Where should you retire? There are so many factors one should consider in making your retirement decision that we think the best advice we can give is to start planning early.
Financial Poise spoke with some experts who suggest you begin considering your options at least 10 years before you intend to retire. On the other hand, if you telecommute or could do so- or if you may not be able to fully retire when you would prefer to move- you may want to thinking about moving sooner than tradition mandates in order to retire.
If you have concerns about whether or not you will be able to retire, we suggest you check out this article.
Some experts point out that Kentucky is particularly attractive from a tax perspective, since social security and railroad retirement benefits are exempt from state income tax; retirees get an exemption for more than $40,000 of additional retirement income; and homeowners older than 65 get a homestead exemption on their property taxes.
AARP, a few years ago, pointed to the Daytona/Deltona/Ormon Beach area of Florida as an attractive place to retire because of a median $98,500 sale prices for houses.
SmartAsset.com published the results of research it did recently. Its analysis first reviewed Bureau of Labor Statistics (BLS) data regarding on the average annual expenditures of seniors throughout the country. It then applied Council for Community and Economic Research cost of living data to adjust those national average spending levels based on the cost level for each expense in each city.
Those spending numbers were then run through SmartAsset’s income tax calculator to calculate the pre-tax income required to afford that lifestyle. Finally, SmartAsset calculated the total savings needed at retirement in order to generate that level of income for 30 years, assuming a real interest rate (interest minus inflation) of 2%. Its picks:
Nick is a growth-oriented executive delivering high-impact results across strategy, operations and business development for technology and business services firms. He is currently the CEO of Financial Poise. Financial Poise is a thought leadership platform providing unbiased news, continuing education, and intelligence to private business executives, investors and their trusted advisors.
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