Henry County is the second-most affordable county in the state to retire, according to a new study by an online company.
SmartAsset.com, which describes itself as a site devoted to “empowering people to make smart financial decisions,” released a study showing how Tennessee counties compare in terms of affordability for retirees.
“While some retirees may have paid off their mortgages or car loans, recurring expenses like property taxes, food and medical costs remain,” said Steve Sabato, public relations manager for SmartAsset.com.
The study measures each county by Social Security income, property taxes, state pensions and living expenses to find the most affordable places to retire.
For the average retiree in Henry County, their full Social Security income is $19,860 a year, according to the study. That same person pays an average property tax of $632 a year, with a cost of living of $29,245.
Figuring in pension figures and 401(k) retirement account averages, Henry County finishes with an Affordable Retirement Index of 95.30, based on the website’s formula.
DeKalb County is listed as the top county for affordability in the state.
After Henry, the other counties in the top 10 are Lincoln, White, Cumberland, Overton, Van Buren, Pickett, Rhea and Weakley.