People often “Google” the phrase cheap places to retire when researching affordable retirement locales. We think Muskegon, Michigan may be the community these people are searching for.
Muskegon is, indeed, a “cheap place to retire” from a cost of living standpoint. Sperling’s Best Places, a respected source of information and data about people and places, puts the cost of living in Muskegon at forty-two percent less than Chicago.
That’s right: Your limited retirement savings can stretch nearly twice as far in Muskegon than in high-cost big cities.
Living costs have always been a huge concern for people retiring on “fixed” incomes. But in today’s economy, retirees (and future retirees) need to focus on living costs more than ever. Boston College’s Center for Retirement Research recently reported that 401(k) and IRA retirement accounts held by U.S. households have lost an astounding $2 trillion dollars in value in the one-year period ended October 9, 2008:
During a one-year period, the value of equities in retirement accounts declined by almost $4.0 trillion. Individuals were sheltered from the immediate impact of the $1.9 trillion of losses in defined benefit plans. But they did experience a direct hit on the $2.0 trillion in losses that occurred in 401(k)s and IRAs. In all likelihood, many panicked amid the turmoil and sold assets at depressed prices. And these people may be late in getting back into the market to enjoy gains as the market recovers. Equally important, holders of 401(k)s/IRAs were left feeling vulnerable and impotent
as their savings evaporated.
Strategies for dealing with financial setbacks of this magnitude are limited. Many retirees are returning to work and many workers are postponing retirement plans. Others are looking for ways to cut costs including downsizing their homes, looking for a lower cost community to live in, or some mix of the two.
Muskegon offers real answers to the retirement puzzle: low cost of living, high quality of life, Midwestern values and proximity and easy access to big cities like Chicago and Milwaukee. Housing options in Muskegon are abundant. Whether you choose to downsize, upgrade or find a home comparable to what you have, you can be sure your housing dollars will go much further in Muskegon. We invite you to explore our site to see if Muskegon is right for you.