Strip away the noise around retirement planning and there's one lever that outweighs almost everything else for someone with a fixed pension: your fixed cost of living, driven overwhelmingly by housing. Two retirees with identical pensions can have completely different retirements depending on whether their housing costs eat 15% of that income or 50% of it.

This is why location decisions deserve as much rigor as investment decisions in retirement planning, and often get far less of it. Before assuming you need a bigger portfolio, run the numbers on what a genuinely low housing-cost area does to your existing income first — for a lot of retirees, that's the entire answer.

Relocating to Arkansas specifically? See our Arkansas relocation guides.