Have you ever thought about moving after you retire? You may be attached to your hometown and your family home, or you may have already decided you want to move closer to your adult children. But many soon-to-be-retirees know they want to move somewhere, yet haven’t decided upon a destination.
If you think it would be fun to explore a new home at a new time in your life, then choosing a retirement destination might be right for you. You may be interested to know that the Milken Institute has released a list of the best cities for retirees, based on a study of numerous lifestyle factors.
According to the Milken Institute report, the five best retirement cities include:
● Madison, Wisconsin
● Omaha, Nebraska
● Provo, Utah
● Boston, Massachusetts
● Salt Lake City, Utah
So what makes a city ideal for retirees? One of the main factors included in the study was tax rates, since certain state income tax codes favor retirees. Local sales and real estate taxes also contribute to the cost of living. Community engagement also figures heavily in the formula, so the cities high on the list tend to offer a large number of senior clubs and charitable organizations. If you want to stay active and social in retirement, those may be important considerations.
Many seniors plan to work part-time or even full-time in retirement, so the institute also factored employment opportunities into the equation. If you plan to work after you retire, either for the income or the social engagement, you might consider cities that have jobs matching up to your skill set and experience.
If safety is important to you, you may be happy to know that crime rates were considered in the study. The quality of local health care was also given consideration, since seniors should be careful to retire in locations offering access to specialists and good hospitals.
But no matter how often you mull over lists and read retirement guidance, you’re still an individual. Perhaps none of the above factors matter to you, and you value proximity to geographic features, a certain climate, or the availability of certain hobbies. The point is that you should choose a retirement location early in your planning process, and communicate that goal to your insurance professional. He or she can help you to formulate a plan that helps you meet your goals.
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