Looking to leave suburban Chicago in retirement, John and Janet Reed took scouting trips to Hilton Head, Savannah and Phoenix. John’s sales rep job was winding down, and Janet had retired from full-time teaching to consult for their local school district.
Back home in Naperville, Ill., they clicked on an online offer to visit Tellico Village in East Tennessee on a two-day Discovery Package. Now it’s home. How they got there is a roadmap for pre-retirees looking to cross state lines.
Do the math. The Reeds sat down with their financial advisor at Vanguard and ran a plan showing projections of how likely it was that their assets would carry them through a comfortable retirement. They got a disappointing answer: 60%. But by making the move to Tennessee, the chances of their money lasting jumped to 80%. The main reason: a lower cost of living. That knowledge helped move them forward in their decision to move out of state, and in particular to Tennessee.