For many women, the idea of stepping away from the 9-5 before the traditional retirement age is a serious goal. Memphis, with its warm sense of community, affordable living, and absence of state income tax just might be one of the best places to make it happen. Of course, dreaming is the easy part; building a plan that holds up over decades takes a bit more work. Here is how to Retire Early as a Woman in Memphis
Early retirement means your savings will have to stretch farther, possibly over 30 or more years. Start by sketching out your expected annual expenses. Everything from housing and transportation to travel and your favorite hobbies. Memphis makes this a little easier on the wallet since the cost of living is about 10% lower than the national average. Rents hover around $1,000 a month, and the median home price is roughly $380,000.
Once you’ve got a yearly figure, multiply it by the number of years you expect to live in retirement. Many financial advisors suggest a cushion of 25–30 times your annual spending. That might sound huge, but it gives you a safety net against inflation, market dips, and surprise expenses. You can plug your own numbers into this retirement calculator to see what your personal target looks like, factoring in Social Security, pensions, or any income you plan to keep on the side.
One of the quiet superpowers of retiring in Tennessee? No tax on earned income or pensions and yes, that includes Social Security and retirement withdrawals. Property taxes are on the lower end too. To make the most of it, pump as much as you can into tax-advantaged accounts while you’re working. If you’re 50 or older, catch-up contributions to IRAs and 401(k)s can give your savings a serious boost. And don’t ignore the mix between traditional and Roth accounts you’ll thank yourself later when you have more control over your tax bill in retirement.
High-interest debt is an early retiree’s worst enemy. Credit cards, personal loans, car payments. They’ll eat away at your savings faster than you think. Knock them out before you quit working. If you can, aim to pay off your mortgage too. Then look at your budget with a critical eye: are there small luxuries you can swap for equally satisfying, lower-cost alternatives? In Memphis, you won’t have to sacrifice much since affordable dining, music, and cultural events are everywhere, many of them free or close to it.
Retiring before Medicare kicks in at 65 means you’ll need a plan for health coverage. That could be private insurance, marketplace options, or part-time work with benefits. Memphis has solid healthcare providers, but costs can add up quickly. If you’re on a high-deductible plan now, consider building up a Health Savings Account (HSA) it’s one of the rare triple-tax-advantaged tools out there.
Relying solely on savings can be stressful. A little extra income, whether from consulting, freelance work, renting out a room, or selling your art at local markets can make a big difference. Memphis, with its creative energy and entrepreneurial spirit, is a great place to try something new. Even a few hundred dollars a month can help you preserve your retirement fund.
Money alone doesn’t make for a satisfying retirement. Memphis offers plenty of ways to stay active and connected! Volunteering at the Orpheum, joining social clubs, or simply soaking in the city’s deep musical roots. The climate makes it easy to enjoy the outdoors year-round, whether that’s walking the riverfront or exploring the trails at Shelby Farms. A strong social circle will keep your days meaningful and your mind sharp.
Retirement isn’t “set it and forget it.” Review your spending, withdrawals, and investment performance at least once a year. If the market throws you a curveball or hands you an unexpected gain adjust accordingly. A trusted financial planner can help you navigate those shifts without losing sleep.
With careful planning, discipline, and a willingness to adjust as life changes, early retirement in Memphis is absolutely within reach. The city’s affordability, culture, and community make it a standout choice for women who want more freedom, sooner. Start early, stay flexible, and before you know it, you’ll be living the retirement you’ve been imagining one Memphis sunset at a time.
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Women Financial Power® is an independent insurance and retirement planning firm. Neither Women Financial Power, nor any financial professionals acting on its behalf, should be viewed as providing legal or tax advice.
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