How to Find the Best Places to Retire
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There’s no shortage of suggestions for places to move after you retire, but some may conflict in terms of good weather, cheaper taxes, less crime and beautiful settings. It helps to know what you want. Click here to view article.
If you’re looking for ideas for the best places to retire, there’s no shortage on the Internet. But it all depends on whether you’re looking for a place with the cheapest price, the best amenities for older adults the most beauty or even whether you prefer hot and dry climates to cold and damp.
Or, after living in a crime-ridden city most of your life, perhaps you are looking for the safest place. Maybe your health is a concern and you want a retirement location where you can live the longest and healthiest.
The bad news is that probably one place won’t fit the bill for everything, so you need to decide what’s most important. Add to that any concerns about wanting to be remain close to family and friends.
AARP alone has listings for every conceivable category for best places to retire for: the simple life (consisting of low costs, minimal stress and fun), living on $100 a day, singles, the city life, sports fans and even those who love “quirky.” Other websites list best places for a working retirement or the 10 sunniest places to retire. It seems the only missing options are the best places to retire if you want your hair to grow back or your wrinkles to disappear.
Healthiest and Safest Cities
If you’re seeking the healthiest cities, one study ranked the following top 10 cities or regions (in descending order): San Jose, Calif.; Washington, DC; San Francisco, Calif.; Seattle-Bellevue-Everett, Wash.; Salt Lake City-Ogden, Utah; Oakland, Calif.; Sacramento, Calif.; Orange County, Calif.; Denver, Colo. and Austin-San Marcos, Texas.
Sperling’s BestPlaces and multivitamin maker Centrum conducted a study that determined the healthiest cities by looking at data from 50 U.S. cities in five categories: physical activity, health status, nutrition, lifestyle pursuits and mental wellness. Other surveys measuring health quality use slightly different parameters to produce slightly different results.
Those looking for the place with the least crime should head north to Maine, which also ranks as one of the more economical states in the country, according to several surveys. The Institute for Economics and Peace measures five indicators for safety: the number of homicides, number of violent crimes, incarceration rate, number of police employees and availability of small arms.
While Maine ranked as the most peaceful state for the 11th consecutive year, as measured in the 2012 United States Peace Index, Louisiana was the most dangerous. For metro areas, Cambridge was the most peaceful, while Detroit was the most violent.
Financial Considerations
While Louisiana might be the most dangerous state, it’s also got the lowest property tax in the country. The Tax Foundation ranked states based on property taxes paid as a percentage of median home value for owner-occupied homes in each state (About.com). Louisiana’s property tax is .18 percent. The next best (ranked in descending order) were Hawaii (0.26%), Alabama (0.33%), Delaware (0.43%), West Virginia ( 0.49%), South Carolina (0.50%), Arkansas (0.52%), Mississippi (0.52%), New Mexico (0.55%) and Wyoming (0.58%). As a reminder that no option is perfect, many southern states rank toward the bottom for health, and New Mexico ranks up top for high crime.
However, Forbes points out that states with the lowest tax rate might not be the best for seniors. “For example, nine states—Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming—lack a broad-based state income tax,” which means such states tend to compensate with higher taxes elsewhere, most notably, increased sales and real estate levies, which can hit seniors hard. After weighing all the factors, Forbes concludes that the best states for retirees from a tax perspective are Alabama, Alaska, Arizona, Georgia, Idaho, Kentucky, Louisiana, Mississippi, Montana, New Hampshire, New Mexico, Nevada, Oklahoma, South Carolina, South Dakota, Utah and West Virginia.
Forbes also points out that lower taxes can mean decreased governmental services for seniors.
Using low costs as the main criterion, Usnews.com ranked the “Best Places to Retire for Under $40,000,” relying on Census Bureau data. It screened places with the lowest housing costs for people 60 and older, including mortgage payments, housing costs for people who paid off their mortgage and typical rent prices, as well as the proportion of their budget retirees spend on housing expenses. Among those places, it also picked cities with the best amenities for seniors, including major medical facilities, eldercare services and cultural and outdoor activities. Its picks: Albuquerque, N.M.; Augusta, Ga.; Columbia, S.C.; Jackson, Miss.; Knoxville, Tenn.; Little Rock, Ark.; Louisville, Ky.; Pittsburgh, Pa.; St. Louis, Mo. and San Antonio, Texas.
Beyond Financial Considerations
MoneyRates.com (“The Best And Worst States For Retirement”) ranks the best (and worst) states for retirement by going beyond money issues. It measures factors such as senior population growth, economic conditions, crime rate, climate and life expectancy. Hawaii tops this list of best states for retirees followed by Idaho and Utah. The report notes that Hawaii seniors live longer past the age of 65 than in any other state. Of course, Hawaii also has the highest cost of living in the country.
In coming up with its “25 Best Places To Retire in 2013,” Forbes magazine reviewed data from more than 400 U.S. cities, looking at the tax situation for retirees; the cost of living, specifically below the national average as calculated by the U.S. Bureau of Labor Statistics or other sources; and median home prices below the current national average, which, as measured by the National Association of Realtors, is $186,000. The cheapest is Clearwater, Fla., with a median home price of $116,000, followed by Bangor, Maine, at $127,000.
Beyond the financial factors, Forbes reviewed weather, availability of doctors, crime rates and options for an active physical retirement, such as biking and walking trails (as measured by Bicycling Magazine) and a high level of community volunteering (as reported by VolunteeringInAmerica.org).
It also used rankings by the Milken Institute, a nonprofit, nonpartisan economic think tank, which has its own“Best Cities for Successful Aging.” The institute weighs a wide range of considerations, including local investment in public and senior transportation.
Deciding where to relocate depends on what’s most critical to you: weather, culture, low tax rates or senior amenities. See the sidebar for issues to think about before making the big decision.
Factors to Consider Before Relocating
When selecting a new place to retire, take time to research these factors:
- Public transportation. Check out the availability and frequency of mass transit, including buses and trains, to make it easier to get around, especially if you want to curb your driving or are unable to drive. Good public transportation could make your life a lot easier, especially as you age.
- Weather. You might think you want to move to a warmer climate, but then find you’re not crazy about the combination of heat and humidity. Consider visiting your top selection in summer before you make the big decision to move (or in winter if you’re thinking of places farther north).
- Cost. Consider the expense of a new mortgage, as well as whether utility costs will be higher. Just as important to your wallet are possible increases in property taxes and insurance that can come with a new home purchase.
- Proximity to family and friends. It might be better to move a shorter distance from family and friends and not have the ideal climate than move farther away and be out of driving range.
- Availability of medical facilities. How close and how good are the local hospitals and health facilities? You may also want to check out retirement communities or assisted living options for future reference.
- Local attractions. What are your main interests and activities: culture such as good art museums and music venues, good biking trails or great restaurants? Make sure your intended retirement location offers the activities you desire.
- Local populace. What’s the makeup of the community? Is it mainly younger people (as in a college town), or is it a mix? While you may enjoy interacting with a wide variety of age groups, you also don’t want to be one of the few seniors in town.
Adapted from the Huffington Post