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.
More in Financial Planning
-
`
The Epic Battle: Unveiling the Epic vs. Google Legal Showdown
In a déjà vu moment for tech enthusiasts, Fortnite publisher Epic Games is gearing up for a legal battle against Google,...
December 6, 2023 -
`
Why Getting Loans From Your Bank Is Tougher Than Ever
Banks are ‘purposefully’ making the process of loans difficult. And there are multifarious reasons. New regulations are continually being introduced to...
November 27, 2023 -
`
The EU Sets 40% Women Workplace Quota to Boost Gender Equality
If there is a lesson we have learned from the corporate world over the years, it is that diversity is not...
November 18, 2023 -
`
Everything You Need to Know About Legal Asylum
You know, there is a word out there that has been both a beacon of hope and a subject of heated...
November 11, 2023 -
`
How to Avoid Hefty Energy Bills? 6 Effective Tips
The dreaded energy bill is no secret today. Every month, it drops in, and every month we wince, wondering, “How did...
November 3, 2023 -
`
Steve Harvey’s Financial Fall: Divorce From Mary Lee Harvey
Steve Harvey, the comedian and television personality we have all come to know and love, has seen his fair share of...
October 29, 2023 -
`
How Extreme Weather Can Sabotage Tourism-Based Small Businesses
Ever dreamt of owning a cozy beachfront café in Bali or a serene cabin retreat in the snowy Alps? If so,...
October 19, 2023 -
`
Everything You Need to Know About Debt Relief
Debt relief is a broad term that refers to strategies, plans, or programs that can help you reduce or eliminate your...
October 13, 2023 -
`
Money Management Tips to Improve Your Finances
Effective money management is the cornerstone of financial stability and achieving your long-term financial goals. Regardless of your income level, mastering...
October 6, 2023
You must be logged in to post a comment Login