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What is the cheapest state to live in for retirement?

Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents. ... Here are the seven most affordable states to retire, according to Bankrate: Michigan. Tennessee. Missouri. Mississippi. Kentucky. Oklahoma. Georgia.

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If you want to make your money stretch after retiring, look no further than the Great Lakes state. Michigan ranks as the most affordable state to retire in 2022, according to a recent Bankrate analysis. This is due to a low cost of living and light tax burden for residents. To compile the overall list of best states to retire, Bankrate ranked states according to five categories: affordability; health and wellness; culture and diversity; weather; and crime. To calculate affordability, Bankrate analyzed the July 2022 Cost of Living Index from the Council for Community and Economic Research and property and sales tax rates from the Tax Foundation's 2022 rankings.

Here are the seven most affordable states to retire, according to Bankrate:

Michigan Tennessee Missouri Mississippi Kentucky Oklahoma Georgia

Despite its top ranking in affordability, Michigan didn't place as highly in other categories. It ranked in the 30s for health and wellness, culture and diversity, and weather, and ranked 29th for crime. And although Florida is known to have good tax benefits for retirees, it came in at No. 18 for affordability since the state's cost of living has been rising, Bankrate reports. However, the state scored high marks in other categories, including ranking No. 1 for culture and diversity and No. 5 for weather. When thinking about where to retire, there are a number of things to consider. Everyone has different priorities. Ask yourself questions such as, "how will your income be taxed?" says Clark Kendall, president of Kendall Capital Management in Rockville, Maryland, and author of "Middle-Class Millionaire."

"Look at how you're going to spend your money, too," Kendall adds.

"When you're considering a community, you have to think about what you still want to do," says Ginni Field, a real estate broker in Oceanside, California, who specializes in senior buyers and sellers. "Do you still want to be able to play golf, tennis or pickleball?" Don't miss: Millennial and Gen Z workers aren’t saving enough for retirement—here are 3 tips to get on track

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Do I have to pay my deceased mother's credit card debt?

When someone dies, their debts become a liability on their estate. The executor of the estate, or the administrator if no will has been left, is responsible for paying any outstanding debts from the estate.

If a debt is secured against an item or asset, for example, a property, things can be more complicated. Before working out the value of an asset, like your home, you must find out how it was owned and the value of the deceased’s share of the jointly owned asset. If you’re joint tenants, where each person owns all the property, the deceased share of the property automatically passes to the other owner or owners. This means the property doesn't form part of the estate and can't be considered when paying back outstanding debts. The surviving owner will continue to be responsible for making the repayments on the loan as normal. If you’re tenants in common, you only own a specific share of the property. This means the deceased’s share of the property can be taken into account when paying back debts. If the item securing the loan is not a property, similar rules apply. So, for example, if the asset is owned outright by two or more people, it can’t be taken into account. If it is only owned by the deceased, even if other people have use of it, it can be used to pay off outstanding debts. If you're not sure who owns the property, you can find out from the Land Registry for a small fee for properties registered property in England and Wales. Some properties aren’t registered and if this is the case, you’ll need to check the deeds.

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