Retirement preparation needs more than strategic financial planning. It also needs selecting the correct location. It is important to get the maximum benefit during the golden years of your life. To get this, you should move to a city in the United States which is eminently affordable, have excellent health care options and premium quality of life. The location must also provide the activities you like.
Cost of living analysis
WalletHub, in their yearly survey, analyzed 150 US cities. They compared the cities on the basis of 40 metrics. These range from criminal activity present to the expense needed for in-home services. Orlando almost always topped rankings. The city, best known for its Walt Disney World, offers a number of activities which makes this particular metropolis a haven for retirees to settle down. Foremost is the low living costs in the city. The median monthly rent comes to $1,202 for a 900-square foot apartment. The US national average, in contrast, is $1,532. Utility costs in Orlando come to an average of $168. The American average is about $170.
Meals with beverages in Orlando city comes to $13 and public transportation will set you back by $67 per month. Tickets for the movies you watch comes to $23. The weather is an average 73.4 degrees. It means no snowfall during winters. Other than Orlando, the list of other top American cities to retire to includes Tampa, Scottsdale, Salt Lake City, Denver, Las Vegas, Miami, Atlanta, Honolulu, and Austin. Wherever you settle, just do not live in New Jersey. It is the worst place to retire to.
Different people have different opinions when it comes to spending time in retirement. Scottsdale in Arizona is home to the biggest senior population over 65 years of age. Cape Coral and Hialeah, both in Florida, come second and third respectively. Fontana in California and Irving in Texas have the lowest senior citizen population.
For most people, retiring early is not a viable option. A research conducted by Employee Benefit Research Institute has revealed that one worker among four has admitted to having less than a measly $1,000 saved for their retirement. About 50 percent of the respondents say that their maximum fund comes to $25,000. It is reported by WalletHub that 40 percent of workers plan to continue working until they reach 70 years of age. This is more than the anticipated 65 years of age.