, and food costs are about the same. 

I would only need $90,000 instead of your $100,000 to enjoy the same lifestyle that I enjoy here in Oregon. Translated on a monthly basis, that $833 more dollars in my pocket, which is a nice way to back into growing your income in retirement.

So if you’re considering move to another state as a way to make your retirement nest egg stretch further, rest assured that it’s a powerful option to make a significant impact on your lifestyle and expenses. And if you would like to run the numbers for your own situation, there is a great cost of living calculator on smartasset.com, which I’ll link to in the show notes: 

https://smartasset.com/mortgage/cost-of-living-calculator

You can find the show notes in Apple podcasts or by going to www.retirementtip.libsyn.com. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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