A Neat Calculator

Thinking about downsizing and moving when you retire?  Wondering about the different cost of living across states and for different cities?  Here's a neat calculator from Sperling's Best Places that can answer some of your questions.

Source: Sperling's Best Places

CLICK IMAGE TO ENLARGE Note that you have just 3 inputs: the two cities and the dollar amount.  The dollar amount, shown here as $70,000, would be the amount you have figured as your retirement income.  Next, just hit the compare button.

CLICK IMAGE TO ENLARGE As you can see, from a "cost of living" viewpoint, $70,000 in Silver Spring is equivalent to $45,627 in Murfreesboro, N.C. - useful info for the retiree contemplating such a move.

The calculator indicates that, in Murfreesboro, you will likely be able to get a much nicer house for the same money.  Interestingly, the calculator indicates that medical care is pretty much the same if not a bit pricier in Murfreesboro.  Those looking at the two areas would want to investigate further.

Keep in mind, as you play around with the calculator, that it represents averages.  All cost-of-living indices as well as consumer price indices need to be taken with a grain of salt.  A particular individual's situation could be completely different from the results implied by an index.  The last thing I would want is for you to come after me because it costs more than you figured ;)