Tags: Retirement | retirement | Indiana | cost of living

Retirement Cost of Living in Indiana


By    |   Thursday, 04 Jun 2015 05:20 PM

Forbes magazine says calculating the cost of retirement in the state of Indiana is a difficult problem to solve. It depends on your spending, housing costs, debts, and travel plans, along with how much you give your kids, how much you eat out and how good your health is.

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Generally speaking, the retirement cost of living in Indiana is better than average. The financial information website MarketWatch, a subsidiary of Dow Jones & Company, Inc., says the overall cost of living in Indiana is 10.7 percent, below the national average. The median home price is about $111,400, and the income tax is 3.4 percent. Here's where you'll save when it comes to the cost of living in Indiana.
  1. Housing is Cheaper in the Hoosier State - Take South Bend, for example. According to CNN's Cost of Living calculator, if you live in South Bend rather than New York City, you'll save 404 percent on housing. Midwestern South Bend isn't the cheapest housing in the country. You'd pay 2 percent less for housing in Jacksonville, Florida, for instance, the calculator says. However, dollar for dollar, you'll pay less for housing in Indiana than in much of the rest of the country.
  2. Grocery and Utility Prices Aren't Bad in the Heartland - In 2014, Indiana ranked No. 5 on USA Today's list of the "10 Least Expensive States To Live in the U.S." The newspaper said the lower prices for groceries and utilities allowed for a lower overall cost of living. The overall cost of living in America, based on a national average of 100, is just 88 in Indiana, according to AreaVibes, which tracks livability scores across the United States.
  3. How Soon Can You Retire? Free Test Shows You When — Click Here

  4. Transportation and Health Care Also Get Good Scores in Indiana - While the biggest savings in Indiana is in housing, transportation and health care are still better than the national average, according to Sperling's Best Places. The rankings put Indiana at 99 for transportation and 97 for health care, compared with the national average of 100, Sperling's says.
So, even though Forbes magazine says the answer to the cost of living is "it depends," your chances of making retirement work in Indiana may be on the right side of the national average – if only by a few points.

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Forbes magazine says calculating the cost of retirement in the state of Indiana is a difficult problem to solve.
retirement, Indiana, cost of living
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2015-20-04
Thursday, 04 Jun 2015 05:20 PM
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