The 10 Most Affordable Cities for an Early Retirement – MSN Money

This story originally appeared on SmartAdvisor Match, by SmartAsset.com.

The COVID-19 pandemic has forced many Americans into an early retirement: In fact, the majority of the seven-percentage-point drop in the labor participation this past spring can be attributed to unemployed people who have prematurely decided to exit the workforce for good, according to a paper from the Becker Friedman Institute for Economics at the University of Chicago.

And though less than 1% of workers in the U.S. ordinarily retire before 50, according to data from the LIMRA Secure Retirement Institute, the rise of the Financial Independence Retire Early (FIRE) movement has Americans searching for ways to leave the labor force in advance of what may be the typical age range.

Thats contingent upon such factors as lowering your tax burden and living expenses while also enjoying low housing costs as a percentage of income while working to have the wherewithal to grow your nest egg. With all that in mind, SmartAsset crunched the numbers to uncover the most affordable cities for an early retirement.

To do so, we analyzed 100 of the largest U.S. cities across the following metrics: effective income tax, health insurance costs, cost of living, housing costs as a percentage of income, various other taxes, crime rates, medical facilities and unemployment rate.

For details on our data sources and how we put the information together to create our final rankings, check out the Data and Methodology section at the end.

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The 10 Most Affordable Cities for an Early Retirement - MSN Money