Some states are more retirement friendly than others.
It brings a new sense of freedom.
You no longer are tied to a physical location for your job.
Can you move anywhere?
But you may want to give it careful thought.
When it comes to most major life decisions, the advice to measure twice and cut once is always prudent.
According to a recent Kiplinger article titled “The 20 Best States for Your Retirement,” some places are more retirement friendly than others.
Kiplinger ranked states for their retirement friendliness.
What factors were considered in this assessment?
Taxes are an important consideration for retirees.
Once you are living on a fixed income, you will want to keep as much money as possible in your pocket.
States were given one of five rankings in this category—Least Tax Friendly, Not Tax Friendly, Mixed, Tax Friendly, and Most Tax Friendly.
Cost of living effects all ages.
Some places simply have less expensive food and groceries, utilities, housing, transportation, and health care.
Health Care Costs
Health care bills can add up pretty quickly.
This is especially true as you get older and your body begins to deteriorate.
The health care rating was given based on the average costs for dental insurance, Medicare, supplemental insurance, and out-of-pocket costs for couples who retired at 65 and lived until age 87 if male and 89 if female.
You want to live in an efficient, well-run state.
This includes factors like the revenue sources for the government, debts, budgets, funding of pensions, and health care services.
Health of Population
If individuals age 65 and older generally are in good health, something is being done right in the state.
This involves things like habits of the population to quality of nursing home and hospital care.
Income and Poverty Rates
Poverty and low incomes tend to indicate deeper issues within the economy and governance of the state.
The specific population factor for this ranking involves the percent of the population that is of retirement age.
So, are you just a little curious regarding the list rankings?
Just follow the link above to the original article.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Kiplinger (May 10, 2018) “The 20 Best States for Your Retirement”