Early retirement may seem like an impossible dream for many -- but it doesn't have to be. Early retirees can begin collecting Social Security benefits as early as at age 62, but doing this can reduce your benefits throughout retirement.
But younger retirees can save on retirement costs by choosing a state with favorable tax laws, low housing costs and an affordable cost of living. SmartAsset, a personal finance advice website, today released its list of the best states for early retirement. The list looked at six factors using data from the U.S. Census Bureau, Kaiser Family Foundation and the Council for Community and Economic Research. These factors included taxes (income, sales and property), median annual housing costs, the cost of living (non-housing) and the cost of health insurance coverage.
Check out the top 10 states below and head over to SmartAsset to learn more about the rankings and methodology.
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