American Cities That Are Retirement Utopias

Everyone dreams of cozy, comfortable retirement life, and this becomes a reality when a person has engaged in shrewd financial planning and saving throughout their lifetime. Usually, this dream won’t come true unless one starts planning as soon as they are in their thirties.

Huskyherz /Pixabay: A retired couple

Financial website LendEDU analyzed the retirement data of more than 20,000 American cities to determine which one was home to the citizens best poised for an easy retirement.

The data was collected from Greatdata.com, which in turn was primarily derived from the U.S. Census Bureau. LendEDU focused on each city’s average household income after retirement as the key factor in determining how well-prepared the city is.

Only cities with a minimum of 4,000 households were considered for the report, to offset statistical abnormalities.In the end, Virginia was the state best positioned for a comfortable retirement, with 6 of its cities finishing in the top 10.

McLean proved to be the city whose residents were, on average, kicking back most blissfully, with an average household income after the retirement of a whopping $64,273.88. Bethesda, Maryland, followed behind closely at $63,067.67, and Vienna, Virginia, rounded up the top 3 at $62,683.32.

What makes Virginia such a good place to retire?

pasja1000/Pixabay: Old couple enjoys their retirement as they travel together

For starters, the state is extremely tax-friendly for retirees. It not only has some of the lowest tax rates in the country but also offers over the counter and prescription drugs tax-free. This reduces the strain on retirees’ income.

While this data is certainly interesting to pick apart, and certain places may indeed be more optimal for saving up than others, preparing for retirement is very much an individual responsibility. From the moment you begin earning a stable income, begin planning for your retirement.

Take into consideration where you want to retire, the cost of living in that place, and the tax rates available. Open up a retirement account and begin depositing a fixed portion of your income into that account, and do not dip into it until you officially call it quits at work. Explore investment options, and open up channels for passive income to grow your retirement fund.

sabinevanerp/Pixabay: Counting on pension payments

Do not count on pension payments to support you in your later days, and invest in long-lasting life insurance policies that cover medical expenses that could crop up later in life. If you begin planning at an early stage, you can easily enjoy a comfortable retirement no matter where you are.