You Can Apparently Comfortably Retire In Ann Arbor, Michigan With Only $500,000

As inflation becomes more and more of a problem, it’s never been more important than now to think about retirement and how exactly you’re going to achieve your financial goals to be able to eventually retire. I’m lucky I at least work at a job now that offers a chance to build up a 401(k) and hopefully save enough to retire at a decent age.

It turns out that as a Michigander, I actually have an advantage because all it takes is $500,000 and you can retire comfortably:

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This is according to FinanceBuzz.com which claims that Michigan ranks Fifth in the nation in states where you can retire in comfort with $500,000 in your savings:

You might find Michigan as a surprise for a desirable retirement location, but Ann Arbor, the home of the University of Michigan, is a popular city for retirees. Accessible and quality health care, affordable living costs, and entertainment opportunities also make the cooler climate worth it for many retired individuals. However, there is a downside to retiring in Michigan. The state might tax some or all of your retirement benefits. Michigan bases taxable amounts on your age and how much qualifying retirement income you receive, so check the state’s tax rules before you move.

 

Can You Retire In Michigan With $500,000?

This is a lot of money, but still seems very low in terms of never working again and just living off of what you've earned over the years of working.

Do you think you could retire with only $500,000?