Retirement Planning Advice from Forbes on Best Places to Retire
Do you know where you want to spend your retirement? While some people want to stay in the area that they already know, others decide to pack up and move to a warmer, more exciting location or relocate to be closer to family. When it comes down to it, it is vital to find a retirement location that will allow you to support your lifestyle on a more limited income.
That being said, there are plenty of attractive retirement spots that allow you to enjoy life in retirement no matter what your budget is. Below, we discuss retirement planning advice from Forbes on the top places to retire in 2015.
How Forbes Chooses the Top Spots
Every year, as part of their retirement planning advice, Forbes puts together a list of the top places to retire. For 2015, they looked at data from almost 500 cities in all 50 states and Washington D.C. The most important factors that they considered were economic, including the overall cost of living, home prices compared to national averages, and the state tax climate for retirees.
Given that many retirees still work at least part-time in retirement, Forbes also considered the current and future opportunities for work in the areas using local unemployment rates from the U.S. Bureau of Labor Statistics and future projections from the Milken Institute. They also considered factors such as crime rates and access to healthcare, as these are also very important to retirees who are looking to relocate.
Top Places to Retire in 2015
Forbes includes 25 top retirement spots on their list, including locations for every budget. Below, we will discuss just a few locations where you can make the most of your retirement:
• Bowling Green, KY – Bowling Green is a vibrant community with a growing economy. The cost of living is 11% below the national average, and the city has a good tax climate for retirees. This area also has a low crime rate and moderate temperature.
• Cape Coral, FL – This city returns from last year’s list with great weather, a low crime rate, and a cost of living 4% below the national average. This city may be a great option for those who want to retire to Florida, but do not have the budget for bigger cities.
• Casper, WY – If you want to live somewhere with colder winters, this may be just the city for you. Casper has a low unemployment rate and healthy economy, with the cost of living just at the national average.
• Colorado Springs, CO – If the West is more your scene, Colorado Springs offers scenic beauty and a promising economic outlook. The area is also well-known for being bicycle friendly and promoting an atmosphere of volunteering.
• Pittsburgh, PA – Pittsburgh has a strong economy and offers all of the big city amenities that many people want to enjoy in retirement. The city also has good ratings for bicycling, walkability, and volunteerism.
Choosing a location to spend your retirement is an important decision, and not one that should be taken lightly. Though there are a variety of factors that you need to take into account when deciding where you should live in retirement, when it comes to the big move, the best piece of retirement planning advice is to choose a place that you can enjoy on your budget.
Use retirement planning tools to help you decide which cities are the most affordable for your financial situation.