Retire early in Wyoming?

[Dtail]

There are cheaper states. Although the population density is low most folks live in the cities or ave a good reason to be in the smaller places. Here is one version of col by state https://www.usnews.com/news/best-states/rankings/opportunity/affordability

I would say that this list is probably more relevant when working, but the housing portion of the index might not matter as much for a retiree who builds up house equity in a costlier housing state.

 

[WyomingLife]

 

[WyomingLife]

 

[WyomingLife]

Life is terrible here. A paucity of Starbucks, malls -- and a poor selection of restaurants generally. And yes, an occasional puff of wind. A pathetic LCOL jurisdiction all around.

Please, stay away, don't come here. We like it that way.

 

[teej1985]

Sorry I meant VLCOL, meaning a very low cost of living area. These areas are usually extremely small populated towns and the services provided or not provided is one aspect to research.

I wouldn't say to list other states, but more so there are many states which have sections of areas which are VLCOL. Not really a statewide reference.

I moved to Scottsdale AZ a few years ago and paid $46k for a 1BR. Plenty of services. Weather is hot AF but if you don't mind that, $$$ goes a lot further than more desirable places such as California.

 

[Bamaman]

Single adult male, mid thirties, hoping to retire early somewhere cheap in Wyoming, what do you think the minimum net worth should be? I know it probably varies depending on a lot of factors, but just curious to hear what you think anyway!

Getting back to the original post:

Montana is one of the really sparsely populated places. Cheyenne is the largest city in the state, and it's population is just 65K.

When I was young and single, I looked for places with more society and more things to do. Even though much of the state is beautiful, I would be bored there. And job potential may also be limited unless you're educated or have a very good trade in high demand.

 

[Keim]

Getting back to the original post:

[-]Montana[/-]Wyoming is one of the really sparsely populated places. Cheyenne is the largest city in the state, and it's population is just 65K.

When I was young and single, I looked for places with more society and more things to do. Even though much of the state is beautiful, I would be bored there. And job potential may also be limited unless you're educated or have a very good trade in high demand.

Fixed it for you.

 

[braumeister]

Not that it matters, but has anyone noticed that the OP was here for two days and hasn't been back in over a month?

 

[Dtail]

Not that it matters, but has anyone noticed that the OP was here for two days and hasn't been back in over a month?

Maybe got lost in Montana or Wyoming.....

 

[Gumby]

Maybe got lost in Montana or Wyoming.....

Or Skyrim.

 

[cnocmmz]

Better to actually track what you spend, I use a phone app called Spending Tracker, it's free and allows me to input each time I spend money (it has categories and you can add your own).
I then transfer the amounts to a spreadsheet (to view and compare over the years).

Once you know how much you really spend, then you can know how much you need to have to retire.

Note: early retirement means needing to have more, as you have to pay for a longer time of not working.

I personally do not think 25k annually is realistic.

 

[MarieIG]

Since you are so young, I would like to see a minimum of $1,000,000 even with a 25k budget. It leaves a little wiggle room for SORR; and unexpected expenses. I would actually like to see the nest egg increase, at least intially, instead of a spend-down.