Pier at Daphne, Alabama Bayfront Park on Mobile Bay during sunset. By George Dodd III @ Shutterstock.com
Once you finally make the decision to retire, and you shut off the flow of new income into your portfolio, your expenses quickly become the center of your attention.
Your cost of living means a lot in retirement. One place where you can get more for your money is in Alabama. Birmingham and Montgomery are two of the least expensive cities in America to buy a midsize home.
Being careful with your money in retirement is important, but maintaining a FIRE mentality during your working years, and saving more ahead of retirement is the best way to unlock the power of compound interest.
But a “Liberty Retirement” isn’t only about saving your money. It’s also about living free. Alabama’s state government is run by Governor Kay Ivey, who maintains an A rating from the NRA. The state also has a “Castle Doctrine” law in place that allows residents to protect themselves in the face of danger.
Alabama also protects employees’ right to work by banning forced unionism.
When it comes to the cost of living, Alabama sweetens its low property prices with the nation’s second-lowest property tax rates. And as an added bonus for retirees, Alabama fully exempts Social Security benefits from income taxation.
Action Line: You can build yourself an “island,” in Alabama, or any state that treats you well. Read about some other great locations for “liberty retirees,” here.
Originally posted on Your Survival Guy.
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