In a new study, SmartAsset crunched the numbers to find the best states for an early retirement, and Kentucky ranks in the number two spot, tying with Mississippi.
Early retirees can save a lot of money on housing in Kentucky. According to the data, the state’s average housing costs are the fourth-lowest in the country at about $8,700 per year. Plus, Kentucky has the 12th-lowest non-housing cost of living and the 14th-lowest average effective income tax rate in the analysis.
These financial conditions can help people retire early in Kentucky without having an enormous sum in their 401(k).
Details on the study, including full methodology and rankings, can be found here: https://smartasset.com/retirement/best-states-for-an-early-retirement-2017.