How to Decide Where to Retire

Retirement is a long road. It begins early on in your life when you start to plan for years you can’t even imagine fully yet. You are saving but it isn’t for a rainy day, rather it is for your continued survival and the comfort and safety of your loved ones. Where you are going to live when you do retire is a big decision and should be approached with due diligence and care. 

Working out where is best for you and your family takes an overview. You need to try and figure out all the angles so that you can make the best choice. 

Quality of life

Research has shown that New Jersey is the worst state in the U.S. for retirement. Mississippi is second on the list showing that more rural locations aren’t necessarily better. If you live in New York you may want to rethink retiring in the city. NY is the third-worst state to retire in and is the least affordable state to live in.

Budget

If you haven’t set a retirement budget you would be wise to take the time to do so.  David Beckerman, Senior Vice President of David Lerner Associates helps people with personalized serviced complimentary consultations and says, “Planning for your retirement is important and needs to have the care it deserves. Setting a budget is part and parcel of the planning process. You need to know what your goals are before you can work out how to get there. It’s never too late (or too early) to start putting it together.”

Affordability 

Florida is ranked as the most affordable state in America to live in, followed by Virginia, Colorado, and Delaware.

Healthcare 

As you get older healthcare becomes more and more important. Comparing the healthcare available in the areas you are thinking about retiring is recommended. You can compare states' healthcare using online tools such as this one. View a side-by-side comparison of up to three states, select a state from the map or the dropdown menu. https://www.moneyrates.com/research-center/compare-healthcare-by-state.htm

Making the decision about where to live takes thought and planning. Get as much information about the area you are planning on moving to and visit it beforehand. Don’t decide to move to a place you have only seen pictures of on the internet. The key to a successful relocation is a balancing act. 

 

 

 

 

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC