Thursday, May 6, 2021

Best Places to Retire in the U.S.

Are you thinking about retirement? You are not alone because most of the retirees are either planning or already have it. Whether your retirement is right on the verge or years away, it is extremely pivotal to be cognizant of the best places to retire that can assist you in making hard-earned money. While most […]

Are you thinking about retirement? You are not alone because most of the retirees are either planning or already have it. Whether your retirement is right on the verge or years away, it is extremely pivotal to be cognizant of the best places to retire that can assist you in making hard-earned money. While most people prefer to stay in the same state or region after their retirement, many other people wish to try a completely different place. Relocating to a different retirement spot might allow you to save significant money and enhance your quality of life. So, how do you know which are the best places to retire?

In order to help you to narrow the choices, we have highlighted some of the best retirement destinations in the US that offer attractive benefits for retirees. Although there are a plethora of factors that determine which cities are well suited, we have included some of the most common factors, such as:

  • Desirability
  • Retiree taxes
  • Job market
  • Housing affordability
  • Quality of health facilities
  • Happiness of residents

Before we check out the list, have you ever wondered why setting a retirement plan is important at a young age? Let’s discuss briefly about it!

Importance of Starting Early

Whenever it comes to planning for retirement, it is never too early to start. The earlier you start your retirement savings, the more potential it will have to grow. Besides, you will be able to leverage the benefits of compound leanings because it helps you in mitigating your financial burden by avoiding the investment of lump-sum amount for the retirement fund. Being a young person, you will have a lot of time on your side. So, why not use that time to use the power of compounding?

Let’s understand this with a simple example. Suppose you are at age 26 and you started putting $300 into your retirement savings plan every year. Besides, your account earns an average of 8% per year. If you will continue this saving for the next 40 years, you will be able to accumulate over $1 million by the age of 65. However, if you will wait for 10 years to start saving, you would not be able to reach such an amount by the age of 65.

Other benefits of starting early are as follows:

  • Saving money early will allow you to spend more later.
  • You will gain financial flexibility as well as stability.
  • You will be able to multiply your money.
  • Early retirement savings means better potential results in the future.
  • You will be able to mitigate your income taxes.

Which Regions are the Best in the US?

1. Sarasota

Located below Tamps, Sarasota is one of the best places to retire in the US. The city’s white-sand beaches compel many retirees by offering all water adventures, such as boating, swimming, and fishing. The pristine water and the dazzling sands of the beaches rejuvenate your retired life like never before. Besides, the pocket-friendly housing costs allow the retirees to enjoy living in Florida without breaking the bank. As there is no state income tax here, one can also think of working part-time after retirement. You will certainly find a plethora of things to enjoy in this spectacular city! Let’s have a look at this data!

  • Population: 785,997
  • Taxes: No State Income Tax
  • Median Monthly Rent: $1,152
  • Median Monthly Mortgage Cost: $1,481
  • Hospital: Sarasota Memorial Hospital
  • Average Temps: 82° / 64°
  • Average Annual Rainfall: 53″
  • Share Of Population Above 60 Years Of Age: 39%

2. Fort Myers

Located in Florida, Fort Myers is one of the most popular destinations among retirees. Over one-third of its population belongs to the age of 60 or older. The city became more popular after Henry Ford and Thomas Edison built their homes there. After Edison started planting royal palm trees, it was nicknamed “City of Palms”. For all the water lovers, Fort Myers has many hotspots, such as Cape Coral, Sanibel Island, and Fort Myers Beach. You can spend your retirement years relaxing at the beach, boating, fishing, and doing various other activities in this city, that too, at an affordable price.

  • Population: 718,679
  • Taxes: No State Income Tax
  • Median Mortgage Cost: $1,416
  • Median Monthly Rent: $1,093
  • Average Temps: 84° / 64°
  • Average Annual Rainfall: 53″
  • Share Of Population Over Age 60Years: 35%

3. Port St. Lucie

Laying on the Atlantic coast of southern Florida, Port St. Lucie boasts of its spectacular beaches and mesmerizing parks, such as Savannas Preserve State Park, Hillmoor Lake Park, and Clover Park. For golfers, this place is no more than heaven. From boating, fishing to paddling and beach bumming,you can enjoy all the water adventures in the city. In addition, the reasonable cost of living, a higher score in happiness matric, and stress-free economic life make it one of the most desirable and best places to retire in the U.S.

  • Taxes: No State Income Tax
  • Population: 463,172
  • Average Temps: 82° / 63°17
  • Average Annual Rainfall: 52”18
  • Share Of Population Over Age 60: 33%
  • Median Monthly Mortgage Cost: $1,436
  • Median Monthly Rent: $1,126

4. Jacksonville

Attracting more than 9000 fresh residents over the past year (according to Census Bureau data), Jacksonville is a huge city located at the south of the Georgian state line. Its eye-popping beaches and waterways will certainly provide an adrenaline rush to the retirees. You can enjoy various outdoor activities here, such as camping, cycling, hiking, swimming, etc. The top-notch hospitals, including the branch of the Mayo Clinic, provide you quality healthcare services that you can count on.

  • Population: 1,475,386
  • Taxes: No State Income Tax
  • Average Temps: 79°/61°
  • Average Annual Rainfall: 49″
  • Share Of Population Over Age60: 21%
  • Median Monthly Mortgage Cost: $1,427
  • Median Monthly Rent: $1,059
  • Hospital: Mayo Clinic-Jacksonville

5. Grand Rapids, Michigan

Laying along the Grand River, Grand Rapids is certainly a hidden gem that wears cool weather almost for the year. The combination of the artistic community, quality healthcare services, and the budget-friendly living cost make it one of the best places to retire. The city is especially popular due to its breweries and multiple art museums like the Grand Rapids Art Museum.

  • Population: 1,050,440
  • Taxes: No Tax On Income From Social Security
  • Median Monthly Mortgage Cost: $1,253
  • Median Monthly Rent: $860
  • Average Temps: 58°/40°
  • Average Annual Rainfall: 38″
  • Share Of Population Over Age 60: 20%
  • Hospital: Spectrum Health-Butterworth & Blodgett Campuses

6. Lancaster, Pennsylvania

Located between Harrisburg and Philadelphia, Lancaster is one of the safest retirement destinations in the US. There is no shortage of Amish products, craft items, baked items, and various other necessities in the city. The city also boasts its Lancaster Central Market and the diverse collection of cuisines, restaurants, as well as bars.

  • Population: 538,347
  • Share Of Population Over Age 60: 23%
  • Hospital: Lancaster General Hospital
  • Median Monthly Mortgage Cost: $1,516
  • Median Monthly Rent: $978

The Bottom Line

Could you imagine yourself enjoying the spectacular nature around you, a sporting activity, a water adventure, or a relaxing time on a beach after retirement? You might get excited after reading the above list and want to look forward to it. Isn’t it so?

However, before you start investing in your retirement plans, it is extremely pivotal to be clearer on what you wish your retirement to look like, which is the best places to retire, and how much will it cost you. Then, you should make your move!

To learn more, visit Wealthface today!

 

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